To assist a St. John’s startup company as it conducts research and development, the Honourable Andrew Parsons, KC, Minister of Industry, Energy and Technology, today announced support for HYKE Technologies Inc.
Through its Research and Development Fund, the Department of Industry, Energy and Technology is investing $240,052 to assist HYKE in the next phase of development, through which they will automate their flagship platform called HYKE. This investment leverages a contribution of $252,548 from the company, for a total project investment of $492,600.
HYKE aims to replace coupons and loyalty points programs with an intelligent app. The HYKE app incentivizes users to purchase products at retail locations in a personalized and targeted manner with the use of its in-house AI-based engine. This, in return, provides HYKE access to a detailed collection of behavioral data which remains anonymous and in compliance with consumer privacy standards. The company uses these insights to provide data analytic services for the business-to-business market to analyze consumer behavior and decision-making process.
HYKE has 11 employees who are experienced in the areas of software development, data science, operations and marketing. The company intends to continue this growth trend and has hired two new employees to assist with this project.
Quotes
“HYKE Technologies has already signed on with national and multinational franchises that are eager to test its platform. The technology from this research will allow the company to add a unique feature to a mass consumer product that has potential to reach global markets.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology
“I am pleased to know of HYKE’s success in securing provincial funds to support its product development activities. I believe the company’s innovative marketing app using AI will help drive the company to even higher success. “
Honorable John G. Abbott
MHA – District of St. John’s East-Quidi Vidi
“This support will push us forward into the next development phase, helping us refine and incorporate autonomy into our groundbreaking consumer data profiling and processing platform, HYKE. With this support from the Government of Newfoundland and Labrador, we are ready to reshape the landscape of engagement programs, providing unparalleled value and insights to both consumers and businesses. We’re grateful for this support in speeding up our growth and delivering solutions that truly make a difference in the market.”
Sid Eskandari
CEO, HYKE
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