As it seeks to raise $10 million in equity funding, Bedford, N.S.-based Livelenz Inc., has been selected to participate in two high-profile American programs and agreed to develop machine learning technology with Acadia University.
Livelenz, which develops real-time data analytics software for the quick service restaurant (QSR) and retail industry, issued a statement Friday saying that it is partnering with Acadia computer science experts explore using machine learning techniques, and predictive modeling, to increase the accuracy of restaurant sales forecasting.
Company President Greg Phipps also revealed in an email exchange after the announcement that Livelenz was the only Atlantic Canadian company chosen for the November cohort of 48 Hours in the Valley, the C100-organized event that introduces Canadian tech companies to Silicon Valley execs. Phipps and Livelenz CEO and Co-Founder Joel Doherty will spend a total of about two weeks in the U.S. meeting potential investors and partners.
Livelenz will also attend Pipeline -- a one-on-one networking and investment pitch event in Boston Dec 4-5.
The company received $1 million in equity investment from Innovacorp earlier this year and is now trying to raise $10 million, which will allow it to roll out its next generation of software to help QSR operators improve efficiency.
“We are engaging traditional VCs, and potential corporate investors,” said Phipps. “On the VC side, we are casting our net widely, engaging VCs in Toronto, NYC, Boston, and Silicon Valley.”
As it develops new products, Livelenz has teamed with Daniel Silver, Director of Acadia’s Jodrey School of Computer Science, to fine-tune its technology that provides managers and owners real-time data and analytics to improve sales and operations and increase profitability.
“The goal of this initial project is to determine the effectiveness of using machine learning methods,” said Silver in the statement. “We’ll be developing forecast models that predict net hourly sales for up to nine days in advance.”
The final objective is to provide Livelenz users with tools to predict what their sales may be in the future, to help them with inventory control and labour scheduling.
The project is being funded through a Network Member Agreement program Acadia University has with NRC-IRAP.
Doherty and his partner Daryl Fraser launched Livelenz in March 2010 in the belief that the owners of fast-food franchises don’t have the data they need to make prudent business decisions. The franchisor takes care of marketing and the grand strategy for the chain, but the owner of the individual outlet needs real-time data to figure out how to squeeze as much profit as possible out of his operation.
Phipps is a Director of Investment at Innovacorp and has been seconded to Livelenz to help the company until early 2013.