Wingsure

Problem: Globally, smallholder farmers face economic fragility due to poor access to insurance or formal credit that would enable them to invest in their farms, and lack of exposure to modern farming practices that could improve their productivity. These gaps are being exacerbated by climate change, with smallholder farmers often being the most vulnerable to extreme weather events that destroy their livelihoods, drive up hunger, and push them into negative coping strategies such as selling assets, taking exploitative loans, and frequently, suicide. With smallholder farmers playing a key role in global food production, their fragility could lead to global food insecurity at a time of increasing demand for food.

Scale: There are around 600 million smallholder farmers who produce a significant share (at least a third or more, by various estimates) of the world’s food. An estimated 218 million smallholder farmers are without insurance in the developing world (constituting an 81% gap in coverage), of which 173 million are in South and South-East Asia [1].  Globally, less than 10% of smallholder farmers have access to credit [2]. Between 2008-2018, a combined 116.8 billion USD was lost due to decline in crop and livestock production following climate disasters, across Asia, Sub-Saharan and North Africa, Latin America and Caribbean [3]. At the same time, demand for food is growing sharply, with an urgent need to produce enough to feed 9-10 billion people by 2050.

Contributing Factors: The key factors that cause economic fragility of smallholder farmers include:

• Inefficient processes for distribution of insurance or credit in remote regions, or assessment of claims, reliant on physical intermediaries and excessive paperwork that cause long delays, errors, and drive-up costs.
• Lack of farm and farmer level insights impede an accurate assessment of risk, leading to requirements of unreasonable collateral for credit, and high premium or interest rates that are beyond the reach of small farmers.
• Low financial literacy, with poor awareness and understanding of insurance creating critical protection gaps, and inefficient usage of borrowed capital leading to repayment challenges.
• Reliance on traditional farming methodologies that lead to poor productivity, reduced biodiversity and greenhouse gas emissions that contribute to climate change, which in turn, increase farming risks.

[1] https://www.fao.org/documents/card/en/c/cb2690en

[2] https://www.fao.org/e-agriculture/blog/driving-financial-inclusion-smallholder-farmers-leveraging-satellite-data-and-machine-learning

[3] https://www.fao.org/resources/digital-reports/disasters-in-agriculture/en/

What it does: The App facilitates smallholder farmers to access a marketplace of financial products and find optimal solutions for their protection or capital needs, receive timely and fair claims pay-outs, and acquire climate-smart farming skills.

How it works: 

• A vernacular voice-bot handholds farmers through the underwriting process with automated document scanning and verification and answers a farmer's queries on key product features. This allows applications for insurance or loans to be completed in a matter of minutes, reducing/obviating the need for intermediaries.
• Farmers are guided to capture photos from their farms that are analyzed to monitor crop health, assess damage or loss to automate claims payout, while yield estimation models provide assessments of upcoming or historical yield for a refined understanding of farm-level risks.
• Farmers receive training and advisories through the App and are incentivized to adopt regenerative and climate-smart practices that improve soil health, reduce input costs, increase crop yield and biodiversity, and build climate resilience.

Key technologies used:

• Natural language, speech and generative AI technologies to support farmer interaction on the App.
• Augmented Reality and geo-sensing algorithms that help farmers navigate their farms to capture visual data on crops using the App.
• Multi-modal sensing deep-tech platform that combines Computer Vision based proximal sensing (smartphone images) with remote sensing (e.g., satellite images), to generate farm-level insights on crop health, damage, and yield.
• Training platform for live/Do-It-Yourself training on climate smart practices and gamification framework to engage farmers, incentivize responsible behavior and drive adoption.

Target population: Our solution serves smallholder farmers globally, and all farmers who have traditionally not had sufficient access to agricultural insurance or credit, due to the high costs and inefficiencies associated with distribution and servicing of such products in rural sectors. There are around 600 million smallholder farmers globally, owning or working on small farms that require crop protection or farming capital, and are of a size ideal for empowering users with the Wingsure Farmer App for field intelligence gathering. A large majority of these farmers are in developing regions and increasingly have access to smartphones. 

Smallholder farmers are underserved through lack of income generation opportunities and poor access to insurance or credit. For example, in India, where Wingsure has conducted several pilots, there are approximately 126 million small (<2 Hectares) and marginal farmers (<1 Hectare), representing ~86% of the country’s farming population, but owning only around 47% of the land [1]. An average farmer earns only around 10K INR/month (120 USD/month), with earnings as low as 4.8K INR/month in some states [2]. From the crop insurance perspective, insurance penetration stands at only 22% of farmers covered and 30% of gross cropped area [3]. 40% of outstanding loans are from non-institutional sources [4], which charge very high interest rates, but even accessing institutional credit is a long and cumbersome process with high collateral requirements due to insufficient farmer credit history or lack of farm-level risk insights. 

