LIFEdata collects over €600,000 thanks to equity crowdfunding on BacktoWork

LIFEdata, an innovative startup specialized in Voice Artificial Intelligence, has raised $786,000 (€643,000) thanks to an equity crowdfunding conducted on the Italian platform BacktoWork, participated by Intesa Sanpaolo. The campaign, launched in October 2020 with a minimum target of $61,000 (€50,000), therefore closed with an overfunding of 1288% and an equity distributed of 9.21%, against a pre-money valuation of $7.75 million (€6.34 million).

Previously LIFEdata had closed an equity crowdfunding campaign on CrowdFundMe, with a collection of about $507,000 (€415,000) on a minimum target of $122,000 (€100,000) and a maximum of $611,000 (€500,000. On that occasion the pre-money valuation was $5.87 million (€4.8 million). LIFEdata was also funded by Invitalia and incubated by Luiss Enlabs. Last July, LIFEdata was one of the three winners of the Ceetrus 4 Innovation call for startups, launched by Ceetrus Italy and the University of Milan incubator and accelerator PoliHub in March 2020.

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The company will use the funds to speed up the technological development plan 

LIFEdata has developed a No Code Artificial Intelligence platform for Omnichannel that can accelerate the digital transformation of companies with advanced, AI-based, but turnkey solutions, without the need for ad hoc software development and without the need for data scientists or specific IT skills to implement and exploit the technology. The capital raised will contribute to the achievement of the startup’s next goals, such as speeding up the technological development plan and creating specific solutions for smart working, expanding the reference sectors by intercepting new markets and finally anticipating the internationalization of the product.

“The success of our last crowdfunding campaign confirms the interest and attention towards the omnichannel sector, as a possible key for companies to better face the next market challenges”, commented Omar Fogliadini, founder and managing partner of LIFEdata.  A decisive push in this area has been Covid-19, which has substantially accelerated the development of omnichannel projects of companies, made necessary to evolve the relationship with their customers and consumers. In fact, as emerges from the latest Research 2020 of the Omnichannel Customer Experience Observatory, promoted within the Digital Innovation Observatories of the Politecnico di Milano, of which LIFEdata is one of the supporting partners, to date 7 out of 10 companies (72%) have speeded up the transformation to omnichannel customer experience, although only 7% have demonstrated a complete mastery of the subject. In addition, only 40% of companies have an integrated omnichannel marketing strategy, only one in four has omnichannel customer care and only half of companies have implemented integration services for sales management from online to offline.

Orders in Q4 2020 will lead to significant revenue growth from 2021

LIFEdata’s technology is already used by Janssen – Johnson & Johnson Group, Banca Mediolanum, Ceetrus (leader in shopping centers), Ventis (eCommerce with the highest growth) and Eolo. The startup has also closed an important partnership with Tradedoubler Italy in 2020, which has chosen LIFEdata’s AI-based solutions to help customers maximize the performance of their e-commerce sites from an omnichannel customer experience perspective.

This partnership will allow LIFEdata to position itself and work on several retail-related sectors over the next year: from sportswear to optics, from fashion to publishing, just to mention a few. 2021 will be a year in which the startup will continue its commitment to support companies in the path of digitalization and greater attention to processes related to omnichannel.

LIFEdata’s 2019 financial statements show a value of production for the first nine months of operations that exceeded the profitability forecast estimated at business plan. In detail, the startup achieved revenues of $447,000 (€366,000) and an ebitda of $192,000 (€157,000). Orders in Q4 2020 will lead to significant revenue growth from 2021. The ebitda remains consistently positive, reaching a stable margin over 40% of the value of production.

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(Featured image by Hitesh Choudhary via Unsplash)

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