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Hera by Innaton Technologies Ltd.

AI-powered chatbot assisting your employees with daily tasks

Cyprus
Market: Internet and IT, Information and media, Consulting, Education, training, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 23.04.2020
Min investment
$  50.000
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Total required
$ 300.000
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Idea

Traditionally, companies have different types of internal documentation which can get messy. Even with the best search engines, an employee would need 10-15 mins till they find the part of the documentation they really want.
With a few clicks you can feed our AI chatbot with any type of information, which then is used to answer in real-time all the questions your employees might have.
Currently, we're utilizing our technology to fight COVID-19 by providing covid-bot.com, a chatbot that answers every question regarding the virus only based on manually reviewed data from trusted sources.

Current Status

Working prototypes for the large project have been completed. Over the last month, we've focused on launching a COVID-19 related version to the public where it acts as a complete source of reviewed information and real-time data. That one passed 2 Alpha testing rounds, currently ongoing Beta with 200+ users, and expected to be live in 2 weeks. This will act as a good source of training data for our AI models, and important feedback from an end-user perspective.
By July 2020 we plan to have an Alpha-stage ready version and start testing it with 5 Small businesses for initial feedback.

Market

The global market size of business process management software is estimated to be 8.1 Billion euros in 2020. Only SMEs in Europe alone employ 100M+ people let alone micro and large enterprises.

Below is a breakdown of the number of enterprises in Europe alone, excluding many industries that are not in direct need of a solution like ours. The actual potential market is much larger and includes many countries outside of the EU.

EU Micro enterprises (<10 employees): 23.63 million companies
EU Small enterprises (10-49 employees): 1.47 million companies
EU Medium enterprises (50-249 employees): 236 thousand companies
EU Large enterprises (250+ employees): 125 thousand companies

Problem or Opportunity

Most companies usually have a set of rules, procedures, and documentation either written or verbally communicated with employees to make sure they know how to act in different scenarios and increase their productivity.

Traditionally, you would either build a project-specific database of such documents, use a third-party tool to split the documentation into categories, or if you're brave enough you might build an internal search engine connected to the list of documents you've written.
Either way, your documentation would often be incomplete, instantly outdated, and pretty much total chaos. Even with an internal search engine, your employees would still need to search using different keywords for 10-15 minutes before they find what they're looking for. Multiply the time by the number of employees you have and by the number of times an employee will go through this process every day. Well, that's all lost time, and don't forget that time is money.

Solution (product or service)

Innatons' AI-powered chatbot gives you a no-code employee-facing chatbot that can provide your employees with all the information they ask for in a matter of seconds. Your employees can talk to it just like talking to a human, they type their questions and it serves them with accurate information about almost anything they want.
With a few clicks, you can feed it with any type of information you want through easy to use admin dashboards built for you and team managers. In case that a month later you changed your mind about something and you need to update information there is not a problem. A few more clicks and the smart bot will remember this change to make sure your employees are always up to date.

In short, it's your new employee assistant that never mixes up data. The more it's being used, the smarter and more efficient it gets.

Oh, one more thing. Forget about trust issues and information leaks. You are in full control of your data, and with our secure cloud-based solutions, we take care of all the rest for you.

Individuals can use a simpler version as well. For example, students can use the dashboards to take notes during the semester, and whenever working on a project or studying for an exam they can get the important notes (including text, visuals, links etc.) by simply asking the chatbot.

Competitors

Main competitors:
Yellow messenger automating business processes through chat bots
https://yellowmessenger.com/
Dashworks allows you to search from one place using connectors
https://dashworks.ai/

Main alternatives:
Confluence a collaboration wiki tool used to help teams to collaborate and share knowledge
https://www.atlassian.com/software/confluence

Tettra helps you document important processes, policies, and procedures in one centralized place
https://tettra.com/

Advantages or differentiators

- 1-click deployment | we take care of the hard part to let you focus on the work that matters
-Built for scale,Cloud based, allows any customization
-Can act as a chatbot but also as a search tool
-User can have full control and change update data on the fly
-Web App offering any integration Website / Mobile,Voice Assistants,Email,Chrome Extension,Desktop App,MS Teams,Slack,Google Chat

Finance

Financial estimations over next 5 years:
Mid-low scenario based on the pricing model described below (estimations are based on EU market only, excluding many industries that might not have extreme need for the product + excluding income from micro-enterprises, technical support and personal/student version):

For the sake of simplicity, we assume that we will have each customer for an average of 12 months. This is due to the fact that we will be gaining the total market penetration gradually, so some will be with us for 4 years, others for 1 or less during the 5 year period of estimation.

