iKVA (formerly Kvasir), an AI knowledge management company which seeks to enable businesses to make better decisions, has secured 64% (£441,800) of its £680,000 target (at the time of writing) from 178 investors with 8 days left in the firm’s crowdfunding campaign, carried out via Crowdcube.
As noted in the update, there is an option whereby “rather than investing and immediately receiving shares, in this round payments will be transferred directly to the company and shares issued at a future date.” A convertible “allows a company to raise funds without having to agree a valuation.”
Born out of Cambridge University and the Alan Turing Institute, iKVA is an AI knowledge management company which seeks “to enable businesses to make better decisions.”
Having gained commercial traction with companies including Mott MacDonald, Foresight Factory, and GRP, iKVA are now “fundraising to accelerate product development and sales.”
Key highlights:
- Cutting edge AI solutions developed out of Cambridge University
- Customers include Mott MacDonald, Foresight Factory, and GRP
- Strong leadership team boasting previous successful exits
- The global Knowledge Management market is estimated to be worth £569bn in 2022.
As clarified in the update, £340,000 of funds on the progress bar “represent funds raised by the Company prior to launching the campaign.” The company has already “received these funds and entered into the convertible agreement. Some of these funds may be spent whilst the pitch is live.”
As noted in the update, the amount of information available to businesses today “is overwhelming – scattered across multiple systems, and in multiple formats or languages.”
This makes accessing critical information, “very difficult.” Users might “not even be aware that certain business critical information exists.”
iKVA’s solutions aim “to solve this.” Their clients have described their AI technology as ‘pioneering’. It reportedly “understands complex information (regardless of where it originates) aggregating it in one virtual place, and allowing users to access it; providing invaluable insight.”
iKVA’s solutions have “the potential to extend your corporate knowledge base, save you time, stop institutional knowledge being lost, and allow you to make better business decisions.”
iKVA is a SaaS business “with scope for recurring revenues; once a customer signs up there’s potential to get revenue from them for years.”
Their current customers “include household names such as GRP & Mott MacDonald and they’ve signed NDAs with several companies for ongoing trials.”
They’re now fundraising “to continue developing our solutions and commercially scale up the business, with Deep Tech Labs already committing to this round.”
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