Startup Accern - Makes Artificial Intelligence Easy to Use for Business
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Startup Accern - Makes Artificial Intelligence Easy to Use for Business
Startup pitch

Accern developed high-quality no-code AI analysis of Big Data, which allows business to make important decisions on investments, issuing loans, insurance policies, and others without the participation of programmers. This saves time and increases the accuracy by removing the human factor.

Region of program action:
Global (world)

Start date

22.10.2020

End date

22.10.2020

About

CLIENTS & STRATEGIC PARTNERS

IBM, Allianz Global Investors, Allianz Reinsurance, PIMCO, Norges Bank, Credit Suisse, Tiger Global, Google, Salesforce, Moodys, William Blair, Dow Jones, Interactive Brokers
They have discontinued or abandoned their current development in this area to take advantage of Accern solutions. Allianz is not only a client, but also an active investor for the startup.

The Accern current Bridge Round is necessary to maintain rapid scaling and consolidate its leadership in AI implementations for automating data collection & analysis in order to make decisions as solutions for large corporations.

What you get

PROBLEM
Manual workflow & manual A large volume of internal and external sources (financial documentation, news sites, blogs and social media) increases rapidly in volume over time. This makes it difficult to analyse, test, and develop customer acquisition scenarios as well as mitigate business risks. In addition, processing a large amount of data is very time consuming, which is unacceptable in a competitive environment.

DECISION
Accern all-in-one AI solution analyses data, structures it and generates solution scenarios in minutes. Business analysts of companies with Accern receive solution scenarios 24 times faster than competitors and without the mediation of programmers. A startup AI solution can be integrated to any existing internal system.

MARKET
Accern targets the nearly $47B market of the Financial Services (incl. Asset Management, Insurance and Lending). Additionally, the Serviceable Market is $220 B and as a result, the Total Available Market opportunity is reaching more than $365B.

INVESTMENTS
Accern raised a total of $14.8M over 3 rounds. The last round closed in March 2020 for a total of $13.3M.

Major Investors: Plug and Play Ventures, Allianz Life Ventures, Fusion Fund, TMT Ventures, Mighty Capital, Vectr, Viaduct Ventures, Belmont Venture Capital, Visary Capital, Affinity Investment Group, 26 Venture, Chetrit Ventures, Gurtin Ventures, Chicago Trading Co, Ventures, White Shark Ventures

ABOUT THE STARTUP IN FIGURES
- Founded in 2014. 6 years of development
- 2 founders - Forbes 30 under 30 in 2018
- 4 years of successful commercial sales
- 40 employees
- 25 AI and Big Data professionals
- Board members - 2 Unicorn founders & 2 Fortune 500 Leaders
- Convertible Note – $28M
- Burning rate – $300K
- 18 months Runway
- Revenue in 2019 - $2,419,666 + 170%
- Expected revenue 2020 – $6.5M


Terms of completing

BUSINESS MODEL
The business model is based on product-driven SaaS revenue.

The base minimum for the firm - Basic licenses:
- Software for the firm: $25K per year.
- Per user: $5K per year.
- One of the options Use case (work area): $10K per year.


COMPETITION
Accern is one of the pioneers of AI technology adoption. The founders\\\' practical experience in the direct collection, processing and analysis of data has led to the creation of a convenient and understandable AI platform. 6 years of experience in AI training and more than 50 world-renowned clients and partners with rapidly growing income, make it the leader in this sector.

Now, it is the best time to implement AI solutions and invest in it - the market is in the stage of rapid growth and an avalanche-like growing demand for solutions with artificial intelligence.

TEAM AND ADVISORS
- Co-founder and CEO Koumesh Arumugan; ´Forbes 30 to 30´ in 2018.
- Co-founder and CTO Dr. Anshul Vikram Pandey; ´Forbes 30 to 30´ in 2018.
- 40 employees;
- 25 AI and Big Data professionals

Advisory Board:
- Ben Uretsky; Co-founder and CEO of Digital Ocean (Unicorn);
- Mitch Weiner; Co-founder and Chief Marketing Officer, Digital Ocean (Unicorn);
- Arun Gupta; Founder and CEO of Quartet ($92M raised), Palantir Technologies (advisor);
- Pavel Rakhman; Partner and Head of Data Science, IBM;
- Simon Vine; Ex-Head of Investment Banking, Alfa-Bank.

GEOGRAPHY
- Headquarters in New York;
- Offices in the USA, India (Bangalore), Morocco and Canada.

Experience

MARKET
Accern targets the nearly $10B market of the Financial Services (incl. Asset Management, Insurance and Lending). Additionally, the Serviceable Market is $30B and as a result, the Total Available Market opportunity is reaching more than $100B.

