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Endeavour Programme

SaaS cloud AI to prevent cost and time overrun of projects

Australia
Market: Another, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 14.03.2020
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Idea

A third of all hours worked in the OECD are worked in projects. 90% of projects overrun their time and cost budgets. Octant AI, developed through collaboration at University of Oxford, mitigates cost and time overrun by providing better, faster, earlier and cheaper actionable insights for project decision makers. It is the first enterprise platform of its kind to be commercially deployed. It works on all types of projects, from construction to finance.

Current Status

Achieving Monthly Recurrent Return ($18k/m) B2E Contracts with contractors (construction), government treasury (finance projects), world bank (social projects). B2B module about to go into Beta phase for rollout globally from about June. Management team bedded in and ready for scale. All management have invested cash.

Market

One third of all work undertaken in the OECD is done in a project format using project management methodologies and software. This US$18T/year, with cost overruns well over US$3T annually.
Construction is the most project intensive with over 80% of work done in projects, but other industries (such as ICT) are also heavily projectionist.
Customers for Octant AI are those entities accountable for cost and time outcomes, or who are damaged by poor project performance. These include owners, deliverers, financiers and sponsors. A second market exists for white labelers who can add AI functionality to their existing platforms.

Problem or Opportunity

Projects underperform in cost and time in most cases at a cost of $ trillions each year, globally.
Traditional project management methods struggle to cope.
They are costly, slow, backward-looking and subject to human limitations.
Statistics and research shows the problem is intractable with little sustainable learning taking place.

Solution (product or service)

AI has been developed to improve cost/time risk management by providing an early warning for action.
It leverages existing and historical data and domain expertise to deliver "superhuman" insights driving more certainty and better outcomes.
Compared to current methods it is more accurate (200%), earlier (30%), faster, more cost effective and continuously improves.
This delivers previously un-achievable benefits and continuously improves.
Octant AI is a spinoff from Oxford University and is the most advanced platform in the world.

Competitors

Few Competitors.
Closest are
NPlan: ineight: Fluor/IBM Watson: Aecom: perhaps Briq or Alice technologies.

The main barrier to market penetration is the awareness of the market that this technology exists, the low level of data suitability awareness of customers, and the need for customers to embrace a disruptive paradigm.

Advantages or differentiators

First mover - we are unable to find any other platform that can perform as Octant AI does.
Built by project managers for project managers/ decision makers, including using AI that delivers high levels of interpret-ability.
Ongoing formal collaboration with leading Oxford University professors (best in their fields).
Established global channels to market through industry partnerships.
Proven team in which most key members have senior management track record and have cash invested.
Performs well for both overruns, and underruns. Increased useage makes it better.
No need to amalgamate data sets from different customers, (they use their own data).
Data security and confidentiality issue is addressed.
Cloud based AWS for easy scaling.
Simple message.

Finance

Current MRR from construction contractor is A$18,000/m. This equates to about $250/prediction/month.
Revenue in 2020 expected A$1,000,000. ($765000 in orders as at 10 March).
Revenue 2021 forecast A$3.0m. Rev 2022 forecast A$10.0m. Transition to full scale operation over the 2022 year.
Exit expected by 2024.

Business model

Octant AI is a single cloud SaaS platfrom that is rolled out in Reference Classes. Current RC is MVP Civil Infrastructure <$50m.
Octant has 3 Classes Predict (current MVP), Plan, Prevent.
It has 2 product lines Enterprise & Business.
Customers upload the minimum training data set (40 projects) and then upload live projects to receive real time AI generated predictions of the outcome of their project. Octant AI delivers more accurate predictions, faster, earlier and cheaper than traditional methods. Customers incur a cost per prediction or pay a monthly subscription fee. Projects involve multiple parties. Once one party uses this technology they have a commercial advantage over the other parties, thus all the parties will wish to use this platform (or a competing AI platform, of which there seem to be few at the moment). The key to business success is rapid market penetration to become the "go to" platform.

Money will be spent on

Marketing through multiple channels
Leveraging of current channel partners (eg Mott MacDonald) and development of new ones (eg Deloitte)
Conversion of B2B Beta version for MVP (Civil projects) into full product.
Field sales activities and resources
Leverage new enterprise early adopter customers (eg Treasury) into scalable products.
Cash flow support for operations.

Offer for investor

Shares at US$0.56.
3,333,333 shares available for 26% of company.
Return over X20 is targeted by XMas 2024.

Team or Management

Risks

Lack of adequate funding to market properly, and/or support the resources necessary to process sales.
Timing of funding.
Sales are dependent on market awareness and customer engagement.
Unknown competitor emerges.
Large player (eg Oracle) develops similar platform and corners the global market with brand strength.
CVirus leads to freezing of business.

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
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Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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