Pittsford-based iVEDiX Inc. is gaining speed.
The business intelligence company raised $5.1 million in funding as of May 31, topping its target of $3 million and ensuring continued development of its miVEDiX platform. A mobile data visualization platform, miVEDiX consumes data from multiple sources, allowing for real-time interaction on a mobile device.
Funding was provided by a network of more than 30 people—family, friends and professional contacts.
“We went to raise $3 (million, but) we realized we wanted to move faster,” said Marty Glavin, president and chief operating officer.
The firm does not intend to slow down, either. Its next round of funding—aiming for $10 million from strategic investors and venture firms by the fourth quarter—already is underway.
CEO Rajesh Kutty launched the business in 2009 as a consulting firm. Its focus shifted to product development over the past two years. The official launch of miVEDiX occurred at the Gulf Information Technology Exhibition in Dubai last October.
The company employs 33 people in Rochester, one in Boston, another in Washington, D.C., and four in Dubai. It expects to add 15 to 20 employees in the next six months.
By year’s end, iVEDiX aims to reach 5,000 to 6,000 users. Officials declined to disclose specific revenue figures or the number of customers it has now.
Kutty previously worked as a data analytics consultant for business intelligence software firm Arcplan Inc., ending his career there as chief of services and technology. He also worked for eight years as a senior solutions architect for Eastman Kodak Co.
“The real reason (for the shift to product development) is because we were in a space with multiple companies and organizations moving the needle, and we didn’t want to just move the needle; we wanted to reset the clock,” he said.
The miVEDiX platform’s main features include streaming of data from multiple sources, visualization, data analytics, predictive modeling, intuitive user interaction and the convenience of mobility for customers.
It is compatible with the iOS, Android and Windows 8 operating systems.
Kutty’s vision for the platform has not underestimated the importance of a customer’s tactile experience with devices, which can be overlooked in the IT realm, he says.
“If you look at our industry, it’s the one thing that (data companies) have completely ignored because they get caught up in the euphoria of selling servers and equipment,” he said.
“What we said was, ‘OK, how do we flip this? Let’s not ignore experience. Let’s start from the experience.’”
Target customers include the retail, health care and business services industries where the ability to access data while on the move is becoming standard.
“We’re not turning away opportunities …, but health care is popping up as a big one (and) retail is popping up as a big one,” Glavin said. “Those are the two that we’ll probably focus on for a while.”
According to Cisco Systems Inc.’s global mobile data traffic forecast update for 2013-18, by the end of this year the number of connected mobile devices will surpass the number of people on earth, reaching roughly 1.4 mobile devices per capita by 2018. Also by 2018, Cisco predicts, there will be more than 10 billion mobile connected devices used by consumers.
IVEDiX hopes to capitalize on the rapid rise of mobile computing.
“Four years ago this was not a concept that anybody was talking about,” Kutty said. “But we wanted to create an architecture that could leverage such a near-real-time data explosion from multiple sources.”
Clients say they have seen the potential of miVEDiX.
“They have been instrumental in implementing a data warehouse for us that has been right for us in generating reports and merging data together so that we could get information that normally would be done on Excel spreadsheets,” said James Stenger, senior vice president and chief financial officer at Lewis Tree Service Inc. “I enjoy working with them, and I think they’ll be very successful. They think outside the box, and that’s what I like about them.”
Mark Schwartz, director of facilities and operations at the University of Rochester Medical Center, said iVEDiX’s platform reduced what traditionally was three weeks of billing for utilities to a half-day.
“IVEDiX has been very much on the cutting edge of trying to bring analytics and business intelligence and corporations’ data to (customers) in a mobile format,” he said. “They can take information across a gamut of systems—from nursing, from facilities, from the dean’s office, from areas in a hospital—and they can understand in a much more business sense what people are doing, how information is flowing, the demand on the institution. It’s really limitless.”
The key to success is establishing credibility through execution, iVEDiX officials say.
“Execution is a challenge,” Glavin said. “When you have something that’s new and you’re early stage, you’ve got to create some level of credibility. We’re doing a lot of proof of concepts to prove the technology and the platform.”
The company is focused on the current product stage, believing profitability will come with time, officials say.
“In Silicon Valley, nobody asks … about EBIDTA,” Kutty said. “(Instead it is) do you think you can change the world? Do you think this has great potential? It’s all of the sort of non-quantitative questions that California and Silicon Valley in particular want answered. There (were) absolutely no EBITDA calculations in Facebook’s acquisition of WhatsApp.”
He added: “We’re at the point where we’re consciously investing more than we’re making, and that is what is expected.”
For iVEDiX’s future, belief in Rochester and the company’s potential impact is paramount.
“We always have a great soul that is represented by Rochester companies,” he said. “Can we be the next Kodak? Why not? What prevents us from being that? (I am) not trying to sound facetious or be very boastful, but if we don’t have that outlook as we move this thing forward, then why are we here?”
8/29/14 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email firstname.lastname@example.org.
iVEDiX secures more than $5M to fund growth
Pittsford-based iVEDiX Inc. is gaining speed.