Eyesover racks up $450K in NBIF-led funding round

Fredericton, New Brunswick-based Eyesover, a data analytics company, has secured $450,000 in funding. The New Brunswick Innovation Foundation led the round with participation from the National Research Council of Canada’s Industrial Research Assistance Program.

PRESS RELEASE

FREDERICTON (N.B.) – The New Brunswick Innovation Foundation (NBIF) today announced it has invested $200,000 in Eyesover, a Fredericton-based data analytics company that uses online data to provide real-time market research and public opinion analysis. The NBIF-led financing round totalled $450K in venture capital and included advisory services and conditional funding from the National Research Council of Canada’s Industrial Research Assistance Program.

Eyesover uses Artificial Intelligence (AI) to discover relevant online discussions in real-time, rather than relying solely on keyword inputs like other online monitoring platforms. Their unique algorithms are capable of providing a complete picture of conversations surrounding a given subject by offering supplementary information that could be related but unknown to the user at the time.

“In today’s society, if your market intelligence is not real-time, it’s too old. Understanding the emerging issues in your industry or sector as they start to develop is critical to the decision-making process,” says CEO Craig Leonard. “The unique service we offer ensures users have a truly complete picture. Traditional research takes too long to obtain, and most monitoring systems are dependent on user provided keywords, meaning the user will only receive information they are already aware exists. Eyesover picks-up on the unexpected changes in discussions to make sure all your bases are covered.”

Founded by Craig Leonard (CEO), Dr. Ali Ghorbani (Chairman), Jesse English (Head of Development), and Abtin Zohrabi (Head of Technology), the Eyesover concept was conceived from research at the University of New Brunswick. The research team approached Leonard to help commercialize. With a strong background in business and politics, Leonard immediately recognized the value in discovering and quantifying online conversations.

The financing will be used to refine the product onboarding process and hire additional staff.
“It’s important to see companies like this coming out of research institutions, to demonstrate the path from applied research to commercialization,” says the NBIF Director of Investments Raymond Fitzpatrick. “The Eyesover team has impressed us since the beginning and we couldn’t be prouder to support them.”

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.