Beer Inventory Startup Eyeing Rapid GrowthPosted: Updated:
A Carmel-based startup developing inventory management systems for brewers and beer distributors is plotting ambitious growth following a multi-million dollar round of funding. SteadyServ Technologies LLC, which created iKeg software and hardware, is planning to employ up to 100 people throughout Indiana, the west and southeast U.S. and Asia by 2016. The company recently secured $5 million from investors throughout the country. Hamilton County's Periculum Capital Company LLC represented SteadyServ in the investment.
SteadyServ is around two years old.
October 22, 2013
CARMEL, Ind. - SteadyServ Technologies, a mobile SaaS-based inventory and management system for the beer industry, today announces a $6.5M private placement of Series A Preferred Units from Periculum Capital Company, LLC, a leading Midwestern investment and merchant banking firm.
SteadyServ has developed a mobile, SaaS-based inventory and order management system for the beer industry called iKeg. iKeg is an integrated hardware and software solution designed to measure and report - on a real-time basis - the inventory of draft beer kegs as well as the remaining volume of an individual keg, down to the pint. The system will help restaurants, taprooms, bars, sporting and entertainment venues, and other 'on-premise' establishments more efficiently manage their beer inventory and ordering process.
SteadyServ plans to use the funds to continue to scale operations and aid with the initial onboarding process for early-adopting distributors and retail establishments throughout North America. Individual investors span the U.S. and include founders and senior executives of leading global beer suppliers, as well as some of America’s leading finance, retail and technology brands.
"The problem isn't people, but the system," says founder and CEO, Steve Hershberger. "Draft beer sold in bars, restaurants and entertainment venues is a 21 billion dollar industry. Tens of millions of dollars are either lost or wasted each year by under or overestimating beer consumption. Surprisingly, huge financial decisions are made with respect to beer ordering by simply guessing what's needed - creating the 'just in time' problem with delivery. Most people wouldn't make a $50,000 decision based purely on a guess, but that’s exactly what happens every day in this industry. SteadyServ is the first solution to fix this problem in every point along the supply chain, forever changing the way beer gets to market."
Tracking the depletion of beer over a measured period of time, the system reports to the distributor and on-premise retailer which kegs are in danger of running out and when, as well as automatically reordering the most popular or profitable beers based on consumption data. Solving the issue of a near-empty keg, the system also provides a convenient way for the retailer to automatically place replenishment orders with its distributor before a keg runs out of beer, streamlining the process and ensuring accuracy, as well as using a robust set of embedded social media tools to promote the beers being managed by iKeg. Manual, weekly inventory that typically takes several hours to complete each week are reduced to an accurate process that takes less than five minutes to complete.
With a non-provisional patent application already on file, the iKeg system is secure, reliable, highly scalable, and designed to be 'Apple-easy.' The setup and systems management is simple and uses its own secure wireless backbone to incorporate the highest level of security, ensuring that the distributor and retailer’s order and information systems cannot be compromised. iKeg uses M2M (machine-to-machine) communication technologies to ensure inventory and order management accuracy.
For more information about SteadyServ, visit: http://www.steadyserv.com.
Headquartered in Carmel, Indiana, SteadyServ was founded in 2012 by Steve Hershberger, an experienced software and technology entrepreneur. Steve has assembled a strong team with extensive experience in software design and engineering, craft brewery marketing and operations, hardware engineering and manufacturing, mobile technology, finance, and business operations.
Source: SteadyServ Technologies LLC