Utah is seeing an explosion of successful tech startups. While many choose to locate their businesses in Silicon Valley, more entrepreneurs are choosing to head to Salt Lake City to set up their empires. Read on to find out about the twenty top startups in Utah.
Lucid Software Inc.
In over 180 countries, businesses are utilizing the two platforms founded by Lucid Software Inc. Lucidchart and Lucidpress are platforms in their own right helping businesspeople share ideas and present complex concepts in a highly visual and intuitive way. Founded by Richard P Gabriel in 2009, these platforms are now utilized by Amazon Web Services, Google and Microsoft. With some massive clients on their books, this startup is going from strength to strength. Fifteen million people now use Lucidpress and Lucidchart across the globe, ensuring that this company has a strong foothold in the tech market. Lucidchart alone recently raised $72 million in October 2018 from Meritech Capital and has received many awards for its people culture and vibrancy.
In 2008, Steven Barlow founded Health Catalyst, a leading provider of data and technology analytics to healthcare providers. A group of healthcare veterans were the brains behind the tech business and it has become a major player in healthcare data provision. With healthcare data being bespoke and different to other datasets, the model created was difficult to come by. However, Health Catalyst now enjoys a $1 billion valuation.
Launching to consumers in 2013, Taskeasy aimed to provide an online shopping experience for exterior services that was as easy to use as online shopping sites for products. From fence painting to lawn care, consumers and contractors can come together, agree a fair price and receive excellent service. With a network of over 5000 contractors, Taskeasy has been responsible for 480,000 exterior household jobs being completed across the United States.
Mick Hewitt founded Masteryconnect in 2009 with an aim to provide educators with a clear grading system for formative and summative assessment. This meant base levels could be recorded with ease and a consistent approach to assessment could be garnered via an online web based platform. Masteryconnect is used by 2 million teachers across the world, meaning that this startup isn’t solely United States based.
This software had revolutionized the classroom environment for many schools. Consistency was often an issue between classes and teachers, but Masteryconnect eliminates this concern. Through clear marking guidelines that can be bespoke to the educational establishment, Masteryconnect enables teachers’ to upload results and assessments in one place to be shared by all. Curriculum maps, schemes of work and notations can also be uploaded. Benchmarking is vital for all schools. Masteryconnect solved a problem successfully. This has ensured the continued success of this startup.
The CEO and founder of Artemis Health, Grant Gordon, had a vision of creating a startup that enabled employers to obtain the best healthcare plans for their employees. Using their own benefits data, employers can obtain the best value healthcare for their workforce, rectifying the inequality of the United States healthcare system.
Measuring benefits is always seen as the one thing that drops off a company’s radar. However, without key benefits management, how can companies work out what works and what doesn’t? This is where Artemis Health tries to bridge that gap.
Eric Rea founded Podium in 2014 when he became perturbed at the notion of quality verbal feedback not equating to online reviews. This troubled him so much that he raised $500,000 in initial funding from Peak Ventures. Essentially, he created a platform to enable small businesses to enhance their online reviews in a fair way. Alongside the more recent Sentiment Report, Rea has managed to design an interface that enables other startups to manage data, check out market analytics and discover the exact facets of business that consumers love.
Big Squid’s mission since 2009 has been to create a data and analytics space that can predict future outcomes and arm businesses with strategies to maximize future successes. Chris Knoch is now the proud CEO of a company worth between $50 and $100 million.
Business Insights are a massive side sector that remain relatively untapped. With the technology emerging at a rapid pace, many startups are trying to harness their own platforms for the benefit of those ventures that need to utilize customer data for analysis. The Kraken platform aims to use automated AI to administer many repetitive tasks, freeing up time to be spent on greater analytical decisions.
As the name suggests, Cloudcherry is a cloud based platform enabling businesses to map feedback across a customer’s journey. This can be invaluable to improve the experience that a business provides for a customer. In 2018, Cloudcherry raised $9 million in an effort to improve customer experiences.
Homie is the latest in a generation of online platforms to help both the buyers and sellers of homes achieve the financial transaction that they want. Founded in 2015, Homie is one of the younger Utah startups, but it is also highly successful, being valued at $50 million.
As a peer to peer real estate option, Homie is attempting to bring a new way of buying and selling houses to the market. Making this accessible to the masses means that the traditional real estate route doesn’t need to be followed. It may have seemed risky to many, but Homie, a bot acting as a realtor, rather than the real life human being, made house transactions simpler and cut the commission owed.
Named a Founders 50 member by Dell, Eastwind Networks is a different sort of startup. With an array of experienced Internet security specialists, Eastwind Networks aims to analyze the cyber landscape of any business identifying any suspect activity that could be a threat to business assets.
