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Saturday, August 20, 2022

UNESCO-awarded Estonian startup collects €500K pre-seed

Tallinn-based early-stage startup Bitskout has raised €500K in a pre-seed round led by SMOK, a US venture capital fund with a focus on early-stage startups in CEE. The round also saw participation from Portugal-based VC firm Shilling and London-based VC firm Octopus Ventures. Bitskout is a user interface-based tool that does not require any coding or any preliminary technical knowledge and helps teams automate manual data entry to tools. The funding will boost the startup’s growth.

Bitskout Raises €500,000 to Make SaaS Tools Smarter

Bitskout Is Delivering No-code A.I. Solutions To Change the Future of Work, Allows Anyone Add “Brains” To SaaS and Customer Built Tools in Minutes

The €500 000 pre-seed round was led by SMOK with the participation of Shilling and Octopus Ventures. Bitskout is a software platform that allows users to create A.I. powered plugins and add them to their SaaS tools without involving IT or software teams to automate admin work.

Bitskout announced it successfully closed the pre-seed funding round at €500 000, with SMOK Ventures, Shilling, and Octopus Ventures as the participating investors. Bitskout helps operational teams run processes 10x faster through AI-based plugins that even non-technical users can set up in minutes, which saves operations teams more than five hours per week on manual data entry and administrative tasks.

The funding will speed up company growth by improving customer experience and increasing integrations to other project management tools.

“At minimum, one Bitskout plugin run saves around three minutes of an employee’s time. For many of our customers, we’ve already saved months. That time could then be invested in high-level activities like talking to customers or having more calls instead of doing administrative work.” said Bitskout CEO and co-founder Ilia Zelenkin.

“The biggest productivity problem of today is that the only technology that can help humans boost it is available only to the 0.3% of the population that can code. We decided to change that and make AI accessible to anyone. The setup of any smart plugin in Bitskout takes no more than a couple of minutes and you are ready to work.”

Bitskout decided to target operations teams that are under immense pressure to work faster every minute, and its plugins remove manual data entry steps involved in processing various sources of information like documents, images, emails and messages. With the low-level tasks in those processes automated 24/7, operations teams can more quickly transfer the extracted data and insights to move on to their next step. With a straightforward user interface and native integrations to project tools project leaders do not require software development or IT resources to use A.I.

Bitskout stands out from other automation tools in that it does not want to own the whole process but integrate to customer built systems.

“Our plugins are the ‘brains’ for your existing SaaS tools. They remove the necessity of looking at the content to decide the next step,” said Ilia. “We make it easy and affordable to access the A.I. automation that enables that.”

Last December, UNESCO’s International Research Center on Artificial Intelligence honoured Bitskout by adding it to the annual Top 100 AI projects, a list that highlights solutions that can address the UN Sustainable Development Goals.

Click here to read more funding news.

Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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