Each year, TechCrunch hosts a competition that allows rising startups to compete for both prize money and media exposure. This year, the virtual Startup Battlefield was conquered by Canix. The company aims to use high-tech solutions to make bookkeeping easier for cannabis growers.
Canix is a fresh face in the startup world. It is now a little over a year old after launching in June 2019. That means most of its life has been spent in the post-COVID-19 world. Being able to power through the challenges created by the pandemic is impressive. Thriving through them is even more special. That’s exactly what Canix has done.
The startup’s solution is all about reducing the time it takes to input data. It is designed to integrate seamlessly with common bookkeeping software and Metrc, an industry-wide regulatory platform for the cannabis world. Canix’s system uses hardware like RFID scanners and Bluetooth-enabled scanners to make it all possible.
Since its founding, Canix has acquired more than 300 customers from more than 1,000 growing facilities. The startup is helping track the movement of more than 2.5 million plants.
Its founders have emphasized that decreasing labor costs is a key way for cannabis growers to improve their profits. The software helps them do just that.
Canix handles things like invoicing, costing, and reporting while keeping growers compliant with local and nationwide regulations. The software also includes forecasting features. For instance, starting with only plant clones, it can predict a yield 90 days in the future.
Many people might wonder why a solution like this is needed. After all, every industry has a lot of data entry, right? That’s true, but the cannabis sector has more than most. Growers are required by law to submit paperwork for things like moving plants between facilities and details about each plant’s lifecycle. That involves endless data entry almost every day of the year. This is both time-consuming and expensive.
Stacey Hronowski, the startup’s co-founder and CEO, says, “I first started Canix when I was consulting for a Bay Area cannabis company. I began looking at Metrc, and I was very surprised to find that growers were writing down barcodes on paper. That was when the initial idea for Canix came about.”
This May, the startup completed a $1.5 million seed round, helping to launch it into a successful future early in its journey. By winning TechCrunch’s Startup Battlefield, Canix should have plenty of other exciting opportunities to look forward to.
A Close Fight
It’s also worth mentioning the runner-up in the 2020 Startup Battlefield competition. A company called Matidor took second place. It is focused on building a platform for consultants and engineers that allows them to track projects and geospatial data from a single dashboard.
This is very important since software in this area hasn’t progressed like software in consumer-facing sectors. Matidor is hoping to change that by giving those in the energy and environmental science fields a much more useful suite of tools.