Qstream reaches 'millions of dollars' in revenue this year as Harvard-developed software for sales reps booms
Qstream, a Burlington-based startup that uses mobile technology and gamification to help sales reps improve efficiency, expects to triple revenue this year as it continues signing large clients and rapidly growing, said CEO and co-founder Duncan Lennox.
Lennox said the company, which sells software that was developed by a Harvard Medical School professor, is seeing revenue "in the millions of dollars," this year.
Qstream has also tripled its headcount since last September, with almost 30 employees currently across offices in Burlington, Hood River, Ore., and Dublin, Ireland.
The Burlington office employs 17 people. The company plans to hire between 10 and 12 more employees by the end of the year, with most of them working out of the Burlington office, Lennox said.
Qstream moved into a 6,500 square-foot space in mid-March to accommodate the growth, having quadrupled the size of its old space in Burlington.
Founded in 2008 and officially launching the software in 2011, the company first focused on the life sciences industry and sold software to large pharmaceutical and medical device companies. Currently, six of the 10 largest pharmaceutical companies in the world are using QStream, including California-based Genentech and New York-basedPfizer (NYSE: PFE), Lennox said.
He said the company is now focusing on the financial services and technology industry, having signed customers such as Georgia-based SunTrust Banks Inc. (NYSE: STI)andCalifornia-based computer hardware firm Oracle (NYSE: ORCL).
Qstream has nearly 100,000 users to date. The software works across Web and mobile and is designed around how the human brain works, Lennox said. It has become "the world's most scientifically proven method for developing long-term memory retention," he said.
The company is currently testing how the software could be used to change behaviors and increasing adherence in patients with diabetes.
"There is almost limitless potential for how this technology can be used," he said.
Last September, the company raised $2.85 million in Series A funding, led by Frontline Ventures. Prior to that, the company had raised $1.55 million in seed funding.