A local tech startup called Bytemap has been accepted into a prestigious West Coast accelerator program that provides training, networking opportunities and, potentially, access to significant amounts of capital.
Bytemap was one of 60 companies chosen from hundreds of applicants for Founder University, a three-day program that is part of LAUNCH, an investment firm that supports startups and entrepreneurs through events, podcasts, research and dollars.
Bytemap, founded in November by five former employees of Louisville-based Rowdmap, has developed software that allows businesses, primarily in the health care sector, to sort and store data from disparate sources and make it easily accessible and understandable.
The software allows company leaders to forego some tedious and time-consuming work — searching for, compiling, transferring, analyzing, reconciling data — and instead focus their limited resources on addressing the challenges that the data have identified.
The software, to be introduced this summer, creates “a single source of truth” for data, said Liz Young, Bytemap co-founder and head of product.
A lot of businesses, particularly in health care have collected tons of data, from claims to financial and medical records, but the data often are stored on various computers in various locations and sometimes even with third parties, such as contractors. The data may also be stored in various formats or have different naming conventions so that even if the location of the information were known, accessing and making sense of the data would remain challenging.
“That’s what we’re trying to solve,” Young said.
The data dispersion prevents companies from both accessing and analyzing the information, reducing efficiencies and increasing costs. However, once Bytemap’s software pulls in the data, sorts it, stores it and presents it in an easily accessible format, people can more easily and confidently make data-driven decisions to improve their business.
For hospital executives, for example, that could mean figuring out quickly what type of conditions put patients most at risk for readmissions. Rather than spending a lot of time gathering and analyzing the data, the hospital executives can spend time figuring out what causes the readmissions and how to reduce their frequency.
Businesses typically perform their operations with great efficiency and effectiveness, Young said, but they often perform poorly on tasks that lie outside their areas of expertise. Bytemap hopes to let the businesses focus on their core strengths.
Young said Bytemap’s software also will reduce the processes’ complexity so that businesses can reduce the number and expertise of people who input and keep track of the data, which further cuts costs.
In addition, Young said, Bytemap’s software is “self-learning,” which means that it will understand and properly sort newly added data and alert businesses about discrepancies and potentially flawed data. If, for example, the system is used to getting a certain file at a certain time with certain characteristics and a certain associated cost, it could flag incoming data that does not conform to the prior data sets.
The five Bytemap co-founders, two of whom live in Louisville and three of whom live in Portland, Maine, are providing the data services currently without the software and are paid as consultants on a per-project basis by four clients, including one in the Midwest and the others in New England. Once Bytemap launches the software, clients will pay an annual subscription rate. The company became profitable in January. The founders next hope to target the financial services and insurance industries.
Young said the invitation to participate in Founder University will allow the Bytemap founders to network with experienced and successful entrepreneurs who can share their expertise on product pitches, how to obtain funding and on every-day business challenges, from questions about accounting and law to how to properly enter markets.
For the Bytemap co-founders, the bootcamp will prove especially valuable in the area of marketing. Young said the founders have lots of expertise in software development and technology, but as the software launch nears, they could use some help with their go-to-market strategy.
Bytemap co-founder and Head of Business Development Rachel French will represent Bytemap at the Founder University bootcamp in early April. Soon thereafter, some Bytemap personnel will be in San Francisco for 12 weeks to connect with investors.
According to its website, LAUNCH has invested in more than 150 startups, six of which, including Uber, have achieved valuations exceeding $1 billion. It invests in 40 startups per year, giving checks between $25,000 and $1.5 million.
Correction: This story was updated to correct information about the residence of three of the founders.