Startup Of The Week: EasyFlow
EasyFlow is an artificial intelligence product development spinoff from a leading Baltic software developer Agmis. By analyzing data, we turn real-world data into actionable business insights. EasyFlow has already left its footprint in such industries as aerodiagnostics, manufacturing, retail, and more.
Tell us about your startup. What is EasyFlow and how does it work?
We work in three main areas: aerodiagnostics, manufacturing and retail. All our products work on the principle of artificial intelligence or/and machine learning. Based on the customer’s needs, the created models recognize defects, illegal or dangerous actions from the visual material. In general, we develop artificial intelligence products that help to minimize financial resources, ease the work for the employees, speed up the process and increase productivity.
What are your competitive advantages that work? What are your competitors?
The team is made up of people with mixed experience, as both the technical knowledge of seniors and the determination of juniors are needed. This combination allows us to look at situations from different perspectives and solve business problems quickly yet efficiently.
What were the reasons behind coming up with this idea and launching this product?
Everything starts with people who see problems in one area or another. In our case, we saw issues we can solve in retail (loss prevention in self-checkout areas, shelf stock planning). We started talking with the biggest retail chains, narrowed the problems, and found partners with whom we are going forward.
When exactly did you launch, what were the main challenges before launching?
We started from POC, and as quickly as possible, our idea was to show it to customers, as we all know that’s the goal of all startups. The biggest challenge was to find innovators in the market, who have the same passion for trying new things. It was also challenging not to fall in love with technology, but to focus on the customer problems.
We try not to limit ourselves in the geographical field, but mostly we work in Europe. Customer profiles can also be very diverse, because the possibilities of applying AI are almost limitless. Most of our clients are in the retail (loss prevention) and automotive sectors (quality inspection), we also have certain collaborations with institutions of state importance, which we cannot disclose due to confidentiality.
What are the biggest challenges while working on this product and how are you overcoming it?
To a client who does not work with AI every day, it still seems like a risky investment, so it is difficult to prove the benefits, although there are a bunch of them. But little by little society is getting more knowledgeable. More and more companies are overcoming their fears, daring to try the product pilot version which often ends up with a contract.
Tell us more about funding. How did you get it? Do you seek extra funding?
As a spinoff, all funding comes from Agmis. But lately, EasyFlow grew fast enough to invest in other products itself – ScanWatch and EasyCMT. At this moment, we are not actively searching for funding but discussing with several investors about terms and conditions for a new round.
Please introduce your team! (You can do “active tags to their Linkedin profiles)
Our team is a bunch of adventurous and witty people, but we get really serious and focused when it comes to working. Diversity and tolerance are the core values of our team. We are all different and embracing it. The team includes people of very different ages and interests – from fresh graduates to experienced wolves, from learning Japanese to astronomy enthusiasts. However, a common vision and purpose unite the team towards successful work.
Strong startup culture isn’t something that can be created overnight but it can be worked towards with some conscious moves. What are your moves towards this?
All actions are based on our core values: honesty and tolerance for each other regardless of how different we are. We are encouraged to bravely accept challenges and not be afraid to make mistakes. It allows us to be pioneers and fill in the market niches that others fear. Big risks lead to big rewards later. This is all that a startup needs to function successfully.
Bonus question: what’s next? Tell us about your future plans.
We have a great team, we have developed functional products, and we have tools and opportunities to improve them and apply them in new areas – now all that’s left is scaling. To be exact: 10x growth next year, including team and revenue.
Thanks for sharing your story!