Predikly: Enabling RPA and AI-ML Powered Data Solutions
Here we are in conversation with Sunil S Ranka – Founder CEO of Predikly a Silicon Valley-based company specializing in AI-ML enables Analytics, RPA and cloud application.
1. Tell us everything about your startup, what does it do? What were the challenges of setting up and scale? How did you overcome them?
As per Gartner, 65% Of the Out Of the Box and implementation of Pre-built Analytics Projects Fail. Every Business is different, hence a packaged Solution and Pre-built Analytics cannot give business a competitive edge. Therefore, Custom Cloud and Analytics solutions are needed to outweigh the competition and improve the business outcome. Predikly is a Data Innovation Company & we at Predikly help customers design and build Custom Cloud, AI enabled Analytics, and RPA Solutions to achieve a better business outcome.
As custom Analytic solutions are need of the hour for every customer, at Predikly we take the Analytics Solution development in a different way. During our solution assessment period, we focus on four key Data pillars – Organization’s Data Maturity model, Problem Feasibility Analysis, Data Complexity Assessment, Solution ROI Analysis. To do this, we need highly specialized skills and talents in the area of Data Analyst, Data Engineering, AI/ML Developers, Dev-Ops Engineers, and Full Stack Developers. Some of them are commodity skills, but most of them are very specialized & in-demand skills. But due to our value proposition, founders’ background and past success, connection in premiums institutions, and location advantage (Pune, India) we have been fortunate to attract a good team of 50+ talented individuals in respective areas.
PREDIKLY’S AI AND RPA EXPERIENCES HELPS CRAFT COMPELLING DIGITAL JOURNEY FOR ENTERPRISES
2. How did you come up with the idea and what was the Eureka moment?
After investing in 31 startups in the last several years and spending more than 15 years in analytics industry, I could see that most of the analytics initiatives are failing because of not having a right technology solutions team. Building a highly specialized Analytics team to solve problems in the niche area of AI/ML was always an opportunity knocking on the door. When I and other founders, Sunil Bodke and Sachin Niravane met, we could see our dream turning into reality. This was the Eureka moment when we could see a great chemistry and unified vision for Predikly.
A DATA INNOVATION COMPANY
3. How did you build the core team (co-founders and initial employees) – How did you meet and how did everyone align to the idea? What is the total team size?
During my journey with one of our portfolio company, I met with my other partners Sunil Bodke and Sachin Niravane ( both an IIT alumnus, IIT-K and IIT-B respectively), they had the right attitude and experience needed to build a specialized AI-ML enabled custom Analytics solutions organization. After rounds of discussion, it was evident that we all shared the same vision of building a Global brand in custom Analytics and RPA Solutions, and to build an organization by effectively investing in People, Process, and Technology. We decided to take the journey together in the uncharted territory of building business outcome-based solutions. Sunil B and Sachin had done a commendable job in building a winning team at NIBO Technologies to solve custom cloud application and Technology enablement problem. To take the journey of Analytics, we wanted to leverage the team experience of cloud application technology enablement, but to focus more on Analytics and RPA. So we decided to re-brand NIBO Technologies to a new company “Predikly”. That is how “Predikly” was born. With the inclusion of Mahendra Bhandari (Chief Data Scientist), Nikhil Shah ( Global-VP Sales ), Suheb Jamdar, Rohit Bhanda, Amit Gaikwad, Karan Karpe and many others, this winning team was formed. We are a 50+ People team between Silicon Valley and Pune, India. Predikly was incorporated in 2018 as a Silicon Valley-headquartered and India as a 100% subsidiary.
BRINGING ARTIFICIAL INTELLIGENCE TO SME
4. Give us a background of your core team and yourself with the age.
Sunil S Ranka – I am 17 years Silicon Valley Veteran, spent the last 15 years in Data Analytics. Worked with fortune 100 companies like Oracle, Cisco, HP, Clorox. Been through 4 acquisition ( Largest been by SAP , TekSystems and My own venture). I am a venture partner with znationlab ( A startup Accelerator ) and Oracle ACE in BI and Big Data Space ( less than 50 in the world ). He has been inducted as part of invite only forbes technology council and a regular writer on the forbes community.
Sunil Bodke – Sunil is 20+ years in the industry. Sunil holds M Tech degree from IIT Kharagpur. Expertise in IT Delivery, Operations & Customer Service. His strength is in Number crunching skills & speed of actions in finding the right things within a short span. He has Expertise in SaaS-based Product Management. He worked with fortune 500. Has worked with EDS – HP, TCS & Syntel Inc.
Sachin Niravane – Sachin has more than 20 years of experience working with multinational companies. Holds M Tech degree from IIT Mumbai, India. Expertise in Technology, IT Project/Program Management & IT Delivery. Sachin is a core Technologist with an eye for details with expertise in SaaS Product Management. He has worked with WIPRO, TCS & Zensar Technologies.
5. What has been Revenue, traction, and growth from the date of inception till now?
Predikly was incepted in Dec 2017 and incorporated in June 2018, healthy growth trajectory with target 100+ people by end of this Fiscal Year.
6. What is the one thing that sets you apart from your competitors and what’s your revenue model?
Being a startup and early stage, for us every customer is a game-changing customer. Hence for every project, leadership team is involved in all the minute details. Even though we are a startup, every solution we develop follows a product approach. Our in-depth expertise and solutions for RPA and AI makes us a unique company which has real customers who are trying to solve AI problems. At any point in time, we are running over 10 AI solution projects. Our competition, who talks more on the use cases where we talk our hands-on experience on real-time customer projects.
7. What are the unit economics and margins for a business like this how does the model work?
We work primarily in two models with customers, namely a turnkey solution and ROI driven revenue share model. Typically, we run a minimum 40% margin business. For us, every customer is a game-changer, hence on need basis we do alter our margin % and models.
8. How are you funded?
Currently, Predikly operations are cash positive and we are bootstrapped. But in the very near term, we will be working with investors on raising debt funding.
9. How does the product work? Detailed answer on the workings of the product or how does the platform work? How does your service work?
As part of our offerings, we have invested our dollars in R&D to build frameworks and accelerated solution for AI solutions. We have built NLP and Chatbot solutions.
For every customer, we do a thorough analysis of Organization’s Data Maturity model, Problem Feasibility Analysis, Data Complexity Assessment, Solution ROI Analysis. Depending upon the outcome of the metrics, we identify whether the defining problem is an Automation or Analytics or rule-based or an AI-ML problem. Post this analysis, we use our development accelerator and provide a custom solution using our expertise in tools and technologies.
10. Future plans
We are working on Partnering with key companies in Africa, the Middle East, and the United States to expand our solution capability. We want to be a niche startup that helps design and build Custom Cloud, Analytics, and RPA Solutions to achieve a better business outcome using our expertise in tools and technologies.