Despite limited financial resources, many smallholder farmers now have access to a smartphone (often shared within a family) and increasingly access online services through low-cost data packs. For example, India is expected to have 1 billion smartphone users by 2026, with a major push coming from rural areas where the market will grow at a CAGR of 6% between 2021-26, compared to 2.5% in urban areas [5].

Our solution will address the needs of smallholder farmers in the following ways:

• Access: Direct digital engagement with a marketplace of financial products reduces reliance on inefficient physical channels, shrinking the time to protection or capital from days/weeks to minutes. Our smartphone-based innovation removes discriminatory practices that can lead marginalized communities or those with lower education levels to have differing access to financial products via existing channels.
• Services: Farm-level intelligence, including real-time crop monitoring, fast and accurate crop damage/loss assessment, and yield prediction, accelerates settlement of insurance claims, assessment of credit risk/eligibility and establishment of market linkages.
• Climate Smart: Training, advisories and adoption of climate smart farming reduce risks, lower costs, and improve yield, thereby boosting existing income streams or creating new income opportunities (e.g., via carbon credits).
• Empowerment through choices: With direct farmer access and farm-level insights, financial service providers can design new, personalized and affordable products and services, thereby offering farmers a wider array of choices and expanding financial coverage amongst those most vulnerable to climate change.

[1] https://www.livemint.com/Politics/k90ox8AsPMdyPDuykv1eWL/Small-and-marginal-farmers-own-just-473-of-crop-area-show.html

[2] https://www.thehindubusinessline.com/data-stories/data-focus/a-farmer-makes-10k-a-month-in-india-earnings-as-low-as-48k-in-some-states/article67870070.ece

[3] https://www.tcs.com/content/dam/global-tcs/en/pdfs/insights/whitepapers/crop-insurance-loan-digital-innovations.pdf

[4] https://www.nabard.org/news-article.aspx?id=25&cid=552&NID=160

[5] https://www.indiatimes.com/technology/news/india-1-billion-smartphone-users-by-2026-562762.html

Wingsure is the right team to design and deliver this solution as we have a deep understanding of the communities we serve developed through direct engagement and participation, and we also possess the deep technology and domain skills to translate our learnings into a transformative solution for smallholders.

Team Lead Avi Basu has spent several years engaging with smallholder farmers in different parts of the world, as well as with innovators in climate smart farming, and financial service providers struggling to grow their rural businesses. Wingsure's product vision - especially the need for a Farmer-Centered approach to build financial and climate resilience at-scale - was born out of the rich insights Avi developed from these interactions. Co-Lead Bikram Sengupta has deep expertise in skill development of under-served youth, many of whom were from rural families that struggled to make farming sustainable in the face of climate risks and insufficient capital. Our team includes colleagues from farming communities who reside in villages and have a first-hand understanding of the challenges faced by smallholders. Our extended team includes other village youth who help us with farmer outreach, training, data collection and sales, and create a feedback loop to ensure the inputs, ideas and challenges faced by smallholders are used to inform and refine our solution.

We have deeply engaged with the communities we serve by:

• Partnering with insurers/brokers to distribute insurance in remote villages across several states of India, providing on-the-ground support for farmer outreach, insurance promotion/training, and sale of policies, covering a few hundred thousand farmers in the process.
• Partnering with non-profit organizations such as The Hans Foundation and Tomorrow's Foundation which train smallholder farmers on regenerative soil management and climate-smart farming practices and have deep, trustworthy relationships with numerous farmer communities across India.
• These experiences have provided us with rich insights into the challenges faced by smallholders when it comes to accessing financial products/services as well as transitioning from traditional farming methods to climate smart practices. We have leveraged these farmer connections during the design and development of our solution, piloting multiple versions of the technology with >4000 farmers across 6 states of India, using their inputs and ideas to refine the solution, across various user journeys including insurance underwriting/purchase, crop monitoring, training on climate-smart farming, and Computer Vision based crop damage & loss assessment (as part of an exclusive pilot with the Govt. of India). This has also helped us onboard 16 crops in our deep-tech platform to serve a wide range of farmers.

Wingsure's team is further bolstered with deep expertise in financial services, regenerative food initiatives, and advanced technology development. This diverse, expert team positions Wingsure uniquely to advance climate and financial resilience in agriculture. Additionally, substantial investments and contributions from SRI International (www.sri.com) in core technological capabilities, have helped develop the Wingsure App and deep-tech platform in a way that smallholder farmers can easily adopt to reduce their risks, build resilience and empowerment.

