Smart Australian commercial music platform, Qsic has raised $4 million in a Series A round led by Carthona Capital.
The new funding, which also included several angel investors, will support Qsic as it expands its US presence, doubles its local headcount, and builds out its in-store infrastructure and audio content platform.
Founded by Matt Elsley and Nick Larkins in 2012, Qsic is the Australian market leader for commercial music streaming, with hundreds of brands and thousands of stores nationwide using the platform.
In addition to streaming, Qsic is a leader in intelligent in-store connectivity. Their technology enables automatic volume adjustment depending on real-time traffic and conditions. The platform is also able to feed relevant content, like ads, into its streaming services, to target customers.
This is done through anonymous touchpoints including in-store movement and sound decibel sensors, as well as point of sale data, to allow Qsic’s partners to better understand customer behaviour and make data-driven decisions at scale.
Accelerated by IoT uptake, Qsic will use the raise to build new products, creating an even more seamless and hyper-connected whole-of-store infrastructure network. The business also plans to grow its local headcount from 21 to 42 this coming year, as well as its US footprint fourfold, following the recent hire of its first US country lead.
Carthona Capital partner and lead investor, Dean Dorrell said Qsic is bringing digital insights and connectivity into the in-store environment that are revolutionary.
“We see them as global leaders in a sector that has huge potential. Matt, Nick, and team have deep knowledge of the unique problems that arise and the solutions available and we are extremely happy to join them on their journey of building an enormous company.”
Speaking of the industry’s potential, Qsic co-founder and chief product officer, Nick Larkins said, “In contrast to consumers’ online profiles, the in-store experience is largely untapped when it comes to driving intelligent, measurable, and direct initiatives.
“We know that there is a huge appetite from both vendors and consumers for personalised experiences — particularly as data shows that the physical act of visiting a brand is still a core part of the shopping and connection experience.
“By merging the physical retail environment with multiple data inputs, and overlaying artificial intelligence and machine learning, we’re helping brands create a more holistic experience that transcends online and bricks and mortar.”
Qsic CEO and co-founder Matt Elsley added, “Creating positive customer experiences is at the heart of what we do. We believe technology can not only bring people together but can enhance and strengthen brand loyalty. Our focus is on helping brands unlock their in-store potential, to enhance the customer experience.
“We are excited to be the technology that underpins the next chapter of growth for physical retail stores. As the in-store experience becomes data driven and hyper-connected, intelligent platforms are becoming essential to test, measure and learn. Qsic is that system of action for our customers.
“The support of Carthona Capital means we can transform static environments into truly dynamic ones. At a time where so many in the sector are feeling the pressures of Covid, it’s a privilege to be able to help our partners rebuild and reconnect with their communities.”