Australian commercial music streaming service, Qsic, has raised $4m in Series A funding to grow its technology platform that directly impacts shopper behaviours and experiences.
Founded by schoolmates Matt Elsley and Nick Larkins in 2012, Qsic is the Australian market leader for commercial music streaming, with hundreds of brands and thousands of stores nationwide using the platform daily.
The company already has more than 70 Australian customers including 7-Eleven, McDonald’s, Mecca Cosmetica, and Scanlan Theodore, and reaches over 26 million unique listeners every month.
In addition to music streaming, Qsic curates the in-store experience in measurable and direct ways, including automatic volume adjustment based on real-life traffic and tailored content feeding, like ads, as customers move through spaces.
This is done through anonymous touchpoints including in-store movement and sound decibel sensors, as well as point of sale data. As a result, Qsic’s partners are able to better understand their customers’ behaviours and make data-driven decisions at scale.
Qsic will use the raise to build new products on top of its already established platform; creating an even more seamless and hyper-connected whole-of-store infrastructure network.
The business also plans to grow its local headcount from 21 to 42 this coming year, as well as its US footprint fourfold. Qsic recently hired its first US country lead.
“We know that there is a huge appetite from both vendors and consumers for personalised experiences — particularly as data shows that the physical act of visiting a brand is still a core part of the shopping and connection experience,” said Co-founder and Chief Product Officer, Nick Larkins.
“By merging the physical retail environment with multiple data inputs, and overlaying artificial intelligence and machine learning, we’re helping brands create a more holistic experience that transcends online and bricks and mortar.”
Qsic Co-founder and CEO Matt Elsley, said: “We are excited to be the technology that underpins the next chapter of growth for physical retail stores. As the in-store experience becomes data driven and hyper-connected, intelligent platforms are becoming essential to test, measure and learn. Qsic is that system of action for our customers.
“The support of Carthona Capital means we can transform static environments into truly dynamic ones. At a time where so many in the sector are feeling the pressures of COVID, it’s a privilege to be able to help our partners rebuild and reconnect with their communities.”