Scanalytics Inc., a Milwaukee company that has developed proprietary technology to measure real-time customer behavior through intelligent floor sensors, has received a $200,000 loan from the Wisconsin Economic Development Corporation (WEDC).
The Technology Development Loan will be used to help the innovative company continue its growth by supporting its existing sales pipeline and to accelerate the adoption of its platform by focusing on the commercial, retail and hospitality industries.
Scanalytics is a sensor-based engagement and analytics platform for physical spaces. Scanalytics’ proprietary "SoleSensors" are intelligent, internet-connected floor mats with embedded sensors that monitor human behavior through foot traffic and predictive analytics. In 2016 alone, Scanalytics deployed thousands of sensors to more than 100 clients globally, including Qualcomm, Microsoft and Intel. Scanalytics' sensor-agnostic machine learning platform is being used by companies in industries including retail, events, smart manufacturing, health care and many more.
"It's refreshing to see programs like the Technology Development Loan Program being built and exercised,” said Joe Scanlin, co-founder and CEO of Scanalytics. “It proves that Wisconsin has a growing understanding of the most impactful ways it can interface with growing startups, and reflects a bidirectional value add. Jobs will be created and new technologies will be developed as a direct result of the funding offered to Scanalytics from this program."
“Our Technology Development Loan Program is designed to help innovative companies like Scanalytics clear some of the hurdles associated with bringing new technologies, ideas and concepts to market,” said Aaron Hagar, WEDC’s vice president of entrepreneurship and innovation. “This is one of the ways in which WEDC invests in the state’s next-generation companies.”
The Technology Development Loan Program is open to companies that provide high-tech or innovative solutions with national or global market potential. The loans, which are required to be part of a larger funding round, are tailored to the evolving needs businesses face as they move through product and process development, commercial launch and rapid expansion.
Among the criteria WEDC uses to make investment decisions are financial need, private investment leverage, management team experience, the potential to increase production, and the potential for long-term, positive economic impact in Wisconsin.
The program is one component of WEDC’s suite of entrepreneurship resources, which includes support for startup accelerators, seed capital funds and investor tax credits. In addition, WEDC supports and engages an existing statewide network of partners that offers business training, mentorship and financing to aspiring entrepreneurs.