Intriq

Tapping into a £17.5bn opportunity to automate workflows of consultancy firms

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Today’s feature is an early-stage start up building AI to automate the workflows for consultants.

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The Market

  • The productivity of ~700k consultancy firms are hindered by legacy tools and manual workflows when processing and analysing clients data that could be addressed using AI.

This week's business solves two major problems: 

  • Consulting firms are wasting $8.5 billion annually on inefficient, manual data processing and analysis for clients.

  • Data analysis takes up 45% of overall project time as a result of relying on outdated, costly methods.

One Liner

Intriq materially accelerates data collection and analysis for management consultants by automating workflows and tools using AI.

  • Time Savings: The diagnostic phase is reduced by 83%, enabling consultants to complete initial analysis within a week.

  • Cost Efficiency: Projects see over 35% cost savings, equating to £175,000 per engagement on average.

  • Scalability: By reducing the time and resources required for diagnostics, firms can take on more engagements simultaneously, unlocking new revenue opportunities.

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Quickfire

  • Headquarters: London, UK

  • Employee count: 3

  • Investors: Several angel investors and Antler (Backed by Radia Accelerator and Grow F)

  • Funding amount: Raising £1,000,000 pre-seed (£250,000 committed)

  • Business model: B2B SaaS

  • Traction metrics: 

    • Signed contract worth £24k ARR with a multi-location UK hospitality chain (consulting client)

    • AI partnership with a global management consulting firm with unique access to data and insights

    • 3 NDAs signed with consulting firms (expected revenue of £90k ARR)

    • 2 LOIs from consulting clients (private equity) worth £69k ARR

Due Diligence

OUR APPEALS

  • Huge TAM (£17.5bn)and market opp: Taking 20% of the 700k global consulting firms and an average of £125k per engagement per firm per annum (up to £500k per firm).

  • Scalability: By focusing on building their data moat from the ground up, Intriq will be able to scale into its huge market and take considerable market share.

  • Strong sales pipeline and traction with top consulting players: 120+ customer interviews and partnerships with RFPs worth £120k from top consulting firms including the likes of Deloitte.

POTENTIAL RISKS

  • AI adoption: Legacy tools that are baked into a consultancy firms workflows could limit adoption of Intriq’s product. However, once adopted, churn will subsequently be lower.

  • Data dependency (quality): The performance of an AI model is directly correlated to the quality of its data. Without robust quality management and data governance practices it could limit Intriq’s data usability.

  • Speed to market: Potentially limiting Intriq’s ability to establish a strong foothold and differentiate its solution.

Competition

  • Zenlytic, Discy.ai and Kolena (existing BI platforms)

    • Intriq’s competitive advantage can be summed up as follows: Proprietary Data Ingestion Technology, numeric data focus, flexibility & cost efficiency and deep integration with consulting workflows.

    • Their main advantage lies in their specialised ability to handle numerically intensive data (being a more complex and impactful challenge) while competitors predominantly focus on simpler qualitative data analysis.

       

Founders

  • Co-founder & CEO, Jessica Liew: Ex University of Southern California, first female hire and leading value creator at a £1.2 billion PE fund, Ex-AlixPartners and FTI Consulting (advising PE clients e.g. EQT ($227bn), TPG ($221bn) & Elliott ($71bn)).

  • Co-founder & CTO, Dr. Martin Kolar: Ex KCL, University of Warwick & UCL. Double PhD in ML, 15+ years in AI (computer vision, NLP and deep learning).

  • Cofounder & CPO, Lloyd Evans: Ex Cardiff University (LLB Law), first ops hire at Smart Pension, first non-tech hire at Codat, Senior Product Manager at 11:FS Ventures.

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Written by Luke & Seb