Teem is excellent in its simplicity. Founded in 2012, the reincarnation of EventBoard is an interface that enables colleagues to book meeting rooms, organize events and collaborate. Added to this is the function to analyze the productivity of these meetups. In 2018, they were acquired by WeWork after raising $21.5 million during its existence.
Teem were able to surpass all expectations because their market was so large. From small startups to large corporate organizations, all had a need for a platform like Teem to take the complexity out of meeting room management. With Teem, the productivity of the workplace could increase leading to greater revenue, a higher standard of service or product and greater profits. Teem tapped into the need for a happy workplace and focused on the emotive aspect of technology.
Divvy was founded in 2016 by Blake Murray with a focus on instant analysis. Divvy is set up to enable businesses to keep track of financial transactions, build budgets and employ real time tracking to their analysis. Divvy uses algorithms to inform businesses of their cash flow projections and whether potential investments and purchases are wise options. Divvy has undergone a rapid growth rate, with a valuation of $170 million rising to $700 million in three years.
As a pharmaceutical business, Recursion has harnessed the power of tech to design a platform that should discover the drugs that can treat rare diseases that are under researched. As with most successful pharmaceutical firms, the valuation of the company tops $1 billion, making it a thriving startup in Utah.
Recursion is unique in its application of technology. It used AI to test medicines, compounds and structures at scale across a whole number of different areas of medicine. Recursion is a startup that is saving lives, improving medicines and enhancing healthcare for all. Technology can be a force for good as demonstrated by this unique startup.
The sole aim of MX is to ensure that financial professionals are empowered to make as much money as possible on the financial markets, using analytics and trend spotting within data sets to make savvy decisions. Ryan Caldwell ensured that the platform algorithms were closely guarded resulting in a current valuation of close to $500 million.
MX aims to weed out the silos of financial data that you don’t need and harness the current data that is valuable to your financial decisions. Fin tech is not prevalent in Utah compared to data insight and CRM software, but MX Technologies have a foothold on the fin tech market.
Canopy is a tax and accounting piece of software to help financial professionals provide better services to their customers. Rather than crunching the numbers, a range of inbuilt calculators take the hardship out of complex monetary calculations, allowing businesses to run more efficiently and without human error. Founded in 2013, Canopy has become a stalwart of the accounting industry across the United States.
Providing a strategic vision and enabling businesses to be ready for change is a very twenty first century way of working. Up until recently, there have been few tech startups focusing on the power of business change. With Simplus, founded in 2014, change can be made bespoke to companies rather than launched from a textbook. With global reach, Simplus spans four continents and is taking business efficiency to the next level via technological advances.
Lendio is a startup for the new startup. It can be hard finding the funding needed to act as the initial cash injection to help launch a new business or money making venture. Founded in 2011 by Brock Blake and Trent Miskin, Lendio aims to match up small businesses with their ideal lenders. This takes into account affordability, scale up and reputation.
Lendio has links with over seventy five lenders who each have tens of different financial products. As the go-between, Lendio enables a business to make just one application for a loan that will be delivered to each potential lender. Offers are then made and the small business using the platform has the final choice of who to do business with.
Owlet Baby Care
Founded by a group of parents in 2013, Owlet aims to help parents monitor their child with the aid of health technology. They created the Smart Sock Baby Monitor that measures and tracks a baby’s heartbeat when they are sleeping. This company taps into the emotive side of parenthood and solves an issue successfully. With the parental foundership, the company has even more kudos with new moms and is currently worth close to $500 million.
Tracking the heart rate and oxygen levels of a baby gives parents the freedom to sleep better and be more alert during the day. The tech enables preset ranges to be programmed into the sock leading to notifications of any danger to the health of a child. This allows parents to focus on the well being of their child without being smothering or anxious.
Consensus is a forward thinking newbie to the B2B automation software market. Founded by Garin Hess in 2013, Consensus utilizes its own sales to leverage its own growth. It now serves hundreds of customers, mainly other software companies, aid in their B2B organization.
Weave is a software based app that enables businesses to sync all messaging, phone calls, emails, appointment reminders and other data with current CRM software, enabling smoother changes to occur within the workplace.The aim since 2011 has been to increase customer retention and utilize current practices in the best way with a technological edge.
Utah is not the go-to tech scene for many budding startups, with California taking center stage. However, with the emergence of a range of powerful tech startups and investment opportunities, Utah is staking a claim to being an optimum place to start a tech business or invest readily. From Salt Lake City to Lehi, Utah is seen as an ultra livable state. This attracts the brightest minds, and the wealthiest investors. These startups will continue to grow and thrive in the years to come.