Editor’s note: This is the first in a series of profiles of companies scheduled to present at the annual Council for Entrepreneurial Development’s InfoTech Conference on Oct. 12 at the Sheraton Imperial in RTP.
_______________________________________________________________________________________Veteran Triad entrepreneurs Greg Frisby and Doug Young have teamed up with inventor Joseph Price to get Sensory Analytics off to a fast start.
The firm has recently closed on $600,000 in financing and is targeting the lucrative aerospace and transportation markets for applications built around its patent-protected sensor technology. Two regional funds invested in Sensory, actually “oversubscribing” the initial financial goal, according to Frisby.
Sensory has developed applications that enable companies to better control coatings and film thickness management as well as make more efficient use of their manufacturing process. The technology is based on work done by Price, who founded Sensory and Opticolor. Both firms were based in Morganton, NC. Frisby and Young bought the firms and merged them last fall then moved the operation to Greensboro.
Frisby is Sensory’s chief executive officer, Young the chairman and Price the chief technology officer.
Frisby launched Frisby Technologies in the Triad and took the company public. It went bankrupt in 2003. Before launching Sensory, Frisby became very active in entrepreneurial activities across the Triad.
Frisby provided the answers to Local Tech Wire for this company profile.
What makes your technology unique?
Sensory Analytics is the first company to offer a complete suite of coating and film thickness measurement and color control solutions for manufacturers. With the real-time data these systems provide, manufacturers can significantly streamline their manufacturing processes, reduce scrap and rework as well as reduce labor costs. Sensory’s new in-line and portable offerings are also the first to incorporate multiple sensory solutions as part of one integrated information technology system.
What was the original inspiration (or invention) that led to the launch of your company?
The Company’s original inspiration was driven by the significant yet unmet need to provide non-contact and non-destructive anodize and primer coating thickness measurements within the aerospace industry.
What markets / needs are you seeking to address?
Based upon the tremendous sales opportunities within each, the company has targeted the global transportation (aerospace and automotive), home and building products, converting and electronics markets as its key target markets.
Was entrepreneurial spirit a real driver for your company’s founders and executive team to bring your firm to this point? Please explain.
Each of the company’s founders brings entrepreneurial success and passion from their earlier businesses.
Chairman Doug Young has successfully grown and exited seven information technology businesses over his 30-year career.
CEO Greg Frisby is a two-time Entrepreneur of the Year Award winner that has led earlier fast growing aerospace and technology businesses.
CTO Joseph Price has started and grown two optical measurement businesses in Morganton, NC.
Built upon the collective entrepreneurial spirit of its founders, Sensory is well suited for a fast growth path with a successful exit.
Do you have patents or patents pending?
The Company holds one broad issued patent covering the non-contact measurement of coatings, and has numerous additional patents pending. Sensory intends to continue its drive to build a broad patent portfolio in order to best assure maximum value and returns for its members.
How is your company financed? Do you have plans to seek additional investors or venture capital? Do you have another exit strategy?
In addition to significant level of seed investment provided by its’ founders and officers, Sensory has recently secured a total of $600,000 of angel capital from two regional seed and angel capital funds. While the Company has already oversubscribed its current financing round, management remains interested in strengthening its ties to the regional VC and investment community, as well as their portfolio companies.
Due to its strong IP and tremendous growth opportunities, the Company anticipates that there will be significant market interest in certain vertical markets, and further believes that the entire Company could be an attractive acquisition target within the next three-five years.