Viableware, innovators of the RAIL payment platform for full-service restaurants, today announced that it has closed $6.5 million in Series B funding. The round was led by a syndicate of prominent angel investors and included participation from Swiftsure Capital LLC in Seattle. The Series B financing brings Viableware's total funding to $7.45 million.
"This funding will be instrumental in bringing the RAIL to market on a national scale," said Joe Snell, CEO of Viableware. "While we've successfully implemented the digital bill folders at a number of well-known restaurants, such as P.F. Chang's, Dickie Brennan's, and Ethan Stowell Restaurants, this financing will allow us to address the entire full-service restaurant industry from coast-to-coast by significantly ramping up our sales and engineering resources."
The RAIL payment platform functions as a patented handheld device designed to replicate the look and feel of the standard leather folder that is used to present the bill at most full-service restaurants. However, the RAIL can automatically split the bill, calculate the tip, and email a receipt at the touch of a finger. Most importantly, it allows the guest to self-swipe their own card and retain possession of it throughout the entire transaction, mitigating any chance of card information theft.
Viableware has successfully integrated the RAIL system with industry leading POS systems – including MICROS, NCR Aloha, and Dinerware – to securely accept payments at the table. In recent months, Viableware announced that a number of establishments, operated by some of the nation's finest restaurant organizations, have piloted the RAIL payment platform – in addition to major credit card brands and other financial services.