Startup Victoria – Best of the Startup State Pitch Night

In support of Victoria’s reputation as “Australia’s Startup State”, last week’s Startup Victoria pitch night was designed to showcase four of the best local startups. Hosted by Stone & Chalk, the judges were drawn from Mentorloop, Brosa, Giant Leap Fund, Rampersand and Vinomofo.

The pitches in order of presentation were (website links embedded in the titles):

Code Like A Girl

Founded four years ago, Code Like A Girl’s stated mission is to bring greater gender diversity to the ICT sector (information and communications technology), within both the industry and education spheres. To do this, the founders say we need more female coders, which they plan to achieve via coding camps, internships, and community events. Positioning itself as a social impact enterprise, the business is active in four States, and 75% of interns are placed into full time roles.

To support the ongoing development of its “role ready” value chain and to prepare for possible overseas expansion, Code Like A Girl is seeking $1.5m in seed funding. Currently piloting the training model via education providers (RTOs, boot camps, universities, online code schools), the business takes a 10% commission on courses sold (held twice a year), plus it charges placement fees of $2k per person.

But the model is difficult to scale, especially as Code Like A Girl does not own or create the actual training content – it is acting as a sales channel for third party courseware, and providing platform for advocacy, engagement and influence. Its key metrics are based on things like social impact scores – such as 30% of kids return to boot camps. The panel felt that the community platform is a huge cost centre, and it might be preferable to try a TedX model, where Code Like A Girl provides branding and foundational support to build more of a network effect – but without its own curriculum, the business will still struggle to scale.

Seer Medical

The business claims to make epilepsy diagnosis easier, and is currently raising $14m for European expansion (UK & Germany). To improve current diagnosis, the model needs to capture time series data to distinguish epilepsy from other conditions, but do so faster, cheaper and more efficiently than current processes. Founded in 2017, Seer has already serviced more than 1500 patients via 200 clinicians.

Using the Seer Cloud infrastructure,  it can achieve diagnostic outcomes 10x faster than traditional methods, and the platform is using machine learning to train its algorithms. The service is subject to Medicare reimbursement, which has no doubt assisted adoption.

Asked by the judges if the platform could be used to diagnose other conditions, the founders mentioned cardio, sleep and other health domains. As for competition, this comes mainly from the status quo – i.e., hospital based services. With advocacy from neurologists, giving them access to customers, the founders have a strong track record in the research field, which helps to open doors with clinicians. Along with research partnerships, plus the public health cost reimbursement, data is the fuel of the business –  Seer even have access to some third party data on which to train their diagnostic.

Liven

A dining rewards app, Liven is also bringing a behavioral gamification layer to a real world use case. Currently, there is a poor linkage between loyalty programmes and gamification. So, Liven has launched a universal reward token (the LVN token) for use in a digital/real world context.  The details were scant, and the status of the LVN token sale is unclear, but it seems users can earn LVN tokens from completing certain “missions”. The token (using a standard ERC 20 token format on the Ethereum blockchain), is designed to be interoperable and fungible (but Liven does not yet appear to use blockchain in its end user app or merchant point of sale solution).

The said merchants pay a 10-25% commission on app-based sales, of which upto 40% is paid back to the end user in the form of LVN tokens – if I got the maths right, Liven itself is securing $15 profit on every $100 of sales. Currently only available in Melbourne and Sydney, the judges wanted to know what the appeal is to merchants. According to the founders, users typically spend more in an average transaction when they use the app. It also seems that the app only works in brick and mortar restaurants, cafes and bars. The path to scaling will be via channel partners such as PoS systems.

Although not yet deployed, in future, it was suggested that users will be able to pay in any crypto – which raises all sorts of questions about the tokenomics of the LVN token, and whether LVN will be subject to exchange rate volatility (and even token speculation) or act as a stable coin; if the latter, what will it be backed by or pegged to?

Phoria

Phoria is in the business of extended reality technology (XR). Started in 2014, Phoria was an entrant to the Melbourne Accelerator Programme (MAP), with the stated goal of moving VR into a mobile experience (“democratize VR”).  Having gained some clinical VR research experience, Phoria has since worked on commercial projects such as “Captured” (turning a 3D scan of a building or structure into a Digital Twin), “Rewild Our Planet” (a Singapore-based AR experience), and various art installations museum exhibits.

Phoria is commissioned by tech and media brands to create XR content. It has developed a SaaS model, whereby it can turn real space into virtual space (“virtualising internal space”).

The judges wondered where we are along the cycle of mass adoption vs peak hype. In response, the founders mentioned that the first wireless headsets are now available, although consumer-facing mixed reality hardware is still 3-5 years away. With a growing customer base in engineering and architecture applications, Phoria’s main focus is on spatial information.

After the votes were counted, the People’s choice was Seer Medical, who also won the overall prize.

Next week: 30 years in publishing

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