Eyenalyze

Founded in 2012 by Michael Rasmussen, a CPA and former accounting professor, Eyenalyze emerged from a mission to provide independent restaurants with the sophisticated financial and managerial tools typically reserved for large franchise operations. The idea originated when Rasmussen was tasked with streamlining the back-office operations for a local restaurant owner who needed more time with his family. This experience highlighted a critical need in the market for accessible, real-time data analysis for small to midsize restaurant businesses.

Eyenalyze developed a software-as-a-service (SaaS) platform designed to simplify back-office management for the restaurant industry. The company's core service revolved around providing real-time analytics to help restaurant owners track key performance indicators and maintain profitability. By integrating directly with point-of-sale (POS) systems and major food-service suppliers, the software automated the collection of sales data and vendor invoices, eliminating the need for manual data entry. This allowed for the delivery of daily financial reports accessible on any device, including a dedicated iOS application.

The platform offered a comprehensive suite of features organized into four main hubs: Sales, Inventory, Labor, and Profit. Key functionalities included tracking daily sales, food costs, labor expenses, and overall profitability. It also provided tools for inventory management, menu plate costing, employee shift tracking, and reconciling credit card transactions. A significant feature was its ability to export financial data into accounting software like QuickBooks, making it a CPA-friendly solution. The business served a range of clients from independent local restaurants to hotels, country clubs, and caterers.

The company's journey included securing approximately $421K in funding over several rounds, including an equity crowdfunding round in 2013 and a seed round in 2016. Eyenalyze was ultimately acquired by Rising Sun Ventures on August 14, 2018, and is now listed as out of business.

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