Making a splash

With 25 years of experience in mechanical engineering, Matt Westergard stepped into the roles of COO and Co-Founder of Secure Process Intelligence, LLC (SPI) with the know-how and passion to bring the company’s remote water-testing technology into the commercial space. Although SPI’s

Industry: Cloud Technology

Initial Challenge: Client’s business was growing steadily, but he needed help identifying new opportunities and establishing the connections needed for funding, partnerships, and expansion.

Approach: The consultants introduced the client to potential partners and helped the client become a member of the SCRA, through which he is able to network and apply for additional funding.

Results:

• Financing Obtained: $100,000

• Total Annual Revenue (2022): $253,000 technology started out as little more than a side project by Gerhard Greeve, Westergard’s friend and future CTO, they saw an opportunity to monetize a revolutionary product. It was their combined experience and industry knowledge that gave them the confidence to launch their company in 2021.

In business terms, SPI was an overnight success. There was high demand for the company’s technology, allowing municipalities in various industries to measure the composition of water, oil, gas, and other commodities upon extraction through a wireless, automated cloud system.

• Annual Revenue Increase: $73,000

• Jobs Created: 1 full-time; 3 part-time

“It’s an end-to-end solution,” Westergard said. “We provide the hardware, software, cloud connectivity and even the dashboard you see on your phone. Everything you need is in one place—so you don’t have to work with several companies to achieve the same result.”

SPI’s solution was solving many problems for its clients, but by 2022 Westergard was struggling to grow his business. Identifying potential clients, partners and investors was an ongoing challenge, as was making the connections needed to advance SPI’s financial and networking interests. When a friend introduced Westergard to Rock Hill Area SBDC Business Consultant John Blomberg, he was ready to accept the help—and the two have been working together ever since.

Blomberg introduced Westergard to several new contacts, including companies that have since become SPI partners and clients. Blomberg also helped Westergard with his financial forecasting, sales projections and connected him to First Community Bank where Westergard received a line of credit to purchase needed equipment—an impressive feat for any small business with little to no starting capital. industry.”

Blomberg also introduced him to fellow SBDC Business Consultant Kevin Wier, who helped Westergard become a member of the South Carolina Research Authority (SCRA). Thanks to Wier’s connections, SPI is now a member of the SCRA and has access to networking events, investment opportunities, non-dilutive grants and more. Thanks to the SC SBDC’s assistance, SPI has strengthened its local and regional industry connections and is on a path to triple its revenue in 2023.

Services Provided:

> Financial Projections

> Loan Application Preparation

> Access to Resources