We Build Bots

Idea

Note: Whilst the campaign is labelled as EIS eligible the Company has £150,000 remaining of its SEIS limit. We will, therefore, be looking to seek SEIS relief on the first £150,000 invested into the campaign and EIS relief on the balance. Any tax relief is dependent on personal circumstances and may be subject to change in the future. Development Bank of Wales will not be claiming tax relief on their investment.

Introduction

We built IntelAgent to fix customer services! It's an AI platform that can save hours of frustrating phone calls through automation, chatbots and voice assistants.

By analysing and applying AI to the conversations that pass through customer contact channels (email, social, chatbot, etc) our aim is to help businesses save time, make money and delight customers.

Here’s how:
-Reduce calls to costly agents
-Reduce call abandonment rates
-Increase 1st contact resolution
-Reduce call length
-Provide 24:7:365 coverage
-Streamline call routing
-Provide chat synopsis
-Provide ‘next best action’ recommendations
-Identify propensity to purchase
-Profile, segment and group customers
-Integrate with CRMs and internal systems
-Use machine learning to train IntelAgent

Gartner predict that 85% of customer interactions with organisations will be automated by 2020, and Juniper research says companies will save $8bn annually by 2022 through chatbot and AI adoption. We say welcome to IntelAgent.

Intended impact

Our ambition is to build a global presence within the fast growing AI, chatbot and autonomous agent market (including voice assist).

We have so far delivered IntelAgent for clients including Amnesty International, The AA, Telegraph Media Group, Future Publishing Plc, Wales and West Utilities, Welsh Water and South West Water (the utilities sector is emerging a key sector for us and this investment will enable us to aggressively pursue more such clients, armed with the case studies we have already secured).

We believe we have the innovation, market conditions, know how, strategy, team, contacts, drive, and route to market to become a global player over the next 3 years.

Substantial accomplishments to date

June 2016 - First line of code!
Nov 2016 - IntelAgent delivered for Telegraph Travel national media group
Jan 2017 - IntelAgent delivered for Amnesty International, global charity
March 2017 - IntelAgent delivered for national Online Influence Conference
May 2017 - IntelAgent delivered for The Future of Marketing conference for global media group, Carnyx Media
May 2017 - Accepted on to Welsh Government Accelerated Growth Programme, subsidising PR, IP and legal costs for an initial period.
May 2017: accepted onto Innovate UK's Knowledge Transfer Programme, subsidising data science resources and granting ongoing access to Cardiff Uni data department for 2 years.
June 2017 - IntelAgent delivered for Future Publishing, International Publisher.
June 2017 - IntelAgent delivered for Sport Wales, national charity
June 2017 - IntelAgent delivered for Welsh Water, national utilities company Video here - https://www.youtube.com/watch?v=PEolPrfd2MM.
July 2017 - Finalists in Wales Start Up Awards. ...
July 2017 - reached the top 25 Oracle Cloud Accelerator StartUp competition.
August 2017 - IntelAgent delivered for The AA, national automotive association
August 2017 - Accepted on to Web Summit Beta Programme in Lisbon
August 2017 - Mobile Marketing Magazine cover 'world first' welsh language chatbot; http://mobilemarketingmagazine.com/welsh-water-....
November 2017 - Invited on to ‘Pitch’ the Mercedes Benz start up programme as ‘of of Europe’s top 200 start ups’
December 2017 - 2 year contract with South West Water signed
December 2017 - Trial of IntelAgent agreed with FCR Media, international Media company
January 2018 - Win Wales and West Utilities contract

Please note that some of the milestones above preceded our incorporation because We Build Bots was initially incubated as part of Coup Media. We Build Bots was incorporated on August 4 2017 at which point all IP and contracts relating to IntelAgent were transferred to We Build Bots.

Monetisation strategy

Our monetisation strategy comprises bot build costs, IntelAgent software license, and support fees. Bot builds at the lowest level are charged at £15k+VAT, while integration with and ongoing access to IntelAgent is licensed. The lowest level license fee is expected to be £1,500 per month (paid in advance). This increases to £3,500+ based on the number of agents in a contact centre. It's a 3-year license with 12-month reviews.

The support fee is 20% of the annual license fee and provides ticket desk support and automatic roll outs of functional updates (such as if Facebook releases payments).

License/service costs are recurring, meaning the monetisation model builds a high recurring element.

The lowest level IntelAgent integration - and the level we have used to build our forecasts - would cost a 100 agent contact centre £79,800+VAT over 2 years for build, license and ongoing support.

Use of proceeds

We expect that our go to market phase & sales strategy deployment will create a maximum initial cash burn of c£100,000 p/m. From our early success in client attraction, we expect to partially finance this burn from repeat customers, and cash burn could be lower depending on the speed at which we hire key team members.

Here's a breakdown of how we'll use the proceeds in the first 6 months according to our forecasts. As well as ongoing operations, R&D to increase AI expertise and capabilities will be key to maintaining a strong market position.

MGMT & NED £41,475 (8.2%)
Staff £139,994 (27.9%)
IT, phone & Infrastructure £8,799 (1.7%)
Rent, rates, office costs £34,200 (6.8%)
Cost of Sales & Marketing £60,880 (12.1%)
Bank, Legal & Professional Services £20,230 (4.04%)
Recruitment & arrangement fees £30,000 (6%)

TOTAL - £335,578 (67.1%)
CONTINGENCY £164,422 (32.8%)
(AI R&D plus extended runway in light of slower than anticipated sales)