The second edition of Venture On The Road, the roadshow organised by Banco Sabadell’s BStartup and SeedRocket, ended on 20th June with the selection of AllRead MLT as the event’s winning startup. Aimed at the industrial sector, the technology developed by this startup is able to identify, in photos or videos, the text of value to the customer and convert it into big data for later use.
AllRead MLT’s technology has already been implemented and tested in real scenarios, with a 98% certainty level according to the latest benchmark. This enables companies to save time and energy in obtaining information that until now was achieved through repetitive manual processes.
To learn more details about their project, we got in touch with AllRead MLT’s directors. These are their comments and future plans.
How would you summarise AllRead MLT’s value proposition?
AllRead develops a solution based on deep learning to detect and digitalise alphanumeric text in operating environments, such as production processes and logistics. Our software identifies in photos or videos, taken by fixed or mobile cameras, the text of value to the customer (a code, a serial number or an expiration date) and converts it into big data for later use.
What problems do you solve for your customers? Why is a solution important?
Text appears everywhere in value chains of companies with industrial processes: serial numbers, identification codes, meter readings, etc. This text represents Big Data of great value and contains important information that requires digitalisation.
Performing tracking, identification or monitoring, in which companies lose time and money by extracting this information using repetitive manual processes, includes inherent risks of errors.
AllRead MLT provides an innovative solution, both online and offline, to collect this data, offering automatic and accurate extraction, thus reducing repetitive manual tasks and enabling instant data processing.
What types of companies need your solution? What do they value most about your services?
AllRead MLT is aimed at Industry 4.0, in which companies wish to digitalise their operations and improve their efficiency. We focus on big corporations in the following sectors:
- Logistics, such as ports, airlines or e-commerce providers;
- Energy, such as water, electricity, gas or petrochemicals suppliers; and
Industrial SMEs also want our software, because our solution is affordable, without the need for initial investment or complex integration.
What three characteristics would you say describe your team?
We would describe ourselves as visionaries, tech-driven and in constant learning.
Why did you decide to enter AllRead MLT to Venture On The Road?
We wanted our project to get the jury’s feedback. We wanted to have the opportunity to learn more about BStartup and SeedRocket’s ecosystem and to gain visibility for AllRead MLT.
Did you expect to win the competition? What would you highlight from the finalists?
We didn’t expect to win, but we felt we had the level required to be in the final. The finalist projects were outstanding –some generating revenues and scaling with lots of ambition. Some pitches were extremely creative and inspired us to improve some aspects of our presentation.
How are you going to invest the Venture On The Road award? And how will it benefit the company’s growth?
We’re in pilot phase at some international corporations. All the funding we have is dedicated to validating our solution and developing our product with these companies.
What challenges do you want to overcome during 2019? How are you going to face the second half of the year?
The team is focused on Customer Discovery and finding the product-market fit. Our priority is to convert some customers in Q3 and Q4. This will allow us to prepare a round at the beginning of 2020 to accelerate the company’s growth.
Remember that Banco Sabadell’s BStartup seeks to invest in technology and digital companies, with high growth potential and scalable and innovative business models. Check the requirements here.