Startup of the Day: SmartyMeet, Polish AI-based assistant for online meetings
SmartyMeet is a Warsaw-based startup that develops the Boe videobot, Conversation Intelligence platform for scaling businesses. It can translate the meeting in real-time, find the necessary information in knowledge bases, analyze positive or negative moods during the conversation, and generate post-meeting notes. It helps organizations sell and service better with live analytics and agent assistance during a remote meeting. Recently, SmartyMeet has raised €210,000 in a pre-seed financing round from LT Capital fund and Amazon Web Services Portfolio.
In the Startup of the Day column co-founders of SmartyMeet Sławomir Kroczak, Rafal Fic, and Monika Wyszyńska share 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?
SmartyMeet is a startup that’s changing the game for video meetings with its cutting-edge AI technology. With models from the OpenAI portfolio, like ChatGPT and Whisper, we’re providing new and effective ways to conduct sales and advisory meetings. We have developed a revolutionary video bot called Boe, which becomes an active member of your team.
Boe is an AI-powered assistant that can translate the meeting in real-time, access important information in knowledge bases, and analyze the sentiment of the conversation. It can also suggest if all the topics included in the sales playbook have been discussed and generate meeting notes after the meeting. This bot is a game-changer for sales and advisory meetings, making the process smoother, more efficient and more effective.
The SmartyMeet platform is also a valuable tool for training young salespeople and customer service specialists. In addition, data is automatically integrated into the CRM.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
We have founded SmartyMeet in response to the growing problem of “zoom fatigue”, which is the exhaustion experienced by employees participating in video calls during the digital workday. With the outbreak of the pandemic, a study by Microsoft found that the average time spent in virtual meetings had increased by 148 %, adding to the stress of employees.
We have realized that a solution was needed to make video meetings more productive and engaging for all participants. With this in mind, we created a platform that utilizes artificial intelligence to provide real-time meeting transcripts. This ensures that meeting participants never miss a word, and they can access, annotate, and share the notes for better collaboration and productivity.
How long did it take to reach the prototype or MVP? What did you encounter?
It took us a few months to prepare the minimum viable product (MVP). The pre-seed round was a crucial next stage as it allowed us to bring on additional team members and resources to support the development process.
When exactly did you launch your product? Or when the launch is planned?
After months of development and preparation, SmartyMeet has launched its product. In the near future, SmartyMeet plans to bring its solution to the UK market.
Tell us about the stratup’s business model. How do you monetize your product?
SmartyMeet has developed a business model to support the growth and sustainability of its innovative solution. Our business model is a combination of the “pay-as-you-go” and subscription models. The “pay-as-you-go” model allows customers to pay only for what they use, providing them with a flexible and cost-effective solution for their video meeting needs. This model is particularly useful for organizations with varying levels of meeting activity or those looking to test the product before committing to a long-term subscription.
On the other hand, the subscription model offers customers a more comprehensive solution for their video meeting needs. Customers can choose from a range of subscription options that best suit their organization’s needs, providing them with access to a complete suite of features and services.
The combination of these two models provides SmartyMeet with a flexible and scalable business model that can adapt to the changing needs of its customers. It also allows the company to cater to a wide range of customers, from small businesses to large organizations, and provides a revenue stream that can support its ongoing development and growth.
What are your target markets and consumers?
We have identified the United Kingdom and the United States as its first target markets, as these countries have a high demand for solutions that can improve remote work productivity.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
Right now, our company have 7 employees and is always on the lookout for talented individuals who share their vision and passion, and they are excited about the potential for further growth.
We are thrilled to have such a talented and dedicated team on board. Their commitment to excellence and passion for what we do has been instrumental in our success so far, and I know that it will only continue to drive us forward.
The tech industry has been traditionally male-dominated, but times are changing, and companies are recognizing the importance of diversity in the workplace. By having a majority female team, SmartyMeet is breaking down gender barriers and paving the way for other companies to follow suit.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
SmartyMeet has secured funding in the pre-seed round. The company has collected €210,000, which was invested by LT Capital Fund and Amazon Web Services (AWS) Portfolio. We are using the funds raised from this investment round to develop further the technology of the company’s flagship product. In addition to technology development, the investment is used for expansion into the British market.
What’s next? Tell us about your future plans.
With the goal of acquiring a stable user base in the UK, SmartyMeet plans to make its mark in the beachhead market. SmartyMeet has a pre-seed stage valuation of over €1.5 million (7.5 million PLN) and is gearing up for another investment round. The aim is to accelerate growth and take the company to the next level. In the future, SmartyMeet will have its sights set on the US market. We are confident in our ability to succeed in this dynamic market.
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