Glendale-based insurance startup Tech Canary Corp. took in between $1.8 and $1.9 million in revenue in 2016, according to company founder and chief executive officer Reid Holzworth, nearly quadrupling its earnings of around $500,000 during the previous year.
“It was an awesome year,” Holzworth said. “We popped a lot of bottles of champagne.”
Holzworth founded Tech Canary in 2013. The company’s product, an insurance agency management and business automation tool, helps agents manage sales and improve productivity by performing certain tasks such as tracking commissions, automatically downloading carrier policies and managing documents.
Since August, the company expanded from 16 to 22 employees. Tech Canary also moved from a 700-square-foot space at Bayshore Town Center to a 7,000-square-foot space on West Silver Spring Drive in 2016.
“This year is going to be a big year,” Holzworth said. “As a startup, the first year we were getting our feet wet; growing the product, figuring it all out. The next year, same thing. Last year (2016) focused on building out the team. This year, because now we have the team, the troops if you will, we’re ready to go to war.”
Tech Canary is planning to release a new product in 2017 that has already begun generating interest from large, Fortune 500 companies, Holzworth said.
“It’s going to really make some waves within the insurance market,” Holzworth said.
Holzworth declined to reveal specific details about the new product prior to its release.
