PetChatz Inventor Secures Nearly $1M In Latest Funding Round
Anser Innovation is partway through its third fundraising round with $950,000 secured from eight investors.
The Burnsville-based company is best known for its PetChatz system, which enables pet owners to hold “multisensory” conversations (audio, visual, taste, smell) with their furry family members via computer or smartphone.
Anser Innovation, formed in 2011, began its latest round of funding last month with an initial target of $600,000. That number rose to $2.5 million due to market opportunity and capitalization needs, CEO Lisa Lavin told Tech.mn.
Beyond person-to-pet video chatting, the company has been pursuing an application of its technology in the health care market. In April, Lavin told TCB her company’s device was already being used on hospice patients. However, according to Lavin, this isn’t the only angle in which the PetChatz system can be useful in hospitals and home care.
“With pets we’ve been dispensing treats and scents but when we re-skin its, then we can dispense medication,” she said. “We’ve done a lot of work on the mechanical engineering aspect as to how you dispense multiple size and shape solid form medications accurately.”
Anser Innovation’s revenue this year is expected to exceed $2.5 million, with projections of $10 million in sales in 2017.
The company has successfully raised roughly $3.5 million from investors. If its latest funding goal is hit, that total will increase to a $5 million total.