INVESTMENTS
Accern raised a total of $14.8M over 3 rounds. The last round closed in March 2020 for a total of $13.3M.

Major Investors: Plug and Play Ventures, Allianz Life Ventures, Fusion Fund, TMT Ventures, Mighty Capital, Vectr, Viaduct Ventures, Belmont Venture Capital, Visary Capital, Affinity Investment Group, 26 Venture, Chetrit Ventures, Gurtin Ventures, Chicago Trading Co, Ventures, White Shark Ventures


VIDEO ABOUT ACCERN
Think Different: Asset & Wealth Management - Accern
https://www.youtube.com/watch?time_continue=7&v=4iNETX01xgw&feature=emb_logo

Model Generation Via NLP Technology - Accern TITAN
https://www.youtube.com/watch?v=Aw8fjyBR4VY&feature=emb_logo

Accern Data Designer
https://www.youtube.com/watch?v=sw4uOdukWVc&feature=emb_logo

AWARDS
Forbes 30 Under 30 2018 Enterprise Technology
Top 10 AI Software by Intel AI & O’Reilly


STARTUP ARTICLES

Accern listed as Top No-Code Startup for AI & Data Science
https://alexandre.substack.com/p/-no-code-unleashing-creativity-on

Accern Named Crain 100 Best Places to Work in 2020
https://www.crainsnewyork.com/best-places-work/introducing-crains-100-best-places-work-2020

Accern made 2020 InsurTech100 (Will be published late October)
https://fintech.global/insurtech100/

Accern Selected as Top 25 InsurTech Companies by Plug and Play
https://www.plugandplaytechcenter.com/winter-2020/

Accern named Top 10 Best Providers for ESG Investing
https://datarade.ai/top-lists/best-data-providers-for-esg-investing?utm_source=top-10-post&utm_medium=linkedin&utm_campaign=best-data-providers-for-esg-investing

Accern nominated as Best AI Platform by Benzinga
https://benzingafinancialawards.secure-platform.com/a/gallery/rounds/3/details/2314

Accern CTO nominated as Most Influential Data Scientist by Benzinga
https://benzingafinancialawards.secure-platform.com/a/gallery/rounds/3/details/2645

Accern CTO was named Top 25 FinTech CTO of 2020 by FT Report
https://thefinancialtechnologyreport.com/top-25-financial-technology-ctos-of-2020/

Accern was named the Top 10 Coolest AI Startups Of 2020 by CRN
https://www.crn.com/slide-shows/mobility/the-10-coolest-ai-startups-of-2020-so-far-/2

Accern’s CEO was named Top 50 FinTech CEO of 2020 by FT Report
https://thefinancialtechnologyreport.com/the-top-50-financial-technology-ceos-of-2020/

Fortune: Can an A.I hedge fund beat the market?
https://fortune.com/2020/08/25/can-an-a-i-hedge-fund-beat-the-market/

Forbes: A No-Code Environment Brings AI To The Business User
https://www.forbes.com/sites/forbesfinancecouncil/2020/08/11/a-no-code-environment-brings-ai-to-the-business-user/#655ff32b1c44

Forbes: How Artificial Intelligence Can Enable Ethically Driven Investments
https://www.forbes.com/sites/forbesfinancecouncil/2020/09/23/how-artificial-intelligence-can-enable-ethically-driven-investments/#59dcc9296fc1

Accern Announces New Artificial Intelligence Dashboard to Gauge the Impact of the 2020 U.S. Presidential Election
https://www.prnewswire.com/news-releases/accern-announces-new-artificial-intelligence-dashboard-to-gauge-the-impact-of-the-2020-us-presidential-election-301133302.html

Accern Announces Strategic Data Partnership with Crux Informatics
https://www.prnewswire.com/news-releases/accern-announces-strategic-data-partnership-with-crux-informatics-301135782.html?tc=eml_cleartime

NVIDIA AI Conference: Accern on Future of AI In Business
https://www.nvidia.com/en-us/gtc/session-catalog/?search=A21421&tab.catalogtabfields=1600209910618002Tlxt&search.language=1594320459782001LCjF

Eagle Alpha Conference: Accern on Quantamental Investing
https://eaglealpha.com/virtual-data-conference-sep-2020/

Investment fund Network VC Syndicate Fund invites you to join the meeting with the founder of the startup Accern.

The meeting is on 22nd of October at
✅ 05: 00 PM Moscow, Kiev, Minsk
✅ 08: 00 PM Nur Sultan
✅ 04: 00 PM Amsterdam, Berlin, Rome, Stockholm, Vienna
✅ 07: 00 AM PDT
✅ 10: 00 AM New York

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