Ontopical – 22 September

22 Sep 2020
 

Ontopical

Ontopical is focused on the rapid extraction of business intelligence from public government content such as council meeting agendas and minutes, as it pertains to risks and opportunities for those working in the private sector.

Currently, Ontopical’s main competitors are Meltwater, Quorum, and LexisNexis. Their competitive advantage lies in their application of custom ML models, allowing them to dive deep into local government content instead of state/prov/fed content. Insights into the continuous conversations being had by the 90,000+ local government organizations in North America can only be monitored using advanced ML technology, providing Ontopical’s customers with real-time insights into valuable business risks and opportunities.

 

Traction

After a recent ‘COVID-induced’ pivot, the beta version of Ontopical will have been released for pilot use on 21-September. The company has 14 solid enterprise customers in the funnel, all are eager to participate in pilot projects using Ontopical Beta. At scale, these 14 early adopters will generate over $500k of ARR.

Ontopical’s biggest hurdle to overcome in the following year will be driving sales/revenue to 1.5M ARR over the next 18 months. They intend to overcome this by being selective with their pilot customers, ensuring that they all commit to either paid pilot or conversion to paid customers post-pilot. In addition, to increase the chances of producing delighted customers from their pilots, Ontopical is being very selective in who they are piloting with, ensuring similar user cases amongst the pilot customers.

 

Team

Derrick Koenig, Founder & CEO – Derrick is an engineer and proven leader with over 25 years of experience and a previous successful exit. Not only has Derrick served as the Director of Engineering at one of the largest engineering firms in the world, but he had also started Ridgeline Engineering which was then acquired by ILF Consultants in 2014. Derrick’s top skill is building motivated and productive teams that propel companies to success.

Kathryn Loewen, VP Product – Kathryn is an experienced CEO, aspiring data scientist & recognized thought leader in payments technology. She was the Founder of a complex business intelligence software-as-a-service company and served as its CEO from 2014- 2018. Control’s enterprise analytics are used by some of the world’s largest payment processors. Kathryn was responsible for negotiating and securing partnerships with Stripe, PayPal, Square, and Authorize.net / Visa Inc. 

Leslie Hastman, VP Sales & Marketing – Leslie is equipped with 20 years of business development and client relationship management experience in a variety of settings. Her expertise lies in identifying viable products, services, and partnerships, which provide significant value to organizations. Leslie’s previous experience as District Manager and working in their downstream marketing divisions, had her domiciled in three provinces (AB, SK, MB) across the Prairies and western Canada. This experience translated into a follow-up role at one of the largest training institutes of technology in Canada.

David Fawcett,  VP of Product Development – David brings over a decade of in-depth, full-stack technical experience to share with his clients and teams. With a primary interest in emerging web technologies, David is always working to ensure the smooth operation of the entire digital pipeline; from initial meetings to robust products, and all the details in between. David has worked closely with a variety of brands including Nestle, Scotiabank, Toyota, IBM, Hudson’s Bay Company, Canadian Tire, and FYidoctors/Visique to analyze, architect, and deliver quality solutions for marketing initiatives and business needs/processes.

 
 

Funding

Eager to continue their rapid growth trajectory, Ontopical had recently opened its seed round of financing for $1.5M. The seed round of financing will be distributed between development, sales/marketing, and customer success in order to attain a firm presence for the company in the Alberta and California markets. This will take the company to $1.5 ARR within 18 months and set the company up for a subsequent Series A round of financing.

Previously, the company has raised $500k from friends, family, and angel investors. In addition, the company had recently graduated from the UC Berkely SkyDeck Accelerator which included a $140k investment in Ontopical. 

Ontopical’s successes can be attributed to their solid leadership team and foundational tech team. With their seed raise, they plan to add several senior data science resources and grow their sales and marketing team. 

 

Revenue Model

The company operates as an enterprise B2B SaaS company. 

 

Details

For more information visit:

Website

 
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