One of Ottawa’s fastest growing companies says it’s secured millions of dollars in fresh financing.
Kanata-based Solink, which develops video data technology that’s currently aimed at stopping theft, says it’s closed a $5-million funding round led by Generation Ventures. ScaleUp Ventures, BDC IT Venture Fund and Valor Equity Partners also participated.
“Together, we will be able to … (make) surveillance video a source of insight, instead of just an insurance policy,” Solink CEO Mike Matta said in a statement.
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Solink was named one of OBJ’s Startups to Watch in 2014 and one of the city’s fastest-growing companies in 2017 with three-year revenue growth of 227.6 per cent.
Founded in 2009, Solink was originally launched to come up with a software solution to help a fellow Wesley Clover portfolio company detect ATM fraud on behalf of its customers in the banking industry.
Before long, however, Solink’s founders realized its product could help scores of businesses from banks to quick-service restaurants quickly “mine” through thousands of hours of security footage to spot suspicious transaction trends and patterns of behaviour – and pinpoint exactly where and when the incidents occurred.
The company’s current clients include Tim Hortons franchises as well as Chicago Scoops, a franchise group that operates Cold Stone Creameries and Rocky Mountain Chocolate Factories eateries in the U.S., among others.
While the company’s current focus is on loss prevention, Solink officials previously said they believe that their subscription-based software solution could eventually be used to better understand how employees function and find ways to help them work more efficiently.