A local technology startup that sells software to businesses expects to expand operations in the coming year as it continues to scale the business worldwide.
Baton Rouge-based Omnidek, formerly known as eRisk Consulting, has been piloting its software for nearly a year with about 30 businesses, such as Lafayette-based general contractor The Lemoine Co., and a construction business in Australia.
The software enables companies to conduct basic business functions, such as payroll and invoicing, through an online portal that includes a chat function to cut down on email traffic and third-party applications to approve decisions, such as procurement.
Omnidek has already raised $2.5 million from investors, including Louisiana Fund II and The Catalyst Fund since its inception, and looks to raise another $2 million Series A round this year.
The startup's first product was sold as a licensing deal for $500,000 a few years ago.
The goal for the new software is for customers to convert other businesses that they work with to the portal instead of conducting business with each other through email.
"This Fortune 500 company wants to use our system for invoice processing and they have 10,000 contractors," said Chris Jordan, CEO of Omnidek. "As companies start inviting external people to come in, they are our marketing arm."
When companies are paying a variety of contractors, they can be prone to fraudulent phishing emails, so the portal concept is meant to improve cybersecurity by keeping communications internal, he said.
"It's this idea of a conveyor belt of these business processes going through your company which creates efficiency, you can reduce the number of apps that it takes to run the business," he said. "The value of a portal is to work collectively in real time."
The next influx of capital will go toward online marketing efforts for two years and hiring more employees.
"If we can prove the key performance indicators we think we can, we'll be ready for Silicon Valley, not to move there but for investor money," he said. "I think we can eliminate our burn rate and get to being cash-positive."
Omnidek already has about a dozen employees and plans to hire another 25 people, including software developers and quality assurance testers, as it expands in the next year, which might mean moving out of its Sherwood Tower offices.
"We are looking at potential places to expand like parishes in West Feliciana," he said about the quality assurance and customer service office.
But for a major expansion of software developers, Louisiana might not be the most fertile ground, he said.
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