A New Canaan software maker has gotten $600,000 from Connecticut’s technology investment arm to refine and market a product proponents say could modernize the way retailers and shoppers redeem store coupons.
In addition to funding from Connecticut Innovations Inc., Intelligent Clearing Network Inc. (ICN) received $400,000 from a private equity group consisting of LaunchCapital, Early Stage Partners II and W. Wynne Limited Partnership.
ICN’s patent-pending software that electronically clears digital and paper coupons and other incentives through a single connection at checkout terminals in grocery, drug and mass-merchant retail stores.
ICN CEO Gary Oakley claims his product not only automates the coupon-redemption stream to be faster and cheaper, but potentially eliminates fraud and errors from the process.
Connecticut Innovations President Peter Longo said ICN’s product is ideally timed to take advantage of the scheduled June launch of information-packed GS1 DataBar symbols in the coupon industry.
CI gained a seat on ICN’s board.
