Bellevue-based tech startup Point Inside today (Wednesday) announced a 1,690 percent growth in revenue since 2010, which CEO Josh Marti says positions the company to focus on new capabilities and products looking 18 months ahead.
Point Inside is the company behind StoreMode, a mobile application that digitizes the indoor retail experience, providing navigation and mapping abilities to allow consumers to quickly find products and deals with top 100 retailers like Lowe’s Home Improvement.
The company started in Marti’s and other Point Inside co-founders’ homes, with all founders coming from a background in location-based services. It has since made several moves, settling headquarters in a 12,600-foot office space in August. The company anticipates adding another 6,000 square feet by January.
Point Inside is now exclusively focused on retailers, but started out mapping stadiums, hospitals, airports and theme park, in addition to stores.
“We knew at some point in time you would eventually begin to track people indoors,” Marti said. “Bellevue Square was actually our first mall that we mapped that went into the application.”
While online shopping remains a growing consumer market, Marti said of the nation’s top 100 retailers, 95 percent still provide an in-store shopping experience.
“Far and away, that far eclipses any online version of sales,” he said.
Marti credits StoreMode’s subscription service for retailers, Point Inside’s knowledge of large data creation and steady business model for the company’s success, adding PI is now looking for partners that may benefit from its expertise.
Point Inside reports its more than 150 percent year-over-year revenue growth was accomplished without the support of venture capital funding. It has created more than 10,000 indoor venue maps and 5,000 store-specific search engines.
“We have taken on investment, but it’s been through private locals and some in California,” Marti said.
Over the next 18 months, Marti said Point Inside will focus on new products, as well as new capabilities for StoreMode. Several pilot partnerships are advancing to production, which will require hiring on additional software developers, he added.
Marti said soon StoreMode users will be able to find themselves or a retail associate inside a store through Bluetooth wireless technology inside the stores themselves.