🤑 22 April 2024: Savi

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Savi

The team launched their pre-seed raise just 3 weeks ago and has already secured £1.9M out of their initial £2.5M target.

Blurb: Dubbed the "Spotify for fashion", Savi transforms online shopping by using advanced AI to match consumers with their perfect fashion items within 60 seconds.

Highlights:

  • Savi's proprietary IP centres on advanced algorithms and technology, which include a sophisticated image recognition model designed to reach 95% accuracy, outperforming industry standards. This enables precise, real-time fashion matching based on style, fabric, and more.

  • Savi taps into the $1.5 trillion global fashion market and the $47 billion spent annually on women’s fashion in the UK alone.

  • With over 10,000 fashion-related searches every minute in the UK and 80% of retailers’ digital marketing budgets spent on paid search (PPC), Savi meets critical industry needs by optimising search and purchase processes.

  • Led by an accomplished leadership team with multiple successful exits and significant high-growth company experience. Co-Founder & CEO, Vic Peppiatt exited her previous company, Phrasee for £80m in 2022.

  • Founded in 2023 in London, Savi operates with a pre-money valuation of £10 million, positioned for rapid UK and international expansion.

Deal Stage: Pre-seed
Valuation: £10M pre-money
Minimum Ticket: £2,500 (UK EIS available)
Fees: 4% fee + 20% carry
Deadlines: commitments by 30th April - fund wired by 4th May

This will be considered a soft commitment. Upon submission, your details will be forwarded to the fund managers overseeing the deal. They will then provide you with the deal memo, deal sheet, and all necessary information for you to thoroughly research this investment opportunity. Once you are satisfied, you can submit your hard commitment directly to the fund managers, who will then secure your participation in the deal.

YC W24 BATCH

YCombinator - Investors Update

With a total of four deals, including Marblism, Navier, Hona, and BetterBasket, we conclude the YCombinator investments for the W2024 batch.

Here’s an overview of the last two startups selected:

Hona

Blurb: Hona is leveraging AI to help physicians better intake and treat patients.
It integrates with electronic health record systems to collect and condense medical histories, enabling providers to fully understand their patients by finding data previously lost in mountains of charts. It searches nationwide for patient data based on providers' schedules, condensing notes, lab results, and more into specialty-specific clinical summaries with links to original sources. Hona then converts its clinical summaries into value-based care metrics, risk scores, and quality measures for practice-level insights.

Highlights:

  • Hona uses AI to condense patient medical histories into manageable summaries. The technology also translates these summaries into value-based care metrics, risk scores, and quality measures, facilitating better practice-level insights.

  • This solution addresses the significant challenge of managing the large volume of unstructured patient data that overwhelms healthcare providers daily.

  • Hona's integration does not replace existing EHR systems but adds functionality to them, making critical patient information more accessible and actionable.

  • The company has established a strategic partnership with Particle Health to enhance data accessibility and utility.

  • Hona is seeking a $3M investment round at an $18M post-money valuation, with prominent investors like 1984 Ventures, General Catalyst, and Samsung Next.

BetterBasket

Blurb: BetterBasket provides an AI-driven pricing solution for grocery stores, leveraging competitive data to help grocers optimize pricing and product assortment.

Highlights:

  • The technology has demonstrated a 7.6% margin uplift for clients, currently working with three major enterprise customers.

  • The founding team has significant experience, having previously grown Uber Eats' dark store business in Asia to $100M in revenue.

  • BetterBasket's technology allows for automated price adjustments and assortment recommendations, significantly saving time and increasing efficiency for clients.

  • The startup seeks a $2M funding round at a $15 million post-money valuation, led by notable investors including Jawed Karim, co-founder of YouTube.

Do you like what you see but you missed the deadline?

Don't miss the opportunity to invest in a YC batch again. The next batch, Summer 2024, is expected to be ready in August-September. Keep reading The VC Insider and be ready to pledge when the time comes.

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