{"id":1342,"date":"2015-11-19T20:35:00","date_gmt":"2015-11-19T20:35:00","guid":{"rendered":"https:\/\/tst418075918.wordpress.com\/?p=114"},"modified":"2022-10-05T12:36:44","modified_gmt":"2022-10-05T12:36:44","slug":"reasons","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/reasons\/","title":{"rendered":"Reasons"},"content":{"rendered":"

<\/p>\n

    \n
  1. Large addressable market with a big problem – 15% of premium in Auto Alone<\/li>\n
      \n
    1. Workers compensation is next US market<\/li>\n
    2. VA interest – Joe Robles relationship<\/li>\n<\/ol>\n
    3. Validated by sophisticated players at Met<\/li>\n
    4. Solution not a tool<\/li>\n
    5. Enterprise ready: \u00a0almost no “software debt” (administration, workflow, reporting, security all enterprise quality).<\/li>\n
    6. Much of it built originally for DoD – losing solution for “continuous monitoring” at Feds<\/li>\n
    7. Creator is a guy with a sterling track record: Oracle on Demand, Corio (IBM on Demand), Arcsight (HP 1.5BB)<\/li>\n
    8. Solution provider is a guy with a brilliant reputation as a big data Analyst. Roomie at Chicago.<\/li>\n
    9. Other key owner had to step out for personal reasons but used to run Booz and then DT Banking practices. Started with me at Chicago and PW.<\/li>\n<\/ol>\n
      <\/div>\n
      Investment status<\/div>\n
      \n
        \n
      1. Monta Vista partners putting in $750,000 from their fund<\/li>\n
      2. In due diligence now.<\/li>\n
      3. Committed a minimum of another $250,000 from their limited partners<\/li>\n
      4. Total raise: $3 million<\/li>\n
      5. Soft close: $1 million<\/li>\n
      6. Indus Angel Group<\/li>\n
      7. Looking for $250 to $500 from sophisticated investors who can help us\u00a0<\/li>\n
      8. Valued at $7.5 premoney. \u00a0<\/li>\n
      9. First customer generating minimum $840,000 next year – less than half of what it’s worth. $300,000 in January<\/li>\n
      10. Go to market is proof of concept -> batch workbench -> real time\u00a0<\/li>\n
      11. Second customer quote: $250 ->60cents\/ per policy per year->15cents more per policy per \u00a0year (> million policies)<\/li>\n
      12. Third cutomer quote: \u00a0$250 to $500 ->70cents\/policy per year -> 20 cents per policy per year (>million policies)<\/li>\n<\/ol>\n

        Top big data plays have $10 million or less in total venture equity raise to sale or public offer<\/p>\n

          \n
        1. What we need: \u00a0want extra dollars from friends to strengthen our position with follow on VCs. They threw us a curve with the 750 v. 1 million…need to get 250 ourselves.<\/li>\n
        2. Looking for a soft commitment right now – ideally before 11\/30\u00a0<\/li>\n
        3. Send an email to CEO indicating intent to invest<\/li>\n
        4. Want influential people who can have an impact<\/li>\n
        5. Valuation will double with second paying customer<\/li>\n
        6. Will double again with third customer.<\/li>\n
        7. This could easily be our only funding round.<\/li>\n
        8. Funnel<\/li>\n<\/ol>\n
          Erie<\/div>\n<\/div>\n
          \n
            \n
          1. Similar to Shelter, only 3x the size<\/li>\n
          2. Shelter story<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

            Large addressable market with a big problem – 15% of premium in Auto Alone Workers compensation is next US market VA interest […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-1342","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"\nReasons - VeracityID<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/reasons\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reasons - VeracityID\" \/>\n<meta property=\"og:description\" content=\"Large addressable market with a big problem – 15% of premium in Auto Alone Workers compensation is next US market VA interest […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/test.veracityid.com\/new\/reasons\/\" \/>\n<meta property=\"og:site_name\" content=\"VeracityID\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-19T20:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T12:36:44+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/test.veracityid.com\/new\/reasons\/\",\"url\":\"https:\/\/test.veracityid.com\/new\/reasons\/\",\"name\":\"Reasons - 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