Entreprise Nexmoov Inc., dba Local Logic, has has closed a $1.15 million first round of financing led by Cycle Capital Management with participation of BDC Capital, 500 Startups Canada and Yellow Pages.
Local logic intends to use new funding to grow its team and finance the expansion of the technology throughout the North American market.
Montreal based Local Logic is a big data company specializing in urban data collection and analysis. With its team of urban planners and data scientists, the company uses sophisticated algorithms and artificial intelligence to map the city using big data.
“Local Logic’s mission is to help consumers, real estate companies, investors and urban planners to make better decisions by enriching their understanding of cities and citizens’ needs,” said Vincent-Charles Hodder, co-founder and CEO. “We are thrilled to count on the financial and strategic support of major investors. Their backing will allow us to expand Local Logic to the United States and develop new markets for our urban data.”
“We believe that the analysis of urban big data is a key element in the management of smart cities and that this technology has a lot of potential for various applications,” said Andrée-Lise, founder and Managing Partner at Cycle Capital Management. “Investing in this sector is a first for us. We took the time to analyze different technologies and we are investing in Local Logic because the developed technology is accessible, very useful for a variety of markets and because the entrepreneurial team is solid.”
photo credit: Local Logic