EyeQ Lands $1.2 Million in Funding

Michael Garel, founder and CEO of eyeQ

Michael Garel, founder and CEO of eyeQ

In 2012, eyeQ won the Texas Ventures Labs Investment Competition.

And it has come a long way since then.

The company, founded by Michael Garel, just announced Monday it has landed $1.2 million in funding. Corsa Ventures, DreamIt, Houston Angel Network, South Coast Angel Network and other angel investors invested in the company.

eyeQ plans to use the money to expand its business and reach more customers. Its customers include national restaurant chains Luby’s and Fuddruckers and retailers like Sears Hometown and Outlet Stores.

“Since getting our solutions into stores and restaurants, the response – and almost immediate ROI – has been amazing,” Garel said in a news statement. “Our customers are finding measurable value in the intelligence eyeQ delivers. This additional investment will help us get our systems in more locations faster.”

eyeQ has created a combination of hardware and analytical software which it installs in stores. The system provides retail information to consumers with the ultimate goal of driving more sales for the retailer.

“Brick and mortar stores aren’t going away, but they are finding it harder to compete, and keep customers over online options,” Brian Grisby, managing partner of Corsa Ventures, said in a news release. “eyeQ gives these physical stores and brands a leg up, and powers customers with intelligence, in real time, to make smart decisions – and purchases – right in the stores.”

eyeQ is working with IBM. It is using its BlueMix cloud platform and cognitive computing platform Watson. The company also won the Mentor/Investor Choice award at the 2014 Austin IBM Smartcamp. It was one of two companies to win the U.S. regional Smartcamp competition and it is now competing in the IBM Smartcamp Global Finals.

eyeQ is a member of the Austin Technology Incubator and a 2014 graduate of DreamIt Ventures.

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