Analytics tech startup Avrij secures $1.2 million in venture capital
May 22nd, 2018
FREDERICTON (N.B.) – The New Brunswick Innovation Foundation (NBIF) today announced it has invested $500,000 in Avrij Analytics, a Fredericton-based analytics technology startup. The NBIF-led financing totalled $1.2M in venture capital and included investments from Technology Ventures Corporation and other private and public investors.
Founded by a group of data scientists and sports management professionals, Avrij Analytics provides sports organizations with a software platform to track, monitor, and predict an athlete’s off-field behaviour and protect their personal brand, which will ensure owners optimize athlete recruitment and better manage their teams.
“We’re pleased to be back home and part of the growing start-up scene in New Brunswick. The landscape has changed dramatically over the years with new support for early stage businesses”, says Carmen McKell, Avrij CFO. “We look forward to a successful future as we build our Sports Analytics application in the province.”
The financing will be used to further refine the product, integrating video and photo analysis in addition to text.
“We’re proud to support Avrij and this innovative platform, and women in data science and sports in general,” says the NBIF Director of Investments Raymond Fitzpatrick. “Pro sports teams have already expressed interest and knowing that they were able to come home to New Brunswick to make this dream a reality is all the better.”
The founders became aware of the market need while working in New York as data science consultants for various educational institutes and health organizations. Teams were approaching them for statistical services, but they knew there was an opportunity for a product. On a friend’s advice, they returned to New Brunswick to benefit from the robust ecosystem of startup resources.
Avrij is led by CEO Garfield Fisher, alongside CFO Carmen McKell and COO Shambhavi Pundir. Combined, they have over 50 years experience in statistics and predictive analytics. They currently have 5 local developers and data scientists lead by CTO Dwight Spencer (co-founder of Q1Labs).
About the New Brunswick Innovation Foundation (NBIF)
The NBIF is an independent non-profit corporation that specializes in venture capital and research investments. Dedicated to building innovation in our province, the NBIF delivers the resources and expertise required to achieve new opportunities, growth, and advancements that positively impact New Brunswick.
With over $85 million invested, plus $425 million more leveraged from other sources, the NBIF has helped to create over 106 companies and fund 470 applied research projects since its inception in 2003. All of the NBIF’s investment returns go back into the Foundation to be re-invested in other startups and research initiatives.