Scavenger Extends Funding Round: Paving the Way for Innovative AI-Driven Decision Making
In the rapidly evolving world of artificial intelligence and data analytics, Scavenger has emerged as a noteworthy player.
Co-founded by Felix Beissel and Maximilian Hahnenkamp, Scavenger revolutionises how decision-makers utilise data.
In a recent conversation, Max highlighted the essence of Scavenger’s proprietary AI tools. He emphasised, “Our proprietary AI transforms any raw data into actionable insights within seconds, equipping decision-makers with the possibility to make the best possible decisions under any circumstance.”
Scavenger’s platform distinguishes itself with a streamlined workflow powered by three specialised and proprietary AI tools. The first is a data cleaning and harmonisation tool, which is essential for preparing accurate and consistent data for analysis. The second tool adeptly selects and runs the most appropriate mathematical tests and machine learning algorithms based on the user’s query, ensuring a high degree of precision in the analysis.
The final tool, an industry-specific Large Language Model (LLM), translates the complex numerical outputs into understandable answers, complete with visualisations. Covering industries such as sports, media, logistics, industrial, and biodiversity, Scavenger’s platform exemplifies versatility and innovation in data-driven decision-making.
About the Founders: Felix and Max
Felix and Max, the driving forces behind Scavenger, bring an incredible blend of expertise and experiences to the table.
Felix, with a major in Data Science, has over two years of leading expertise in software development. His academic journey took him through Bocconi, where he graduated in Economics and Management of Innovation & Technology, a background that has been crucial in shaping the technological capabilities of Scavenger.
On the other hand, Max worked in venture building with a focus on AI and software. His prior experience includes developing data-driven decision-making software and co-founding a digital art start-up. Max has also captained the Austrian youth hockey national team, an experience that adds a unique dimension to his skills. Together, they form the duo at Scavenger, steering the company towards innovation and success.
Reflecting on why they teamed up to found Scavenger, Felix shared that both encountered similar issues regarding data handling in their corporate life. It could be more efficient, leading to a significant waste of resources.
Max adds that the companies they are talking to tell them the same thing: “We have tons of data and generate more each year but lack the time and resources to convert them into insights.” That’s exactly the challenge that Scavenger solves.
The Platform
“The cool thing is that it is super easy for the user,” Felix adds. Users of Scavenger only need to log in, upload any datasets, and then ask their question, which can be as straightforward as: “My performance/profit last month was worse – why?”
“From a user perspective, that’s all you need to do, and then our three AI tools, as described above, work their magic. In seconds, they present the user with a dashboard that provides an answer to the previously asked question,” Max elaborates.
The two of them assert that the era of building dashboards, performing calculations, and searching for data yourself is over.
Initial Funding and Early Days
Last year, Scavenger successfully raised funds from a prominent German tech company and the B4iFund. Reflecting on those early days, Felix shared that Scavenger was just the two founders, a slide deck, and a proof of concept developed during late nights. That initial funding was pivotal in establishing Scavenger’s foundation.
Progress Since Funding
Since then, Scavenger AI has incorporated, expanded its team with four new employees, and onboarded experienced developer Marten Compoc, a former Head of AI Engineering with a successful startup exit. The company has also entered into five pilot partnerships with globally renowned companies, released its much-anticipated MVP and is currently part of the B4i – Bocconi for innovation, acceleration program.
Reason for Extending Pre-Seed Round
Discussing the decision to extend the pre-seed round, Max revealed, “We’re fortunate to have a full pipeline, but we’re currently at our capacity limit. To launch our product in Q2 2024, we need to attract more talent and enhance our technology.”
Felix humorously added, “It would be a shame to miss out on potential revenue because we couldn’t handle the demand due to simple capacity constraints.”
Vision and Technological Ambitions
Scavenger’s vision extends far beyond its current offerings. The company aims to develop sophisticated models capable of creating a digital clone of a business for scenario analysis, outcome prediction, and comprehensive company management.
“From a tech standpoint, this is thrilling,” Felix stated. “We’re building an AI Agent framework, essentially multiple AIs communicating to solve a company’s specific business problem.”
Current State of Funding Round
Currently, in their overall pre-seed fundraising effort, Scavenger aims to raise €650,000. The co-founders shared that while the round was initially slated to end in Q2 2024, they might close it sooner than anticipated.