Early stage investment company Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.
Startup Daily is sharing the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, sharp understanding of the startups and people involved, with many seeking follow up capital following Antler’s initial pre-seed investment.
Company name: ScreenApp
Formation date: 2022
Stage of business: Pre-Seed
Founders: Andre Smith and Buddhika Jayawardhana
Current investors: Antler
Currently raising: Yes
Description of business
The pandemic accelerated organisations’ digital transformations across the globe, with many rapidly transitioning to video conferencing and training in a remote-first environment. Zoom had over 300 million video conference participants every single day in 2020, while the entire video conferencing market peaked at US$7.71 billion last year, equating to a 20% uptick in 2021.
As organisations embrace remote work they often face difficulty documenting hundreds, if not thousands, of hours of video content created. ScreenApp solves for this as an all-encompassing business assistant that revolutionises the way organisations capture, organise, and consume videos.
The SaaS platform has a unique combination of easy video capture, AI-powered searchability, summarisation and workflow integrations in a unified workspace. From internal staff training, onboarding customers, recording daily meetings, educators creating libraries of course content, and beyond, ScreenApp helps organisations capture and generate insights from their video content.
With over 17,500 active monthly users, ScreenApp’s easy-to-use functionality is being described by many as “similar to talking to someone who has watched the videos for you.” In the last month alone, the platform has processed over 130,000 videos, empowering organisations to bolster their collective knowledge sharing.
Antler investment thesis
“With over 17,500 monthly users on the platform after securing Antler’s Pre-Seed funding in December, ScreenApp’s sizeable user traction is some of the strongest we’ve seen of any local portfolio company within months of joining Antler,” said Cath Rogers, Partner at Antler Australia.
“Collectively, Andre and Buddhika have launched or built four video-centric startups over the past decade. Their insatiable drive to derive tangible value and insights for thousands of hours of video content, powered by AI, gives us the conviction that ScreenApp will become a critical knowledge base for organisations.”
Traction/ milestones, to date
Since securing Antler’s Pre-Seed in December, ScreenApp has soared to new heights with over 225,000 registered users, up from 180,000. With more than 400 paid subscribers, ScreenApp has experienced over 20% month-on-month growth in Monthly Recurring Revenue alongside growing interest and new Business level subscriptions to unify their employees’ ScreenApp accounts.
Latest funding
Pre-Seed from Antler.
Use of funds
Antler Australia’s initial investment will enable ScreenApp to accelerate its growth by expanding its product offering, growing its headcount, investing in customer acquisition strategies and partnerships, and improving user experience.
As ScreenApp continues to rapidly grow its sizeable user base, the company is focused on activating revenue growth for the business.
The founders say
“Video is the richest form of communication there is. Within the past few years, it has evolved to become a business critical asset. The transition to remote work has accelerated the demand for video worldwide, and yet, documenting videos is complicated, often disorganised, painful and unproductive to discover and consume for organisations,” said cofounder Andre Smith
“ScreenApp exists to make video easier and more accessible for people to store their knowledge. Our vision is to make video the universal language for business documentation.
“We are deeply familiar with the challenges and pain points organisations face when capturing, organising, and summarising their video content.
“With our active monthly user base reaching over 17,500, the use of our platform has extended far beyond what we initially anticipated. As a video knowledge base, employees are no longer experiencing situations of missing something important said in a meeting, as ScreenApp is capturing and sharing it for them. Beyond this, with the rapid uptake of ChatGPT many HR teams are now leveraging our product to ensure candidates in the recruitment process complete assessment tasks assigned to them, rather than using generative AI technology to do it for them.”
“Antler has been instrumental in providing us with strong mentoring and coaching, as well as collaborative support towards developing a successful business strategy and product market fit. Through its team of experienced entrepreneurs and industry experts, Antler has been able to provide ScreenApp with invaluable guidance alongside a community of ambitious founders to share the experience.”
What’s next?
Antler, a global early-stage VC, is revealing all its latest investments made in ambitious Australian founders and startups. With over 100 investments in early-stage companies, ScreenApp is one of its most recent portfolio companies.
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