Milwaukee-based Scanalytics Inc. has received a $200,000 loan from the Wisconsin Economic Development Corp. to support the development of existing sales channels and accelerate platform adoption in commercial, retail and hospitality settings.
Scanalytics has developed a sensor-based engagement and analytics platform that monitors human behavior through foot traffic and predictive analytics. The company deployed sensors to more than 100 clients globally in 2016.
The Technology Development Loan requires the company to find an additional $800,000 in funding before receiving money from the loan. WEDC spokesman Mark Maley said the company has already secured that funding through private equity.
“It’s refreshing to see programs like the Technology Development Loan Program being built and exercised,” said Joe Scanlin, Scanalytics co-founder and chief executive officer. “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.”
Scanalytics also received Qualified New Business Venture certification from WEDC in 2013, allowing investors in the company to receive up to $2 million in tax credits.
Maley said the company currently has 15 employees and plans to add another 25 over the next three years. Job creation is not a condition to receive the loan.
WEDC awarded 75 loans for a total of almost $21.3 million through the technology development program between December 2011 and January 2017. Forty-eight of those loans have gone to Dane County companies. Eight have gone to Milwaukee County firms and five to Waukesha County companies.
“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.
The program is open to companies with high-tech or innovative solutions with national or global market potential. The criteria includes financial need, private investment leverage, management team experience, the potential to increase production, and potential long-term positive economic impact.
