Tracking occupancy data is key to understanding customer behaviour, improving sales processes and informing key business metrics. HoxtonAi provides a low-cost, self-install solution to occupancy monitoring with all the data available in the cloud making it easy for the customer to gain further analytical insights with an application program interface (API).
Owen McCormack, Co-Founder and Executive Chairman of HoxtonAi, recently sat down with David Mott, Founder Partner of Oxford Capital, for a video interview as part of the Oxford Capital ‘Backing Founders’ series. They discussed Owen’s background and his journey to machine learning, as well as how occupancy monitoring can help businesses optimise their operations.
A new addition to the Oxford Capital portfolio, HoxtonAi’s software works on off-the-shelf cameras, making it easy to apply and scalable for businesses of all sizes, in multiple industries. It also allows them to offer a free-trial period to prospective customers – something that their competitors often cannot offer. Owen attributes their strong sales conversion numbers to this strategy, allowing them to have gained 130 clients across the US and UK including the Tate Modern and Center Parcs (UK).
Owen’s background is in financial services, having worked for PWC previously, which helped him gain an interest in machine learning and using data driven operations techniques. He then decided to undertake a master’s degree in machine learning to aid his understanding of AI, which honed his skills and interest in computer vision.
While 40% of the world’s resource usage and 86% of the world’s economy is invested in physical spaces, HoxtonAi estimates that 95% of businesses have no awareness of occupancy or usage. When these businesses do collect data, it is often a manual process. This issue is easily addressed by the HoxtonAi software, which is entirely cloud based, needs no site visits or engineers to install and provides a dashboard that is simple to use. HoxtonAi estimates that 35% of businesses earn their revenue from people using the space, it is easy to see how their software provides a clear ROI for its users.
The global market for people counting systems is expected to reach $1.7 billion by 2027, providing ample opportunity for HoxtonAi to grow and expand with the market. Due to the low cost to the client, one extra ticket sale for a gallery could pay for HoxtonAi’s API for a week or more. Over the last six months, due to their free trial period, they have secured annual subscriptions from 43 of 45 trial customers.
With clients around the UK and in the US east coast, HoxtonAi is highly scalable, with plans to expand throughout the US – despite having no physical presence there. Owen discusses their plans to move beyond their current territories in the next few years, by using outreach alongside word-of-mouth recommendations from their current customers – a process that has delivered significant growth to date.