PitchIT No. 11 - Scavenger
In this issue, we'll take a look at Scavenger: a startup aiming to help managers turn their data into decisions within seconds.
Hello! After a fruitful 10-edition test run and a brief hiatus, PitchIT is back and better than ever. As always, I’m Alessio from Ulixes Capital Partners and this is PitchIT: a *now biweekly* snapshot describing one of the most interesting early-stage companies in the Italian startup ecosystem in 3 minutes or less. In this issue, following B4i’s recent Demo Day, we'll be taking a look at Scavenger: a startup aiming to help managers turn their data into decisions within seconds.
In a sentence:
Three proprietary AI tools which allow decision-makers to make the best possible decision under any circumstances by transforming raw data into actionable insights within seconds.
Problem:
Companies often express a common challenge: having access to extensive data but lacking the time and resources to derive actionable insights. This predicament leaves decision-makers grappling with raw data, hindering their ability to make informed choices. This struggle is underscored by the fact that only 32% of companies report achieving tangible and measurable value from their data, showcasing the widespread difficulty in transforming data into meaningful insights.
Why now?
Over the last 18 months, the markets of business intelligence and data analytics have undergone a significant shift due to the proliferation of generative AI. These developments have made Scavenger’s solution possible and have drawn managers’ attention toward the need for data-driven decision making.
Market:
Scavenger operates at the intersection of the Business Intelligence and AI Software markets, both experiencing substantial growth with CAGRs of 9% and 38%, respectively. In Europe, the TAM for yearly business intelligence software revenue reaches €6.5 billion. Considering only Germany, Scavenger’s SAM stands at €1.6 billion.
Business model:
Scavenger operates with a 3-Tier SaaS model, tailored to accommodate different data quantities and formats:
Tier 1: €199.00 per user
Tier 2: €499.00 per user
Tier 3: €1299.00 per user
Team:
Max Hahnenkamp, Co-Founder, Operations & Business: Previously, Max founded a startup in the Art-tech sector and was team captain of the Austrian youth hockey national team. He holds an MSc in Management from Bocconi University.
Felix Beissel, Co-Founder, Tech & People: Previously, Felix was a Product Owner and Analyst at DB Management Consulting, where he gathered two years of experience in software development. He holds an MSc in Economics and Management of Innovation and Technology with a major in Data Science from Bocconi University.
Marten Compoc, Tech & Product: Previously, Marten was Head of AI Engineering at NAX Group. He participated in one of the first tech IPOs of the 2000s and holds a BA in Philosophy from California State Polytechnic University-Pomona.
Traction/Achievements:
Signed 6 Development Partnerships with well-known companies
Generated revenue within 2 months of incorporation.
Developed an finalized an MVP.
Participated in B4i's acceleration program.
Basic info:
Company Name: Scavenger AI UG
Founding Date: October 2023
Headquarters: Frankfurt, Germany
P.IVA: N/A
Employee Count: 7 FTE
Past Investors: Cataligent Projekt GmbH, B4i
Stage: Pre-Seed Extension / Seed
Contact info:
For more information about Scavenger, please reach out to Max:
Email: maximilian@scavenger-ai.com
Phone: +49 15168588723
Website: www.scavenger-ai.com
If you’d like to get in contact with us, please feel free to leave a comment or send us an email at pitchit@substack.com
To founders: if you’d like to be considered for a future issue of PitchIT, please feel free to send an email to pitchit@substack.com with a brief description of your startup. Also, if you’re looking to fundraise and you fit within Ulixes Capital Partners’ investment thesis, feel free to fill out an application here.