Justifai is a low-code AI platform enabling organizations to design and build privacy-preserving and compliant AI solutions.
Investment Highlights
- Focus market: Healthcare/Life Science: The 350K mHealth app market represents $175M ARR when onboarding 0.5% on Justifai.
- Robust product: Active Patent is a unique low-code platform combining AI innovation and AI governance.
- Strong traction: 4 paying customers in first months, pipeline with $1M ARR by Aug ‘24
- Experienced team: legal, AI, and Sales from Omina Technologies, Microsoft, Showpad, …
- Financial model: available upon request
- Investment: $1M SAFE round.
Problem
Complexity and increased regulation are impacting AI innovation. Healthcare companies want to adopt AI to improve health outcomes and patient experiences.
- AI regulations are increasing development & maintenance costs.
- Only 13% of AI models run in production due to complexity.
- AI talent scarcity is increasing costs and slowing down time to market.
Solution
Introducing Justifai, the only platform combining auto-machine learning, machine learning operations, and AI governance, enables healthcare organizations to build privacy-preserving and compliant AI solutions by design. Benefits for customers:
- Save time: Develop new AI solutions faster.
- Save money: 60% cheaper than the traditional approach.
- Manage risk: compliant by design.
Product
Justifai Platform: A low-code workflow from requirements to new compliant AI solutions:
- Collaborative AI: Stakeholder requirements gathered in hours vs weeks/months.
- Proactive AI Governance: Dynamically enforce compliance risk controls on the AI solution pipelines.
- Auto-generated AI Solutions: Generate automatically compliant-by-design AI solutions.
- Monitor and Audit: Easily demonstrate compliance and generate audit & conformity assessments with just one click.
Market Sizing
The AI market is rapidly growing, reaching $1.8T by 2030; for Healthcare/Life Science alone, this represents $280B growing at 30.6% CAGR (
Source). Our bottom-up calculation:
- 350K mHealth apps in the US and Europe (Source: Grandview Research)
- $100K ARR average deal size per app.
- $175M ARR when converting 0.5% (1750 apps).
Our objective is to expand to other industries, like banking, insurance, and others, at a later stage.
Traction
We've experienced substantial growth in our first months.
- Justifai is a spin-off from an established company, Omina Technologies BV (founded in 2016)
- Patent filed in 2020 (EU), extension to the US in 2021
- Four active customers, including a Fortune 200 company (Roche)
- Several deals in the pipeline give us a clear runway to $1M ARR by summer 2024
Growth Strategy
The primary focus will be on customer acquisition. We will focus our Sales & Marketing on the following tactics:
- Focused SEO, Google-Ads and LinkedIn-Ads
- Thought Leadership content: e-books, webinars
- Leverage readiness and assessments as our lead magnets
- Outbound Sales
- Channel: establish strategic partnerships with consultancy firms and digital app development studios
- Referrals: provide customers with a Compliance dashboard they can publish on their website
Financials
Detailed financial model available upon request
Funding
We’re raising $1M SAFE.
- Prior Funding: Spin-off from Omina Technologies BV (founded in 2016)
- Current Raise: $1M SAFE.
- Fund engineering to accelerate product roadmap and Sales and marketing to grow the US and EU markets.
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