The funds will be used to continue product development and operations while the company completes its next round of funding. The company uses an Internet platform to facilitate and automate post-order service and product repair transactions between manufacturers, part and product distributors, retailers, dealers and authorized service centers. Currently, these transactions include warranty claim management, product registration and electronic payment. Future features will include product returns, replacement parts, service manuals and bulletins, order discrepancy resolution, quality and fraud analysis and consumer service satisfaction surveys.
Revenue is generated from manufacturers who pay a subscription fee plus fees per transaction.
Investors backing NextGen Capital are primarily executives from the technology and financial sectors who provide their expertise to companies in the Fund's portfolios. Copyright 2001 INT Media Group, Incorporated All Rights Reserved.