Friday, September 3, 2010

MOD Systems Raises $6M

Seattle-based MOD Systems, which develops retail kiosks for distributing music and other digital media, said Thursday that it has raised $6M in a Series B funding round. The round came from existing investors. According to MOD Systems, the funding will go to support additional retail deployment efforts and continued R&D. MOD Systems had earlier raised $35M in September of 2008 from its strategic partners, NCR, Toshiba, and others. The new round comes despite controversy over former co-founder and CEO Mark Phillips, who had been sued by an investor over fraud, embezzlement, misrepresentation, and breach of fiduciary duty last year. More information »