BIRMINGHAM, Ala., May 22, 2024 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF” or the “Fund”) recently placed an investment in IQID Technologies, Inc. (“IQID” or “Company”). Based in New Orleans, Louisiana, IQID’s software helps higher education admissions and enrollment offices create seamless and consistent recruitment experiences by using artificial intelligence (“AI”) to gather insights which vastly improve communication effectiveness with prospective students.
In connection with the investment from AFF, IQID and its team, including CEO Marie Bigham, will relocate the Company’s headquarters to Birmingham, Alabama.
Colleges and universities are experiencing unprecedented headwinds in admissions and enrollment management. Most notably, a June 2023 ruling from the Supreme Court of the United States (“SCOTUS”) banned race-based admission practices. This landmark ruling ended long-standing admissions departmental strategies which were used to achieve certain admission metrics. College admissions officers are now tasked with finding tools that improve the efficiency and efficacy of their admissions processes.
IQID addresses this problem by connecting with an admission office’s applicant tracking software/CRM and focusing on communication patterns among staff and prospective students throughout the recruitment cycle. IQID was built on peer reviewed research which found that slow response times to inquiries from some cohorts of prospective students led to frustration among those students who then decided not to apply. The result is a smaller, less diverse, pool of applicants.
IQID’s technology utilizes AI-powered “Communication Audits” to ensure consistent communications with all prospective students. The goal is to guarantee the deepest and most well-rounded applicant pool possible. The Company’s software analyzes communications from admission officers and assesses differences in reply time and the author’s sentiment and tone, allowing enrollment leaders to identify disparities and take corrective action to foster a more robust applicant pool.
According to Ms. Bigham, the team is excited to come to Birmingham, “IQID is thrilled to receive an investment from the Alabama Futures Fund. We look forward to becoming active contributors to Birmingham’s startup ecosystem and we look forward to working with and learning from the talented leaders and partners the region has to offer.”
This represents the twentieth investment from AFF since the Fund launched in Q3 of 2018. Redhawk Advisory, LLC (“Redhawk”) serves as the investment manager for AFF and advised AFF on the IQID investment.
Redhawk Partner Mickey Millsap shared his excitement about IQID, “Not only does IQID present an excellent investment for our region and Fund, IQID also has the potential to have a positive impact on our society by helping to create a more consistent admissions process for all students. We continue to be so impressed by the passion and commitment of the IQID team and are confident they will become leaders in our growing ecosystem.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.
Contact: Mickey Millsap Telephone: 512-751-9561
E-mail: mickey@redhawkadvisory.com
