Midio

Low-code tool to build AI Products backed by multiple VCs and tens of angels

Quick Pitch
November 26, 2024

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Today’s company is an early-stage start up that enable non-technical users to quickly build sophisticated applications with its advanced low-code platform, which uses a visual programming language. Users can design applications visually by dragging, dropping, and connecting components to create logic without writing code.

The Market

The advance of AI has led to an explosion in demand for low-code tools as non-technical individuals look to build and and scale tech products. The current market size is estimated to be at $12.3 billion and to grow 20% YoY.
This week's business solves two major problems:

Domain experts don’t code: The best people to build products are often domain experts, however these individuals usually cannot programme and are reliant on technical cofounders.
Lack of tech depth in low-code tools: Most low-code tools optimise for ease and accessibility meaning they miss out on the depth and flexibility of general programming languages.

One Liner

Midio is accelerating software development with powerful visual tools, enabling technical and non-technical users to:

Deploy bespoke AI agents
Integrate and connect tools and systems with pre-built connectors and APIs
Automate workflows

Quickfire

Headquarters: Oslo, Norway
Employee count: 5
Investors: Sondo Capital, Tiny VC, The Nordic Web and 10+ founders/angels
Funding amount: $660,000
Business model: Software as a Service
Traction metrics: Currently in Private beta with 25 digital agencies

Due Diligence

APPEALS

Incredibly well-positioned team: The founders are software engineers who use to run a digital agency. They know their customers better than anyone.
Market Timing: AI Agents are taking off with lots of companies looking to roll out their own. Midio is positioned to take advantage of this.

POTENTIAL RISKS

Competition: The low-code market is becoming increasingly crowded as new startups as well as incumbents launch new tools
Dependency on AI Trends: Heavy focus on AI agents means Midio's success is dependent on the success of these tools, which is yet to be confirmed.

Competition

Their current product profile means they sit across a few different competitors who do parts, but not all, of what Midio do:

Langflow: Low-code platform specifically to help build AI products (including agents)
Retool: Low-code tool helping people to build apps and workflows easily

Founders

Anders Bondehagen - CEO, Full stack engineer who successfully founded a software agency
Jacob Lovenskiold - COO, Ex-VC & Investment Banker and more recently was the Head of Sales at Sanity
Kristian Hasselknippe - CTO, Full stack engineer co-founded a software agency with Anders

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