SM143329

This company is revolutionizing how we preserve and manage digital legacies using AI and metaverse technology. Their platform enables users to create virtual memorials, store memories, and interact with loved ones' digital footprints in unique ways.

By offering features like AI-driven memory recall and posthumous gifting, they provide a highly personalized experience for users. With a growing market of smartphone and social media users, key partnerships in place, and strong early traction, they are currently raising £500,000 to scale and tap into a fast-growing market.

Overview

  • Industry: Digital legacy and memorialization
  • Founded: 2022
  • Mission: The company aims to preserve digital memories and family stories after death, ensuring they remain accessible for future generations. It integrates AI and metaverse technology to offer a transformative experience for mental health and well-being during the grieving process.

Problem & Solution

  • Problem: After death, social platforms often delete inactive accounts, causing families to lose valuable digital memories.
  • Solution: The platform organizes and stores digital memories, including photos and videos, making them accessible to families after a user’s death. Unique features like AI-driven memory recall and voice-activated interactions set the platform apart.

Market Potential

  • Target Market: Global smartphone and social media users (6 billion smartphone users, 4.55 billion social media accounts).
  • Growth Opportunity: The company aims to capture 10% of the addressable market, with an initial focus on baby boomers.
  • Market Trends: Steady increase in population, with around 50 million deaths annually, presenting a consistent opportunity for the service.

Product / Service

  • Core Features: Custom virtual memorials, video diaries, interactive tools for family engagement, and AI-based interactions with digital memories.
  • Technology: AI, voice recognition, machine learning, and metaverse integration. The platform is developed in two stages: a memorial platform and an AI voice platform.
  • Stage: MVP Beta version is built, showing strong viral potential with users inviting an average of 13 others.

Business Model

  • Revenue Streams: Custom virtual spaces (£495), virtual flowers, candles, and Memory Bonds for posthumous gifting.Annual subscription for premium features.
  • Sales Channels: Funeral directors, crematoriums, bereavement charities, and will-making companies.

Financials

  • Current Status: Pre-seed, no revenue, burn rate of £200/month, 12+ months runway.
  • Projections:

    ‍    Year 1: £300k sales, £400k loss.
    Year 2: £1.1m sales, £100k loss.
    Year 3: £3.2m sales, £800k profit.

Team

  • Founders: Experienced in tech and finance with a proven track record of building and scaling businesses. Key advisors bring expertise in bereavement and social media strategy.

Competitive Analysis

  • Competitors: 60+ companies in digital remains management, but few offer AI-driven interactions or virtual memorials.
  • Competitive Advantage: Free data upload, unique Memory Bond product, strong financial services expertise, and no direct competitors offering mind-backup services.

Traction

  • Users: 150 current users (limited by server capacity), with 700 pre-registered.
  • Partnerships: Significant partnership with a funeral service company offering access to 1.5 million people annually.

Risks & Mitigation

  • Key Risks: Insufficient funding and hiring challenges.
  • Mitigation: Raising additional capital to support growth and hiring.

Funding Requirements

  • Amount Being Raised: £500k
  • Use of Funds: Product development, marketing, hiring, and scaling operations.
  • Runway: 12-18 months

Exit Strategy

  • Options: IPO within 10 years, potential acquisition depending on market conditions.

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