TrackTik receives $45 million to develop AI product for security guard firms

Montreal-based TrackTik Software Inc. announced Wednesday that it has received funding for its product that hopes to make the lives of security guards easier using artificial intelligence and machine learning.

The $45 million in funding will be used towards developing new products like a software platform that helps professional security firms manage day-to-day operations from one place, according to the press release.

“[This investment] is enabling us to reimagine every aspect of the [security workforce mangement] industry, helping users of our technology to perform at unprecedented levels of intelligence and efficiency as they obtain their key business objectives,” said Simon Ferragne, TrackTik’s CEO and founder in the release.

TrackTik calls the product a “first-of-its-kind, all-in-one enterprise software solution that delivers all of the mission-critical components required to run a professional security service firm on a single integrated platform, including real-time guard management and incident reporting, back office administrative functions, and business intelligence.”

One of the AI capabilities of the software is an automated scheduling tool that uses predictive analysis through machine learning to help build schedules for large security firms.

The multi-million dollars in funding comes from Toronto-based growth equity firm Georgian Partners and Montreal-based investor Caisse de dépôt et placement du Québec (la Caisse).

In the release, Steve Leightell, a partner at Georgian said this was the right time to invest in TrackTik because there is a strong market pull for this type of all-in-one enterprise software solution for security in the security management industry.

Managing director at la Caisse Thomas Birch added that the investment will also enable TrackTik to “continue its international development.” He went on to call the tech company one of the fastest growing technology companies in Canada, and that it will also use the funds to “pursue its strategic expansion plan, which includes developing more machine learning technology.”

TrackTik has been getting noticed by more than just investors, it was named to Deloitte’s Canadian technology Fast 50 for the past two years in a row and LinkedIn’s 2018 list of top 25 startups in Canada. This year it was also recognized by Canadian Business as a top startup and received a SaaS award for customer success.

The new software products for security guard firms created with this investment will become available in early 2019, according to Ferragne.

 

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Jim Love, Chief Content Officer, IT World Canada
Meagan Simpson
Meagan Simpson
Meagan Simpson is a staff writer for IT World Canada. A graduate of Carleton University’s journalism program, she loves sports, travelling, reading and photography, and when not covering tech news she can be found cuddled up on the couch with her cat and a good book.

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