The funds will be used to augment the company's infrastructure and customer support functions, expand the sales and marketing efforts and increase product development. In addition, the company appointed Bill Goodson, vice president of CommerceOne and a NextGen investor, and Irving Zaks, president of Optelecom, to the board of directors. In addition to warranty claim management, product registration and electronic payment, new services include parts ordering, online manuals, service bulletins and customer satisfaction surveys. All features are available with applications for wireless devices. Future features will include product returns, product recall management and quality and fraud analysis.
Revenue is generated from manufacturers who pay a subscription fee plus fees per transactions.
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.