Startup of the Day: Dataisland, a Ukrainian assistance for CRM systems
Dataisland was founded in 2023 by Ukrainian Mykola Dorofii, later joined by Pavlo Pikulin as an advisor. Currently, the startup team has 15 employees, with its headquarters located in London. The startup develops a virtual AI assistant that integrates with CRM systems and databases of organizations, allowing users to analyze data and create reports for employees based on it. A few months ago, it secured a $500,000 investment by Apercon Consulting Group.
In the Startup of the Day column, Mykola Dorofii, founder of Dataisland, shares the 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 originate from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.
Mykola Dorofii, co-founder. All images provided by Dataisland
Tell us about your startup. How does it work?
Our startup is aimed at improving the productivity of employees in companies. It’s an AI-driven tool streamlining documentation tasks and enhancing contact center/HR department efficiency.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
Every project starts with an analysis of potential demand. We conducted extensive research, focusing on identifying problems within companies. We paid special attention to those companies with which we had already collaborated.
Surprisingly, one of the most common issues turned out to be the management of employees, their knowledge, training, and preventing burnout. We realized that much in this area depends on the human factor: an employee may forget something, or another employee may explain things incorrectly. It was then that the idea was born to create a service that allows employees to promptly address their issues within the company,
If someone forgets something, doesn’t know, or encounters a situation for which they were unprepared, the employee can always turn to the neural network. In turn, it can interact with the company’s internal documentation and quickly find answers to the questions posed. The neural network also has the capability to independently assess the current level of knowledge of a specific employee.
How long did it take to reach the prototype or MVP? What did you encounter?
We spent about 6 months on creating the MVP. Our main mistake was the desire to build a completely unique and broad-spectrum product with a focus on the technical aspect.
Initially, we were developing and training only our proprietary neural network. Currently, we have transitioned to a combined approach, incorporating both our own neural network and third-party ones to ensure a more high-quality and accurate processing of information.
When exactly did you launch your product? Or when the launch is planned?
The project was launched on June 2, 2023.
Tell us about the startup’s business model. How do you monetize your product?
We offer two service packages with different functionalities for companies:
- Document Management (Smart Employee)
- Testing
The cost varies from $500 to $1000 per month.
What are your target markets and consumers?
Right now, we are focused on the Ukrainian and European markets, but overall our solution can work for any company around the world. Especially those who have call centers and HR departments.
If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.
At present, our main clients include Milleyson Holdings Ltd, Apercon Consulting Group, the Austrian catering company Do&Co, the warehouse robotics manufacturer Deus Robotics, and the National University of Physical Education and Sport of Ukraine.
According to conducted tests, the implementation of our service has led to an approximate increase in the efficiency of information retrieval by employees of these companies by 30-40%.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
At the moment, our team consists of only 15 people, but we are rapidly expanding, and we are primarily looking for those who could represent us internationally. We are seeking sales professionals who share our vision and could help propel us forward.
Our only current challenge is growth. Due to the small number of people, we are not able to grow as quickly as we would like,
Considering that this is a new direction, we have to explain and demonstrate our potential and specific business opportunities to each individual company.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
We have already received pre-seed investments from Milleyson Holdings Ltd, a Cypriot company engaged in the energy business ($300,000), and the Ukrainian consulting holding Apercon ($200,000).
Of course, we are open to exploring options for the next funding round, as we are eager to continue growing even further.
What’s next? Tell us about your future plans.
In 2024, we plan to sign approximately 50 new clients and increase the company’s capitalization to $10-15 million. The market is just starting to heat up. We see tentative attempts by companies to move in our direction. Everyone wants to implement AI, but the issue is that currently, AI is still too broad-spectrum. If we look at chatbots, for example, we see how they can write beautiful texts or come up with cool poems, but that’s not exactly what companies need.
New clients are gradually joining us, but they do so very cautiously and with apprehension, which is quite logical. I believe that in about six months to a year, market adoption will be much faster,
Companies require specific solutions tailored to their specific problems. We see tremendous potential in this.
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