The global market for AI is close to USD 900 million as per a market research report by Research and Markets. Over the past one and a half years, there has been an increasing growth of AI in different areas and fields. There are several organisations that develop AI-based productivity solutions, analytics tool and dashboard.
With growing use of data, several aspects of our lives today, in fact, generate loads of data. This, in turn, leads several organisations to look at more intelligence-driven solutions and machines. One of the most common applications of AI is finding patterns in this data-driven world. This allows organisations to improve complex analytical tasks.
Globally, there are several tech organisations that are developing AI solutions. These include Facebook, Google and Twitter. Sometime early last year, Google acquired a British AI startup, DeepMind, for over USD 500 million. In the Indian context, the AI industry, too, is catching up with organisations like Brainasoft, Mad Street Den, Gazaro and AiroCarp’s AI Project.
One such organisation is Intelliber, which was founded by J Rajan and Kapil Rampal. Intelliber has a product portfolio across social enterprises, cloud accounting, e-learning, content intelligence, analytics and social networking domains. “We are driven by the global impact achieved through international outlook of our products that foster and nimble the agility required behind doing businesses these days,” says Ranjan.
With offices in New York and Jamshedpur, when Ranjan started Intelliber, he realised end users were all connected. He decided to aid and enhance the level of productive interactions within their end users through integration of predictive and planned elements within their products. They wanted to let their end users utilise every area of their personal, professional and social landscapes.
Ranjan and Kapil Rampal have known each other for over five years now. Impressed by the fact that Kapil was one of the early adapters of the Internet in India, Ranjan decided to work more closely with him. Kapil, too, liked Ranjan’s ability to stay close to ground realities while being innovative at the same time. Thus, when Ranjan decided to launch Intelliber in New York last year, he knew he found a great partner.
Initially, the duo were reluctant about coming up with multiple products in their portfolio. However, looking at how the market had begun moving towards integrated optimisation, they decided to fill in the gaps by launching multiple products over the last 15 months.
It took the Ranjan and Kapil six months to gather a team, and work on the building of the product. They also faced challenges in sourcing the right vendors. Currently, Intelliber is a team of 25 employees, and most of them were graduated from IIFT, IIT, FMS and Symbiosis.
Ranjan says: “We’ve adapted a traditional approach towards fund raising, and have always tried our best to be an outlier and minimise cash burn out rate. Our seed fund came through from TCS and Cognizant against 0 per cent equity. The biggest challenge we faced during fund raising was asymmetrical information processes being used to grade us as a bad or good risk. Also investors had a concern whether the raised amount was going to be used towards development of other products in our portfolio.”
Market and growth
The team claims that one of their products, Convask, an enterprise networking platform has 11,000 users, of which 2,600 are paid user. The platform sees a 32 per cent month-on-month growth . Ranjan adds, “Similarly, for Sparterr, which is an e-learning platform, we already have around 100,000 users on our prototype platform. The rest of our products are also already developed, and generating as much buzz in the respective domains they are.”
With multiple products across fields like enterprise networking, social networking, e-learning, accounting and content networking, their target audience plays across different segments.
With Convask, their enterprise networking platform, the team is facilitating collaboration between employees of small and medium businesses.
With Socialyk, they’re uniting marketers and customers. Similarly, they’re also bringing together students and mentors from all around the globe with Sparterr, and Chargebooks is taking care of accounting woes of individuals, small, medium and large enterprises.
Ranjan says: “Our USP is in the detailed market research that we do to find white spaces in the industries we cater to. All our platforms are end-user led, which is why we are able to provide ease-of-use and time-saving applications. There are a lot of processes in the ways we prioritise R&D during product development, filling in market gaps through addition of features and tools which enable our end-users analytically. “
The revenue models are product-based. Convask is freemium-based for consumers; for companies, it’s free for upto 35 users, after which they’re charged $8 per month. The cloud computing platform is subscription based, too.
The team intends to introduce a few of their pre-launch products. They also plan to close a Series A round of investment in the next six months. “Revenue-wise we’re targeting figures of around USD 2 million over the next year. Long term goal is being one of the best employers apart from being a Fortune 500 company in another six to eight years,” concludes Ranjan.