Harmonyze Aims to Develop AI Agents for Franchisors to Process and Analyze Unstructured Data Effectively
For businesses looking to expand their reach without taking on too much risk, franchising can be a clear path to growth. The U.S. has over 800,000 franchise businesses, according to Statista, and this number is predicted to continue growing year over year. However, franchising requires a lot of contracts, legal compliance, and documentation, which can complicate an already complex business model.
Introducing Harmonyze: The AI-Powered Solution for Franchisors
Harmonyze, a startup based in Brooklyn, wants to help franchisors keep track of it all using Artificial Intelligence (AI). With the recent $2 million pre-seed round led by Bowery Capital, the company is set to further build out its AI agents. These custom-built agents sit in a private cloud database between the franchisor and franchisees, allowing them to communicate with each other and perform over 200 tasks.
How Harmonyze’s AI Agents Work
Harmonyze’s AI agents are designed to help franchisors ensure compliance with regulations and reduce administrative tasks. They can:
- Ensure a franchise has paid a product vendor correctly
- Keep track of insurance renewals for all franchisees
- Perform other critical tasks related to the franchise business model
By automating these tasks, Harmonyze’s AI agents free up franchisors’ time and resources, allowing them to focus on more strategic activities.
The Founders: Gary Liskovich and Jonny Greenspan
Harmonyze was founded in 2023 by childhood friends Gary Liskovich and Jonny Greenspan. Both have a strong background in technology, with Liskovich having previously worked at startups like EvolutionIQ and SmartAsset, while Greenspan has experience as an engineer at companies like Salesforce.
Why Franchising?
Liskovich explained that they initially dabbled in developing a product for the legal space but ultimately chose franchising due to its untapped potential and personal connection. Greenspan’s father owned a Totonno’s pizza franchise location, which sparked their interest in this market.
The Market Opportunity
Franchising is an incredible opportunity, with over 10% of U.S. businesses falling under this category. The company aims to help franchisors navigate the complex regulatory landscape and make data-driven decisions.
Harmonyze’s Strategy
Harmonyze is focusing on building a product for franchisors rather than franchisees. This approach allows them to target larger networks of franchisees, where the need for automation and compliance management is most pressing.
Harmonyze’s Product
The company’s AI-powered solution helps franchisors automate tasks related to contract management, employee onboarding, and financial reporting. By streamlining these processes, Harmonyze aims to reduce operational costs and improve decision-making capabilities for its clients.
Impact of Harmonyze on the Franchising Industry
Harmonyze is poised to revolutionize the franchising industry by providing a much-needed solution for automating tasks and ensuring compliance with regulations. As the company continues to grow, it will be exciting to see how their AI-powered platform evolves and adapts to meet the changing needs of franchisors.
Future Developments
With further investment from Bowery Capital, Harmonyze is set to expand its capabilities and reach even more franchisors across the U.S. The future looks bright for this innovative startup as it continues to make waves in the business world.
Conclusion
Harmonyze’s AI-powered solution has the potential to transform the way franchisors operate their businesses. By automating tasks, ensuring compliance with regulations, and providing valuable insights, Harmonyze is poised to become a leader in the industry.
