Photo - Socian Ltd.
50001

Socian Ltd.

Making Businesses Converse

Bangladesh
Market: Internet and IT, Information and media, Services, Financial services, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 03.11.2020
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Idea

When it comes to the elderly or the uneducated people, using smartphone & smart apps are a big hassle. Their usage is highly limited to video calling or Facebook browsing.

We introduced a Voice-based Conversational platform, where they can use their native language to speak and listen and use different services a lot easier. These solutions are customized for different industries based on industry-specific needs.

Example:
UBER: App will ask - "Where do you want to go?"
User: I want to go to "ABC Bus Stand" (Different patterns allowed)
After confirmation, the user's rider will be found

Current Status

In 2020, have -
Contracts: USD 110K+,
Delivered: ~USD 95K,
Revenue: USD 75K+
Expected Contracts (End of 2020): USD 150K

In 2021 - (Projection) -
Contracts: USD 400K+

Right now focusing on API as a service model to add a conversational interface for other Businesses.

Market

Business Organizations -

Local + Global:
FinTech
Transport Companies
Food Delivery
Ecommerce
Groceries
MSME

Problem or Opportunity

When it comes to the elderly or the uneducated people, using a smartphone and smart apps are a big hassle. Their usage is highly limited to video calling or Facebook browsing. Many times, they can't understand the UI/UX or can't type properly or use the Apps. Many times, they don't have internet access all the time. Many times, they don't even have smartphones.

Typing in the smartphone is also a hassle and takes a lot of time.

This is a very big problem and a significant amount of people are remaining totally undigitized - for not having a smartphone, internet, or for being uneducated or elderly.

Solution (product or service)

We introduced a Voice-based Conversational platform, where they can use their native language to speak and ask questions and listen to the responses and use different services a lot easier. These solutions are customized for different industries based on industry-specific needs. The system also works offline and can sync when the internet is available. Or can also work full offline with IVR and Shortcode.

And the whole situation saves a lot of time as speaking is a lot easier and faster compared to typing or writing. And time is money.

When we bring our Customized Models for Industry-specific needs, the Accuracy goes to 99%. We make sure the training data is highly accurate before giving the service to any industry.

And our Best Customized Model is a combined hybrid of Deep Learning and Machine Learning.

The system works in the 3 connected steps:
Socian TTS: Asks Users different questions so that they can respond or know what to do.
Socian ASR: After User gives any command, the ASR converts the Audio into Text.
Socian Converse: Based on the ASR generated Text, the Conversational Engine then does the best suitable operation, finds an appropriate response, and responds back with the TTS.

Example - 01: UBER
UBER: App will ask - "Where do you want to go?"
User: I want to go to "ABC Bus Stand" (Different patterns allowed)
UBER: Shall we confirm your ride for "ABC Bus Stand"?
User: Yes
After confirmation, the user's rider will be found

Example - 02: MFS (Mobile Financial Service)
MFS: App will ask - "What do you want to do?"
User: I want to send USD 100 to "XXX" (Person name or Phone number - Different patterns allowed)
MFS: Shall we confirm "Sending USD 100 to XXX"?
User: Yes
MFS: Please say your 3 words catchphrase
User: Apple Pineapple Tasty (Voice Frequency & Catchphrase are matched along with Phone number)
MFS: Your money has been successfully transferred

Our APIs and Plugins can be connected to any App, Website, Software, and System and can be used worldwide.

We have already served global customers in 5 different languages in 4 different countries - Bangladesh, Myanmar, Japan, and China.

Competitors

Alibaba,
Google,
Microsoft,
Amazon,
Deepgram,
Liv.ai



Advantages or differentiators

Our USP >

1. Customized Solutions for Business needs - ensures Higher accuracy and better performance (Accuracy 99% - WER 1%).
2. Full Solution for the Customers' needs.
3. Conversational Engine as Plugins or APIs - better deals for customers and easily customizable.
4. Generating Sentiment and Topic analysis for the consumers
5. Actionable insights
6. The Initial R&D of the company started in 2014 and the official journey started in 2016 - the result of a long working R&D

Finance

Revenue >>
Service: Average Basket Size (B2B): USD 25K
API as a Service - Installation Fee (Customized):
Starting from: USD 2.5K
Per Operation Cycle: USD 0.02 (Decreases with Volume)

Cost >>
Hardware (GPU Servers)
Opex - Salary, Honorarium, Costs
Capex
Marketing

Business model

Direct Contacts with Clients,
ATL & BTL Marketing,
Hybrid Marketing,
Word of Mouth,
Happy Customers,
Investors and Mentors

Money will be spent on

1. Hardware
2. Patents
3. Marketing
4. Product Development
5. Opex
6. Capex

Offer for investor

USD 600K for 10% Equity (Pre-money)

Team or Management

Mentors & Advisors

Risks

1. Big players (More money)
2. Shortage of Bigger Fund - for going into the market with own products.

Incubation/Acceleration programs accomplishment

1. GP Accelerator - Batch 02
2. eFounders Fellowship - Class 04
3. Seedstars Local Finalists 2016
4. Founder Institute.

Won the competition and other awards

1. Telenor Digital Winner - Best App in Asia 2014
2. Telenor Digital Winner - 2016
3. Seedstars Dhaka 2016 Finalists
4. Top 100 Startups - Echelon Asia Summit 2016 & 2017
5. Top 100 Startups - Rise Summit 2017
6. BASIS National ICT Award 2018 - 2 Awards

Invention/Patent

Conversational Commerce with Native Language

Photos

Photo 1 - Making Businesses Converse
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video