Scription, which offers a software-as-a-service platform for equipment maintenance companies, took away the top prize at the fifth annual Startup TNT Investment Summit on June 23.
Scription's platform provides equipment maintenance companies with an end-to-end solution for selling and managing personalized maintenance contracts. The contracts bundle all the maintenance costs that an equipment owner or operator might need to pay into a fixed subscription, which provides the maintenance companies with stable recurring revenue.
This approach also incentivizes maintenance companies to optimize their work, said co-founder Justin Larocque-Villiers. "If you're getting paid per hour, why would you fix it fast?" he said during his pitch.
Larocque-Villiers said the company is looking to raise $1.2 million in funding. "We know what our exit strategy is — we want to get acquired by an insurance company," he told the crowd.
Fellow Edmonton finalist Zero Point Cryogenics, which builds cryogen-free dilution refrigerators for quantum technologies, was offered a side deal at the event. Startup TNT said there's potential for more side deals to be announced in the days ahead.
Scription co-founder Justin Larocque-Villiers pitching at the Top 20 Pitch Night on May 12, 2022. (Startup TNT/Twitter)
Yr Plans took home the top prize in Calgary, while Luxsonic won in Saskatchewan.
The summit saw about 83 investors commit $5,000 each. Investors spent the past eight weeks working together to conduct due diligence on 60 companies across Edmonton, Calgary, and Saskatchewan.
There were 16 finalists at the June 23 finale: six from Edmonton, five from Calgary, and five from Saskatchewan.
The remaining Edmonton finalists were:
- AltaGreen Products Inc. produces both non-CBD and CBD-inclusive health and wellness products for humans and animals.
- BladeFlex helps customers correct their posture by wearing a device that allows them to re-train their shoulder muscles.
- Correct-AI uses artificial intelligence to create safer working conditions on construction sites.
- Element 4 develops battery-less energy capture and containment sensors.
The hybrid in-person and online event also offered live interview sessions, a venture capital pitch night, and after-parties in three cities.