Since its launch in 2013, Scanalytics has become one of the most notable tech startups in the state of Wisconsin.
The startup, whose headquarters are in Milwaukee, makes floor sensor technology to track and collect data on human movement patterns. At first, the company was only selling its technology to retailers and trade show organizers who were interested in how visitors navigated their stores and spaces, but Scanalytics has since found other industries to tap into as well.
Today, the company has more than 100 clients, ranging from Microsoft to SAP, and its technology has collected over 188 million impressions, otherwise known as footsteps. Scanalytics has also raised $3.6 million in venture capital funding, and according to founder and CEO Joe Scanlin, the startup is raising another round right now.
“We spend 90 percent of our lives inside of a building,” said Scanlin, who is a Madison native. “So understanding how we navigate them has profound implications on everything from occupant safety to the well-being of the buildings that are housing these occupants.”
Before founding Scanalytics, Scanlin served in the United States Marine Corps from 2009 to 2013, an experience he says helped him come up with the idea for his startup.
“Being able to use information about the movement of people or things, and being able to plan for what that might look like in the future, gave me good insight into how to build the technology we have,” Scanlin said.
One of the first milestones for the company was being accepted into Gener8tor, a startup accelerator program that operates in Madison, Milwaukee and Minneapolis. Being in the program helped Scanalytics get its initial angel investors, Scanlin said.
As the company has grown since, its product has evolved. Scanalytics has found a new client base in commercial real estate, selling its sensors to developers and landlords. The data they collect from the sensors helps them figure out how their spaces are being used, and determine which spaces are necessary and which could be repurposed.
Scanalytics’ product is available to customers on subscription, and rates differ based on the square footage of their spaces.
Another contributor to the company's growth is how it’s managed to establish partnerships with some of its clients. To enhance its sensors, Scanalytics partnered with Intel to use the company’s software to help power them. Additionally, Scanalytics is working with flooring companies, which now incorporate Scanalytics’ sensors into their products during the manufacturing process.
But as the company adds more customers and client parnersthips, it will need help. Scanlin said Scanalytics is fundraising $1 million right now to help expand its tech offerings and hire more employees. The $1 million is part of a larger round that Scanlin declined to disclose specifics on. However, he said the round is expected to close by the end of the year.
The startup currently has 10 employees, some of which are in Madison. By the end of this year, Scanlin said Scanalytics could hire anywhere from five to 10 employees, mainly in its data engineering division.
