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Museum Advocate

USA, Texas
Market: Culture and art, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 18.11.2024
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Idea

AI-powered fine art insurance verification platform, proven with museums.

Current Status

We have 7 museum partners collectively managing over $10M in annual revenue and have previously validated our insurance model at $20 per qualified lead. Our matching consumer app has 10,000 downloads with 400 monthly active users, and 45% of our museum growth comes organically outside our target list. We've raised $150K to date ($100K non-dilutive, $120K from Nex3 HBCU accelerator at $1.5M valuation), maintain zero burn rate through deferred salaries, and are now ready to scale through insurance partnerships.

Problem or Opportunity

The $371B fine art insurance market relies on outdated verification methods. Museums take up to 15 years to discover missing art, making theft investigation nearly impossible. The FBI's Art Crimes Division states that improved inventory management is the #1 factor in preventing museum thefts. We solve this with AI-powered verification that helps insurance companies accurately assess and monitor their risk.

Solution (product or service)

With a click of a phone camera, we instantly verify and document art pieces with AI. Our platform automatically identifies key details like time period, art style, and location while providing valuation estimates. This transforms undocumented collections into verifiable assets that insurance companies can properly cover. We've validated this approach with 7 museum partners managing over $10M in collections, and Stanford University has verified our valuation methodology.

Business model

Our primary revenue comes from insurance company partnerships and licensing, validated by our previous success rate of $20 per qualified lead. We target insurance companies covering over $1B in assets, who can subsidize our platform for their museum clients. Our secondary revenue stream is direct museum subscriptions, proven through our current museum partners. By 2025, we'll launch with our first insurance partner (Q2), expand to 50+ museums (Q3), and secure 2-3 major fine art insurance partners (Q4).

Team or Management

Incubation/Acceleration programs accomplishment

Nex3 HBCU Accelerator
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