Lewiston Startup Cuts $30,000 in Costs for Independent Retailers

Fortune Technology Inc. now serves 50 independent stores with its Storeveu system, a figure that has more than tripled since the company applied for state funding in July. The Lewiston-based startup charges $49.99 per month for software and support, plus $600 for initial hardware. A larger provider quoted one of the company's partners at $30,000 for a similar setup.

Nishant Patel, co-owner and software designer, stated that the system tracks products from delivery invoices to front-end sales. The platform forecasts consumer demand and suggests price reductions before expiration dates render items unsellable. Patel noted that the current accuracy rate is approximately 75 percent, with ongoing training improving those metrics.

Sanjay Patel, the business partner who owns more than a dozen liquor and convenience stores across New England, has installed the system in his eight independent locations. He cited video features for security and sales monitoring as key advantages over traditional point-of-sale systems. He said the tool provides a clear picture of sales data that other systems lack.

The Maine Technology Institute awarded Fortune Technology a $30,000 business innovation grant to refine the software. The nonprofit has financed 97 AI-related projects since 2020. President Brian Whitney said the institute funds projects that solve technical challenges and create quality jobs. He noted that 60 percent of AI awards support projects serving the public good, such as healthcare and public safety.

Interest in AI funding has risen sharply. In 2020, only 3 of 76 applications for IT-related funding referenced AI. By 2026, 138 of 336 applications, or 41 percent, included AI components. Whitney emphasized that most awardees have fewer than 50 employees. He said the institute does not support hyper-scalers building data centers but focuses on smaller firms generating economic activity in Maine.

Storeveu runs on Fortune Technology's own servers rather than third-party AI services. Patel said the system uses only data provided by storeowners. The software flags uncertain product lines for manual verification. This approach addresses concerns about data privacy and reliance on large tech providers.

The company has grown to 10 employees. Nishant Patel, 26, began developing the system in January after graduating from Northeastern University with a master's in information systems. He and Sanjay Patel, 45, are not related but both originate from Gujarat, India. They are currently working seven days a week to onboard new customers.

Last month, the partners attended the Navratri festival in Foxboro, Massachusetts. They set up a table on the eighth night, which Nishant Patel described as the most auspicious day of the nine-night event. He reported collecting 50 leads from storeowners, many of whom operate multiple locations.