Startup of the Day: Elai.io, Ukrainian-founded platform for building customized AI videos
Elai.io is a Canadian startup with Ukrainian roots that develops an online text-to-video platform that allows the building of customized AI videos with a presenter using only text. It is a SaaS tool for video creation with 65+ languages available for translation and a library of 20+ digital avatars to choose from. Elai’s builder offers fully customizable video slides: it is able to add text, speech, media, animations, and more.
Elai’s solution provides personalized content and makes it more attractive to users, thus increasing conversions and revenue. The startup claims that by using it, companies can save time because Elai allows them to create videos in minutes and optimally automate the process.
In the Startup of the Day column co-founder of Elai.io Alex Uspenskyi shares more details about the startup’s idea, its product, and future plans.
“The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.”
Tell us about your startup. How does it work?
Elai develops SaaS tool to create marketing and educational videos with a digital presenter just from text. We help Marketing & L&D departments to create engaging videos with human presenters 20x faster and cheaper. Now instead of filming real people, they can use SaaS to generate synthetic videos, easily adjust them when needed and deliver in multiple languages.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
Vitalii wanted to create a Product Management video course, but it was quite costly and time-consuming. And when he discussed it with Alex (who was working with different ML solutions) and they came up with the idea that AI technology can be used to generate such videos without the need to film anything and people can create educational videos 20x faster and cheaper. After that, we talked to more than 50 content creators and software companies and received a lot of interest from them in having such a tool.
How long did it take to reach the prototype or MVP? What did you encounter?
We spent around 6 months launching our first MVP. Before there were different UIs and prototypes that we showed to our potential customers.
When exactly did you launch your product? Or when the launch is planned?
We launched SaaS with billing integrated in December 2021.
Tell us about the startup’s business model. How do you monetize your product?
We charge from $29 per month on a subscription basis and additionally from $250 to $1000 annually to create personal digital avatars. We also have additional revenue streams from enterprise clients for video editing, custom features, and voices.
What are your target markets and consumers?
- HR, and L&D departments in any enterprise, ideally with a need to deliver content in different languages
- Marketing departments in software product companies
If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated?
We just reached 100,000 registered users, have more than 500 subscribers, and aiming to reach $100,000 MRR within 2023.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
Right now we have 18 employees, most of them are based in Ukraine. We are looking for a new content writer right now.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
We raised around $250,000 at the beginning of 2022 from Startup Wise Guys and SID Ventures.
What’s next? Tell us about your future plans.
We are raising our seed round right now and plan to grow rapidly during 2023 in revenue and market share.