Small Enterprises(10-49 employees):
2.99 euros /user/month
1% of Market (EU only: 1.47 million companies) = 13.1M euros/year euros (average 25 users/company)
Profit = 80-90%

Medium Enterprises (50-249 employees):
4.99 euros /user/month + upfront payment based on data migration and adaptation needs
1% of Market (EU only: 236 thousand companies) = 17.6M euros/year (average 125 users/company)
Profit = 60-80%

Larger Enterprises (250+ employees): (Prices can vary depending on the nature of existing data, better offers might be provided)
For the sake of simplicity we use the below estimations
9.99 euros /user/month , includes premium package, customizable features, data migration and adaptation needs, Includes a Personal Account Manager. Discounts on basic and standard packages based on amount of users.
0.5% of Market (EU only: 125 thousand companies) = 52.4 M euros/year (average 700 users/company)
Profit = 50-70%

TOTAL(Mid-low scenario): 83.1 Million Euros in revenue per year

(Premium discounts will be offered depending on the number of users)

Extra sources of income excluded from projections:

Micro Enterprises(1-9 employees): EU only: 23.63 million companies (EXCLUDED from projections)
0.99 euros /user/month
Profit = 80-90%

Technical Support:
Basic: Free (SLO 3 days) High Impact only
Premium: 100 euros/month Full Support (SLO 3 days) + 24 hours for High Impact
Enterprise: 250 euros/month Full Support (SLO 24 hours) + 12 hours for High Impact

Personal & Student version: Free-0.99 euros/month. Consider them safety extras (not calculated in projections but we are talking about 20 million college students in the EU & US alone + other potential individuals). This version might be offered as an offline version to completely avoid GCP expenses.

Business model

The main revenue stream is monthly subscriptions based on a B2B Software-as-a-service model.
We manage all the deployment processes and software needs on Google Cloud Platform. Since this process is automated, and most of the solution is built to be customizable by the customer, we can have a high profit margin as the increase of the number of customers does not mean that our cost increases gradually.

Money will be spent on

The main expenses for the first 12 months are on labor costs. That part of expenses accounts to approximately 60%. The other 40% is on day-to-day operational expenses, Google Cloud Resources (15%), outreach and related to marketing-sales plan (10%).

Offer for investor

We estimate that 15-20% of shares is reasonable based on similar evaluation of recent startups in our sector including some of our main competitors. We are willing to negotiate a deal, depending on the expertise, experience of the investor, portfolio companies that we might collaborate with or access to large potential customers.

Risks

Main potential risk is large enterprises that are not willing to switch from existing old alternatives they use, due to possible complexities in data migration. We plan to build custom data connectors for the major alternatives to make it easier for them to switch to our solution. This remains a potential risk though. Additionally, very large enterprises might prefer to keep their existing (mostly internally built) solutions as they are already familiar with them and they usually have dedicated teams for the development and maintenance. Something that we can tackle by providing them with data driven case studies and showing them the potential long-term financial benefits they will have by switching to our solution.

Another risk factor is the willingness of small enterprises to use our solution as they may believe that using old-fashioned collaboration tools can be efficient for them due to the small number of employees. However, we believe that giving them free testing for 1 month and providing them with case studies that prove the saves on lost working hours when using old-fashioned approaches, will help many of them realize the problem and the long-term impact.

Incubation/Acceleration programs accomplishment

This project has not been hosted by any Incubator or Accelerator yet. Team members have experienced incubators mainly in Cyprus with other projects.

Won the competition and other awards

The below accomplishments are not specific to this project but are some of the best accomplishments of our team members:
* Global Winners at NASA Space Apps 2017
* Web Summit 2016 PITCH finals
* Best Innovation of 2018 | Cyprus (Awarded by the president)
* Health Horizons 2019 global finalist
* 1st, 2nd place at multiple national start-up competitions

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