After a $3.1 million raise, Duluth Internet of things company Banyan Hills Technologies is refining its marketing strategy.
Why it matters: The raise is Banyan Hills' first investment round, indicating the company's plan to accelerate its growth. Even as a self-funded company, Banyan Hills garnered recognition in the local technology ecosystem. Last year, it was one of 14 companies included in Metro Atlanta Chamber's Backed by ATL program, which provides mentorship and networking connections to high-growth companies. In 2019, Banyan Hills was one of the companies to present at Venture Atlanta, widely recognized as the largest investor conference in the Southeast. Between 2018-2020, Banyan Hills landed on the Inc. 5000 list, which ranks the fastest-growing private companies in America. The company didn't make the most recent list in 2021.
What's next: Banyan Hills plans to add eight people to its marketing and sales team. The company is zeroing in on two industries with the new marketing strategy: electric vehicle charging stations and food supply chain operations. “We know we're going to have the most value to customers if we start to narrow in on specific industries,” Banyan Hills CEO Steve Latham said.
Changing strategy: The decision to take investments and focus on specific industries are new approaches for Banyan Hills. In 2016, Latham said in an 11Alive interview that the company did not take any investments in order "to be really responsible about the way we're managing our cash and our economics." The company previously declined to focus on any one industry in an effort to have an "agnostic" platform that integrates with any vertical.
About the investment: Ken Manning, a managing partner at Hughes & Co. private equity firm, is listed as an executive in the U.S. Securities and Exchange Commission filing for the funding. Eight investors are included in the round, according to the filing.
About the company: Banyan Hills produces software that helps businesses manage and control devices within their operations, such as surveillance cameras or refrigeration systems. The company helps businesses manage hundreds of thousands of devices across an array of industries including financial, entertainment and health care. Over the last two years, the company has more than doubled the amount of devices it assists companies manage. Banyan Hills has nearly 50 employees, most of which are based in Atlanta. Others work remotely in Texas and Tennessee. The company also outsources some software engineering to the Philippines.
