Nova Scotia-based SupplyStream is developing a technology management system for manufacturers, distributors and retailers to access industry data more efficiently.
The company will use a $250,000 seed investment from Innovacorp, Nova Scotia's early stage venture capital organization, to further product development and expand into new markets.
The technology provides a comprehensive online database for resellers who buy wholesale to research products, create proposals and submit purchase orders within their industry.
"We're the first to automate the process of aggregating product and supplier information from multiple wholesale sources into a single, online database," said SupplyStream CEO Kirk Chisholm. "We're helping to convert aging wholesale industries from paper catalogs to the web. Our platform is the catalyst manufacturers need to make this massive change."
To date, the company has raised more than $1 million from investors to prove the concept in the electronics industry. SupplyStream signed up over 2,000 users in its first year of beta testing, including the oldest wholesale electronic distributor in the U.S.
SupplyStream was founded in 2011 by Mr. Chisholm, a seasoned entrepreneur with over 14 years experience in consumer electronics. After dealing with supply-chain inefficiencies, he founded the company to make it easier for dealers to find products and buy wholesale on the web.
The company's software can take in and process data feeds from thousands of wholesale sources. SupplyStream collects and organizes product data, including protected pricing, availability and specifications, and presents it in a single web catalog. It has been called "Expedia for wholesale," with the bonus of allowing only professional resellers to view pricing.
The company charges dealers a monthly fee to access the website, with a free 30-day trial.
"Business-to-business professional installation markets are grossly underserved by e-commerce technology," said Gregory Phipps, managing director of investment at Innovacorp. "The custom electronic installation market is valued at over $10 billion and is one of many the SupplyStream platform can serve.
"Consumers have relied on aggregation services like Expedia and Amazon for years and SupplyStream has positioned itself to be that same tool for professionals. We're looking forward to being a part of their future success."
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Halifax, Nova Scotia, November 12, 2014