Milwaukee logistics and business management software company Renaissant Inc. announced a $1.07 million capital raise Wednesday.
The company received a $770,000 equity investment from a group of individuals that have been involved with the company for the last three years, Renaissant CEO Thomas Dean said. It will use the funding for working capital to fuel its growth, according to the announcement.
Renaissant also got a $300,000 technology development loan from the Wisconsin Economic Development Corp. (WEDC), according to the announcement.
Originally founded in 2018 as IntelAegis, the startup rebranded as Renaissant in fall 2020 after shifting its focus from safety to logistics in the wake of the pandemic.
The company's new logo emphasizes the "ai" in its name because the company plans to leverage artificial intelligence to offer predictive analytics about its customers' warehouse and freight yard operations.
"What we're beginning to build is a very high-end analytics team," Dean told Wisconsin Inno in an interview last month. "The next step in the company's evolution will be using (customer) information to bring them very, very high-powered analytical solutions."
In the same interview last month, Dean said Renaissant plans to seek $5 million to $10 million in Series A financing in early 2023.
