Nexalogy Environics talks recent success and funding (Views: 4655)

Wed, 31 Oct 2012

images?q=tbn:ANd9GcTRGMTgif2JZMm2-UMOO98wXM7YvrY3CCHk2YBhfY8EU2snegJC

The list of accolades for the still young Montreal start-up Nexalogy Environics is impressive: Best demo table in the first annual International Start-up Festival. Fifth place in 2011’s CIX Top 20. Selected by Price Waterhouse Cooper in a technology forecast as the tool for social media and business intelligence. Selected by Sympatico News to fuel their entire news section. The list goes on.

 

Throw in one of their applications as a recent addition to Canadian startup Hootsuite’s ever-growing lineup of impressive apps and the future looks bright for Nexalogy.

 

But CEO Claude G. Théoret emphasizes that the social data analytics company can never afford to sit back and relax in the oft-changing nature of social media and web trends.

 

“Tinkering is always non-stop, that’s my philosophy,” said Théoret. “And you always have to make it better: it’s always continual improvement.”

 

Nevertheless, this Montreal start-up has a lot to be confident about- from being the only business named in the CIX Top 20 without having Series A funding (let alone the $2 million that nearly every other company already had) to gaining $600,000 in angel investment to going revenue-positive this past summer.

 

And they haven’t even finished developing their professional tool.

 

So what is it that Nexalogy is doing that investors and contest judges have been so impressed about?

 

They solve the problem of social data overload by calculating the interest graphs from any social feed. Primarily twitter, but also including blogs and facebook.

 

“Nexalogy Environics is on the cusp of what we call social data analytics and predictive analysis,” said Théoret.

 

The amount of data that we’re seeing is doubling every 1.5 years, and in the past five years we’ve seen 10 times more data, he explained. So companies can use the startup to analyze the interest graph of any social media tool, including hashtags.

 

In fact, this past spring and summer the company analyzed hashtags of the student demonstrations in Montreal, the NHL playoffs and the provincial elections.

 

Nexalogy focused on revenue very early on and were able to gain angel investment in 2010 via Environics, a Toronto company. Although Théoret and partner/CFO Eric Steedman had been working on the idea since 2008 the company was born in 2010.

 

They’re currently on track to gain nearly $400,000 for their new tool, which will be launched in mid-2013.

 

Théoret walks the fine line of a CEO with a confident but realistic mindset. He thinks with the right funding they can be a $100 million company in three years. Outside factors could intervene though.

 

“You never know,” he said. “A recession could hit us again and there’s a lot of very aggressive US competition.”

 

The right funding could be found using a tool like Fundica’s free online funding database. “I think it’s a great idea,” said Théoret.

 

His advice for aspiring entrepreneurs is to concentrate on revenues and build a solid business foundation first. Don’t give up too much equity in your first rounds.

 

As for the short-term future the company is transitioning the organization from a product-focused and R&D focused organization to a sales organization. Based on their success so far, Nexalogy looks ready to deliver on any goal.


Leave a comment


Please complete empty fields.
Cross
Cross
(max: 255) Cross
* Indicates a required field.