A Kings County company is expanding.
Livelenz Inc., which develops real-time data analytics software for the quick-service restaurant and retail industry, has secured $1 million in equity financing from Innovacorp.
"Our unique web-based solutions have led the marketplace because they are relevant, simple and provide meaningful business data not otherwise available through a typical point-of-sale system," said Joel Doherty, president and chief executive officer of Livelenz. "We're constantly improving our products based on customer feedback and practical experience at the store level. Our successes in the quick-service restaurant space have led to new markets, which offer tremendous growth prospects for 2012."
The funding will help the company hire more employees, expand into new markets and enhancing its product.
Livelenz gives restaurant and retail industry managers and owners real-time information they can use to improve sales and operations to increase profitability. Through Livelenz's online portal, users can see the latest transaction information coming from their point-of-sale system or receipt printer. The information can be viewed anywhere with Internet access including on tablets and smartphones.
The product provides up-to-the-minute vital business measurements, including sales, labour, cost of sales, productivity, and product-mix data.
Livelenz's data analytics has been installed in more than 5,000 quick-service restaurants in eight countries. Subway is the company's largest customer, with more than 2,000 installs.
"There are more than 250,000 quick-service restaurants in the U.S. and Canada, and they represent the fastest growing segment of the restaurant market," said Greg Phipps, Innovacorp's director of investment. "Profit margins are tight, but real-time business analytics from Livelenz lets them remotely monitor and react to activity at multiple store locations and quickly make decisions that improve those profit margins."
The company has 10 employees, most of which are based at the company's offices in Centreville, and was recently named Innovator of the Year by the Eastern Kings Chamber of Commerce.
