Nova Scotia Pumps $1 Million Into Point-Of-Sale Startup Livelenz

Posted by Stephen Christensen

LivelenzKentville-based Livelenz Inc. produces high-tech point-of-sale (POS) analytics software.  

What sets Livelenz apart though is their ability to monitor purchase trends, being able to help keep inventory in stock based on the purchase habits of people at that location.  Using the Livelenz, users can monitor transactions from the till or directly from the receipt printer, and their web portal means the information is available from your computer or tablet.

Executive Director Stephen Kerr, explains their trend analysis. “You’re [restaurants] not only looking for the accounting and basic cash management stuff. But you’re looking for trends. You’re looking for what are people buying and what kind of combinations did they buy. And you want this done in a way that’s very efficient.”

Kerr also points out that the accuracy and clarity of Livelenz transactions would come in extremely handy if your company were ever audited.  The Canadian Revenue Agency reported $141 million of cash register phantom sales, deliberately erased to evade paying taxes. He believes that restaurant owners will want to use Livelenz software to protect against these problems, “They’re [the restaurants] going to want really accurate records because if the CRA starts to audit more aggressively then a point-of-sale system that documents really clearly seems to me to be an asset.”

Innovacorp, Nova Scotia’s innovation-funding service, obviously agrees with Kerr, providing $1 million dollars in equity financing.  In November, Livelenz, with a staff of only 10 people, were awarded the Kings County Business Award for Outstanding Innovator of the Year.

Company:
Innovacorp
Website:
http://www.innovacorp.ca
Location:
Halifax, Nova Scotia, Canada

Innovacorp is Nova Scotia’s early-stage venture capital organization. Our goal is to help emerging Nova Scotia knowledge-based companies commercialize their technologies and succeed in the global marketplace. We’re especially interested in the information technology, life sciences and clean technology industries. Early-stage investment is at the core of our business model, but our team is about more than just... more

Company:
Livelenz
Website:
http://www.livelenz.com
Location:
Halifax, Nova Scotia, Canada

Established in mid-2010, Livelenz has developed a suite of data analytics/business intelligence solutions, delivered over the cloud, that addresses significant pain points in the retail vertical, and, has enjoyed rapid penetration of over 3,000 subscribers in leading brands including: Subway; Little Caesars; Arby’s; and Popeye’s. The Livelenz platform converts complex information, generated by point-of-sale (POS)... more


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Stephen Christensen

Stephen Christensen

Stephen is the Atlantic Canadian contributor for Techvibes.com; reporting Canadian technology news, with a focus on the Maritime provinces.  Having a deep-rooted interest in science and technology for much of his life, he is most interested in mobile technology and social media.  Having been published in various scientific journals, he is completing his Graduate Studies at Dalhousie University... more




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