Portfolio Update

One of our recent companies has just announced raising £1.1m from a leading UK VC and top angels (including the CRO of Revolut!).

They have £100k left of allocation to fill and we are considering investing as the Quick Pitch Syndicate. This is really exciting and the first time we have an opportunity to invest in a company that pitched in Quick Pitch.

If you’re interested in hearing more information join the WhatsApp group here (minimum ticket size will be £500).

The company is Falkin, which is building embedded AI agents to prevent scams.

They have an amazing founding team and have built a fantastic product. I’ll share more details, including our investment memo, with those interested.

Now onto this weeks pitch (it’s a good one too)!

At a glance

Mintelium verifies, manages and maintains worker data within an organisation using AI and the blockchain that develops completely transformative tech.

• Their software allows HRDs, CPOs and CHROs in businesses to verify, manage and store employee data in a decentralised way to make them 100% GDPR compliant.

• This leads to 40% cost savings and is 14x faster onboarding of employees.

Quick fire details

• Headquarters: London

• Employee count: 8

• Business model: B2B SaaS

• Backed by: SFC Capital, Block Dojo and 5 angel investors

• Funding amount: Raising £200,000 and £45,000 committed

The founder

• Founder and CEO, Sashen Naicker: HR and recruitment expert with a decade of experience in the entertainment industry (Warner Brothers and Universal Studios) onboarding gig workers.

• Founder and CTO, Amit Sabley: 2x exited founder, previously raised £50m from Softbank. Early core team member in 2 startups (Get Nourished and 32Co) where he has personally helped grow both to a seed round.

• CTO, Sandeep Kunda: Blockchain, System Architecture and Self-Sovereign Identity expert with over 10 years in fintech and data governance.

The market

• Data security is a huge headache for HR, recruitment and businesses worldwide, and legacy systems are not keeping workers information safe.

This startup is solving two key problem:

• Paper based, legacy systems and no transparency with who has access, where data is stored and for how long.

• Companies store data in a centralised system which is at risk of data hacks/breaches.

^{The quicker pitch: Built in Europe}

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Traction metrics

• 7 pilot customers earning £2000 CMRR

• 4 LOI's with a total contract value of £4,500 CMRR

• Over 100 employees verified

• Technology integration partnerships with Ashby, Hiya jobs, Notchup and Greenhouse

• Advanced talks with the NHS to assist them with verifying and storing healthcare workers' data across different categories (full-time, locums, seasonal)

Competitive landscape

• Vanta, Veremark and Trustkeith.

  • Leveraging AI for Compliance as a Service (AI agents, multi-modality and RAG) Mintellium can offer a more bespoke solution that’s fully automated, safer, more secure and cheaper.

We’re collaborating with VC’s to offer exclusive allocations into deals. Stay tuned for the launch of quick pitch deal.

In the meantime register below if you’re interested.

Our Take

Appeals

• Technology moat: Mintelium’s AI tech automates the verification, collection and management of data (e.g. GDPR and ISO requirements, automated DPIAs, consent management and audit trails/ documentation).

• AI, Blockchain and SSI Advantage: The Self-Sovereign Identity Data bank moves anywhere with the worker using blockchain tech removing fraud and saves time with automation.

• Founder-Market-Fit: The teams combined experience in first hand onboarding and management problems and impressive startup experience.

Risks

• Adoption of technology within HR/recruitment: Relying on autonomous tech will mean a large shift in existing workflows for HR/recruitment companies, potentially leading to long sales cycles.

• Government regulation: Using AI to check compliance automatically means the tech needs to be very robust. 40% of Mintelium’s funding will go towards the tech.

• Competition with large players: Large competitors like Vanta have raised significant capital to take over the compliance industry. Ensuring Mintelium differentiate themselves and target particular unserved niches is critical.

Last feature’s results

Our readers are A FAN on Data Dumpling