MiamiTech company is making Voice AI for care. Has lots of customers and has made lots of calls, though very high burn and valuation for relatively low revenue.
|1. Fundraising Target? |$1070000|
|2. Fundraised So Far?|$109609|
|3. Pre-Money Valuation?|$45700000|
|4. Previous Year's Annual Revenue |$996230|
|5. Previous Year's Annual Net Income (+ Profitable, - Burning Cash) |~$-1654724|
The 6 Calacanis Characteristics ("Sow Passion, Not easy mediocrity", or S2 P6 N18)
|1. A startup that is based in SV?||False: Miami, FL|
|2. Has at least 2 founders?||False: Only one CEO|
|3. Has product in the market?||True:|
|4. 6 months of continuous user growth or 6 months of revenue?||True: 2018 rev was 78k, 2019 rev was 996k|
|5. Notable investors?||False: Nothing, but worth seeing: https://www.crunchbase.com/organization/care-angel|
|6. Post-funding, will have 18 months of runway?||False: 2019 burn was 1.6m, only raising 1.06m so no|
|1. Engineering?||3||Better than nothing, but the fact that there's no live demo makes me wonder|
|2. Timing?||2||Not a bad time to build AI but still no big winners yet|
|3. Monopoly?||2||Good traction|
|4. People?||2||I was part of the Miami tech scene and strangely don't know anyone on the team. In addition, appears most of team is not full-time.|
|5. Distribution?||2||Has been doing well selling to large medical organizations|
|6. Durability?||4||If they can build this, absolutely durable. Both from sales and technology portion.|
|7. Secret?||3||There's going to be/is a massive shortage in regular care providers and health organizations are going to supplement the shortage with voice AI.|
What has to go right for the startup to return money on investment:
1. Technology has to be good; 2. At one point probably integrate voice AI into an app that people can use; 3. Scale efficiently and probably have some people who look over the data collected
What the Risks Are
1. Still too early for AI; 2. Doesn't actually replace that much healthcare workers, just gives them another system to manage; 3. Not a 10x better solution
Bonus Muhan's Notes
I think I heard about Care Angel back when I lived in Miami. If so, very cool to see them again.
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