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Virbe - AI-powered Virtual Beings for Customer Experience

A platform transforming your brand into virtual persona.

Poland, Mazovia
Market: Internet and IT, Artificial Intelligence, Virtual and Augmented Reality
Stage of the project: Operating business

Date of last change: 29.05.2023
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Idea

SaaS platform transforming any conversational AI (LLM, ChatGPT) into interactive 3D avatars that users can communicate with their voice. They operate in multi-channel: web, mobile, kiosks & Metaverse.

Current Status

SaaS revenue stream: 15 paying customers with recurring revenue of $3K, and additional 30 testers. We currently have 10 partners reselling our technology globally, including Japan, Spain, Germany, Canada, etc.
Enterprise stream: We have developed 10 projects for SMEs and generated revenue of over 180 000 USD.

Market

Our platform is directed at digital product creators: corporate innovation departments, product companies, as well as marketing agencies, and even individual contributors, like developers and designers. We also work with medium & large enterprises working on end-to-end solutions in Retail, E-commerce, Hospitality and HR.
Virtual Beings are in the same sector as chatbots, and this particular market is currently worth 2.6B USD and has a CAGR of 30%.
The global digital human avatar market size was USD 10.03 Billion in 2020. It is expected to reach USD 527.58 Billion in 2030.

Problem or Opportunity

Customer Engagement is challenging and we have less than 8s to attract someone attention. Almost 50% of customers having bad Customer Experiences will go to the competitors. Just in the US, every year $1.6T is lost due to churn.
They spend hundreds of thousands of EUR every year for agency & development work creating applications & interfaces in omnichannel, which are never enough for an accessible and easy-to-use user experience.

Solution (product or service)

We save costs for Businesses changing the way they operate in an omnichannel. Virtual being is a universal interface that unifies the way we communicate with users and provides smooth customer experience over the web, mobile, and digital signage for anyone: young, elder, including those with disabilities.

Competitors

Our competition in Virtual Being creation are companies like Uneeq, Soul Machines, Quantum Capture, Rapport, Animatico, but none of them provide a solution that is scalable and affordable enough to serve hundreds of thousands of customers at the same time. What's more, our technology can be easily integrated into the existing web, mobile and desktop products. We deliver both interactive 3D models and voice & text conversation capabilities (NLP, speech-to-text & text-to-speech) all packed into one, plug & play product.

Advantages or differentiators

- the most versatile integrations on the market e.g. ReadyPlayerMe integration allowing for super quick implementation of your uniquely personalised Virtual Being on the web or in an app.
- Super quick and easy script writing option for Presenter Mode.

Finance

Revenues:
Our business relies on creating and hosting virtual beings in our hub on our servers. In our monthly plan you receive access to the hub, the possibility to customise your own virtual being and deploy it anywhere you want.

- HUB licence for Conversational and Presenter Mode products
We charge per virtual being (minimum 100 EUR/month). In the monthly plan you have 10000 interactions included. Afterwards we charge you 0,02 EUR per interaction.
- custom pricing for enterprise projects (starting from 20 000 EUR)
- we expect MRR of 200 000 EUR/month by the end of 2024

Costs:
- we plan to grow our team to 23 people in 2023 which will be a cost of 100 000 Eur/month which is the main cost to the company (mainly development and sales)

Business model

Tiered flat-monthly payment + pay-as-you-use fees on the number of interactions above the limits. Licenses start from 99EUR for websites, 299EUR for Digital Signage, and up to 1000EUR for Professional multichannel integrations.

Money will be spent on

In Nov’21 we closed a 1 100 000 PLN seed round with LTCapital, and due to rapid growth, we plan to raise a supplementary round of app. 1 500 000 EUR in Q2/Q3`22. It will be used to expand our product team from 8 to 20 people until the end of this year and establish the office in western Europe. We will also streamline our sales processes, consolidate our white-label products portfolio, and educate the market about Virtual Beings and relevant use cases through events and hackathons - this is how we want to build a strong global presence.

Offer for investor

As an investor, you will be offered a convertible debt agreement. Our plan is to give a 10% conversion discount on the valuation, which will be set during Series A (Expected close date Q2/Q3`2023). If you want to become a lead investor we are able to negotiate different terms.

Risks

There are a few risks for our business:
1. The market might not be ready for such a solution - we are the only one in Poland and one out of few in the world that sell Virtual Beings solutions. The highest boom for our product might begin in 1-2 years. We have to be ready at that time.
2. Crisis - our solution is not essential for companies in times of crisis. It might boost sales and help to reduce the cost of customer support but it's not a deal-breaker (yet).
3. Lack of investment - at the moment we have to scale to foreign markets and put maximum effort into sales and product development. Without highly skilled sales team - which is costly - we won't be able to grow.
Lack of investment.

Incubation/Acceleration programs accomplishment


We're one of 3 finalists of the Startup Programme by the XIV European Economic Congress;
We are one of 6 finalists of the “Żabka Future Lab Startup Programme” ;
We have accomplished a Scaleway Growth Stage Startup Program;

We’ve received funding from PARP (Polish Agency for Enterprise Development) - POPW.01.01.02-06-0028/19WNIP;

Won the competition and other awards

The winner of 2022 Laval Virtual Annual Event in France in the VR/AR Worlds category;

Second place in Unicorn Battle for Central and Eastern Europe 2022;

We have won a Hackathon for a banking Institution;

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Presentation