MONTREAL — Montreal-based tech startup TrackTik Software Inc., creator of an integrated security workforce management cloud-based software, has announced $45 million in financing from Toronto-based Georgian Partners and Montreal-based Caisse de dépôt et placement du Québec (la Caisse).
TrackTik says funds will be used to drive new product development — including disruptive artificial intelligence (AI) and machine learning (ML) technologies — that will enable security guard firms or in-house security teams to simplify their operations and maximize profitability.
The firm will also nearly double its staff of 120 in the next year to help bring to market new tools, increase support and provide best practices for customers as it expands operations internationally.
“This investment is in effect good news for the security workforce management industry as a whole as it is enabling us to reimagine every aspect of the industry, helping users of our technology to perform at unprecedented levels of intelligence and efficiency as they obtain their key business objectives,” said TrackTik founder and CEO Simon Ferragne, in a prepared statement. He revealed that new products are planned to start rolling out in early 2019.
Georgian Partners has also dedicated a group of technical experts to help TrackTik accelerate the development of its new products.
“TrackTik’s unique end-to-end security workforce management software is advancing the security industry to improve services and make smarter, data-driven decisions,” said Steve Leightell, partner at Georgian Partners.
Thomas Birch, managing director, Venture Capital and Technologies, at la Caisse also commented on the investment: “This new investment will enable TrackTik to continue its international development and reaffirms la Caisse’s support for technology companies, which represent a promising sector of Québec’s economy. One of the fastest growing technology companies in Canada, TrackTik will use the proceeds of this transaction to pursue its strategic expansion plan, which includes developing more machine learning technology.”
Among some of the advanced AI capabilities to be featured in TrackTik’s new software are an automated scheduling tool that uses predictive analysis and ML to streamline the scheduling of large, diverse and mobile security workforces, reducing the number of human interactions and simplifying day-to-day business, Ferragne said.