It’s a big startup that is highlighting the full potential of this Belgian startup. Novable has just raised 600,000 euros thanks to an idea that should soon spawn a new market: an AI to analyze all young startups and find the future nugget of the lot. “It’s an emerging and fragmented market where we still play the role of evangelist,” said Laurent Kinet, its founder and CEO.
Young shoots with serious growth are not that easy to find, and until now the competence has rested with consultants and innovation managers in companies to investigate which startup should be bought in time. “Most spend 80% of their time analyzing startups … that don’t even end up getting selected,” said Laurent Kinet.
In the face of competition, companies are increasingly striving to acquire startups in order to take advantage of their technological advances and at the same time save time in research and development. A solution like Novable’s could prove useful for mutual funds as well. The number of fundraisers has never been higher than in the past five years, especially among young tech companies. Often times, mutual fund policies are to invest in 10 startups in the hope of holding at least one nugget.
How does Novable work?
With such an idea and a potentially great demand, Novable has just announced a fundraising of 600,000 euros as start-up capital. To demonstrate its attractiveness, Serie A is only planned for late 2021 or early 2022 (estimated between 1.5 and 3 million euros). Of the 600,000 euros, 305,000 euros are capital, 166,000 euros in grants and 125,000 euros in convertible bonds.
How does Novable work? For the startup, there is no question about recruiting the ultimate team of nugget finders. To further highlight and retain customers, she believes in numbers and algorithms. Novable has implemented this in the development of bespoke artificial intelligence.
Its secret therefore lies in the processing of a large amount of data – the files that companies and mutual funds waste time analyzing today – and analysis software that can be used to select the best files according to pre-selected criteria.
Despite the fact that it started its activity in March last year, Novable already has customers. In Belgium, where it wants to start before the international start, the startup has already convinced several companies in the pharmaceutical, consulting and component manufacturing sector.