Startup DATAMIND's Plans to Become a Billion Dollar Company
Datamind is a Georgian startup in the technology sector, which has been operating in the Georgian market for 1 year, and the company's revenue has reached several million GEL. The main goal of the company is to create a data warehouse for large corporations and medium-sized businesses and to process the data needed by the business in a single space for analytical purposes.
Vakhtang Burchuladze-Kalandadze, the co-founder of Datamind, said in an interview with "Business Partner" that the key to the success of the company in the short term was to offer a unique and effective product to clients, which today allows them to easily, quickly and efficiently monitor the main indicators needed for business.
"The creation of the project was preceded by my partner's and my many years of experience in the financial and technological fields, on the basis of which we founded a company that did not exist in the world before. We created a universal data integration engine, which is unprecedented in the world because it is connected to any type of data or analytical system. All this We combine into one system and create a data warehouse by normalizing the highest level.
At this stage, we cooperate with leading banks in Georgia, such as "Liberty Bank", "Bazis Bank", and our partner is the National Bank of Georgia, whose official website contains the analytical report of the banking sector prepared by Datamind. We also have relatively small companies and we are currently considering 3 large projects that we will start working on soon.
I can confidently say that we are one of the best startups, both in terms of revenues and investment attractiveness. About 7 months after its establishment, the value of the company amounted to $2.2 million and successfully passed the first investment round (Pre-seed Round), which only a few startups in Georgia were able to do. One of the main values for us is the protection of client data security, therefore 70% of the raised money is intended for the implementation of the highest security standards. In this direction, we are cooperating with the Big Four audit company in order to implement a security standard protocol and develop a data security protection policy in accordance with GDPR Compliance, which exceeds the protection of the banking sector and is in compliance with the security standards of any organization in the world," Vakhtang Burchuladze-Kalandadze said.
According to him, the data integration engine allows 2-3 large projects to be implemented at the same time, which is a monthly indicator of efficiency growth. As for the company's development, the startup has a pretty good track record of credibility, fundraising and revenue growth.
"With a 50% margin, we create the highest standard of optimization. We have the website Datamind.ge, however, depending on the specifics of the case, we prefer to communicate and cooperate with the customer through other channels. At the end of March, we had an investment round, within which Datamind raised $210,000. Also 2 months We also received a 150,000 GEL grant from the Innovation and Technology Agency (GITA).
After Georgia, we plan to operate on the European market. Also, at the beginning of 2023, we will have a second investment round in Silicon Valley, which will help us implement a new project. From the end of October, we plan to transfer the services and solutions that we now provide to large organizations to the small sector, which will be 10 times available to clients. Our goal is to serve 5000 clients with this approach over 5 years, which will significantly increase the value of the company and position Datamind as an international level organization and brand. The main essence and charm of our business is to serve the middle segment with our unique and effective product, which today needs to deal with different companies and spend large amounts to see a unified picture and achieve efficiency. The aforementioned business companies make up 95% of the market, therefore even if we use 1% or 2% of the segment, we will have the ambition to become a billion-dollar company," said the founder of the startup.
The company says that it will always be important for the startup to strengthen the team, which includes the growth of data developers and the financial team, and this is a necessary prerequisite for creating products that are interesting for customers and tailored to them.