Funding for Mapping Company Fuels Expansion

Eisenberg says the algorithm crunches through 15,000 retail location factors.

AUSTIN, TX—Founded in 2014, IdealSpot Inc. , headquartered in Austin, TX, is a technology company specializing in software for the commercial real estate and retail industries. The mapping and analysis company has raised $1 million from several angel investors and venture capital led by ATX Seed Ventures to fuel its initial launch and national market expansion. Bryan Eisenberg , CMO of IdealSpot tells GlobeSt.com: “Our machine learning algorithm offers retailers access to data and insights that were never available before. When a chain of fast casual restaurants was struggling with one of its locations it was our customer location targeting analysis that showed that there was little to no interest in their business category at this location. We found that by analyzing search, social media and spending patterns. Our algorithm is also crunching through 15,000 factors when the typical retailer may look at 20 to 30.” IdealSpot’s analysis finds the correlation of more than 15,000 metrics as applicable to a specific business and its competitors’ success or failure. With IdealSpot’s site selection suite, retailers can begin research for a new location using free demographics or any of IdealSpot’s proprietary offerings. For example, retailers tap into multiple data sources to discover customer interests based on search, social and purchasing patterns. In addition, retailers can find the average amount of weekly traffic within a user-defined area and the hotspots where business will bring in the most revenue or conversely, dead spots, where a business is likely to fail. “We recently analyzed locations for two different pizza chain clients. Imagine our surprise when ‘purchased 7-plus quarts of motor oil in the last 12 months’ showed up as contributing factors. For one brand it had a positive influence, which means that if there were a lot of people within a certain drive time of their store that were buying motor oil, they had way more success than stores that didn’t. For another brand it was the exact opposite. If the surrounding drive time had lots of people who bought motor oil, their sales slid off the shelf. Now this was not the only factor that correlated to their success (there were about a dozen out of the 15,000 that combined had strong correlations) and it certainly doesn’t mean that motor oil sales influences every pizza store location (we know that to be true). The point is that these hidden ingredients to success can finally be uncovered thanks to big data algorithms like the SpotOn analysis from IdealSpot,” continues Eisenberg. Retailers, restaurants, retail services and franchises can instantly create a personalized map and begin an analysis of current locations and competitors’ locations at IdealSpot.com for free. Depending on a growth strategy, retailers can benefit from affordable monthly subscriptions to further analyze desired data.