Thus, Wingsure is very well-positioned to deliver this solution to our target population.

We have selected the Pilot stage because our solution has been launched in India post multiple trials/pilots, we are working to build on initial traction, and we are transitioning to a more repeatable business model.

We have built and tested the Wingsure App and deep-tech platform to support the following capabilities:

• Multi-lingual voice-bot and Generative AI based underwriting support. While we support underwriting for both insurance and credit, we currently depend on fintech partners for credit risk scoring (based on data that is collected through our App).
• Augmented Reality and geo-sensing based guidance for capturing high quality crop images from a farm.
• Deep Learning based computer vision models for proximal sensing from crop images such as for monitoring (crop identification and growth stage detection), and assessment of damage/loss.
• Remote sensing based analysis of satellite imagery for crop mapping, monitoring crop vegetative growth and estimating crop yield using AI/ML models, along with weather data.
• Recording farming operations data associated with customizable climate smart farming protocols.
• Training on Shivansh farming for regenerative soil management, along with live meeting support.

We have piloted different versions of the technology working with >4000 farmers over the last couple of years, across 6 states of India, across various user journeys including insurance underwriting/purchase, crop monitoring (16 crops), automated crop damage/loss assessment (exclusive pilot supported by the Govt. of India, covering 200 farms across 4 states), and training on Shivansh Farming (with The Hans Foundation). We have gained initial revenue traction (with healthy year-on-year growth in the last two years) and are moving from a transaction-based to a B2B platform-based licensing model for establishing the solution in multiple communities with insurers, creditors, and agri value-chain providers. Our product development and early sales have been supported by our initial fundraising and we are currently working towards a formal investment round (Seed).

 For these reasons, we have selected Pilot as our solution’s stage of development.

We are applying to Solve because we believe we can benefit significantly and along multiple dimensions from Solve's global network and resources. Specifically, we are looking for support in the following areas:

• Contacts with investors (focusing on agri & tech impact investors) including alternative sourcing of capital via Grants/Philanthropy, project financing (World Bank or similar) and help with pitching
• Global partnerships to distribute our product and expand client base
• Fine-tuning our business model to drive repeatable revenue for different categories of clients
• Design a framework for monitoring & evaluation of impact
• Source talent for advisory roles and future Board development with focus on gender and representation from the development world
• Help with marketing/media strategy to promote our solution in our target markets

Existing approaches for the design, distribution and servicing of insurance or credit in rural sectors are constrained by lack of access to farm-level data and overly dependent on physical channels and intermediaries, which drive up costs, introduce significant delays and keep a vast majority of smallholders financially fragile. Initial digitalization approaches have focused on building Apps to enable the intermediaries, which may improve data quality to some extent, but does not engage or empower the farmer, or significantly reduce operational overheads. Empowering farmers is crucial for vastly improving data access, reducing costs, fostering trust, tailoring solutions, and scaling interventions. Without prioritizing farmer engagement and leveraging technology, no solutions are able to address these crucial challenges and enable farmers to manage their financial needs effectively.
 
Wingsure’s solution is innovative as it approaches the problem in a completely new way, by placing the farmer at the core of the solution – digitally empowering the farmer to access financial products with ease, enhancing and accelerating decision-making on insurance claims or credit through farm-level intelligence, and reducing farming risks through climate-smart training and advisories.
 
This innovative approach is powered by a pioneering technology stack comprising:
·        A multi-lingual voice-bot that handholds the farmer through a marketplace of insurance and credit products, accelerating the underwriting flow with automated document scanning and data validations, providing quick responses to a farmer’s queries through Generative AI, allowing the process to be completed in a matter of minutes.
·        Unique farm-level intelligence obtained through a combination of proximal sensing and remote sensing, that can assess crop damage/loss in a farm or predict yield, thereby accelerating the settlement of claims or assessment of credit risks. This leverages Augmented Reality and geo-sensing based guidance for the capture of high-quality crop images from farms, Computer Vision models for crop health and damage analysis, and weather data and satellite imagery analysis for tracking a variety of vegetation indices through the crop season.
·        Training and Advisories through the App - Do-It-Yourself programs such as Shivansh Farming and regular expert sessions during the crop season - to help farmers adopt regenerative and climate-smart practices that improve soil health, reduce input costs, increase crop yield and biodiversity, and build climate resilience. Additionally, gamification-based design incentivizes responsible farming behavior thereby decreasing farming risks.
 
Our innovative approach can completely transform the current market/landscape of rural financial services because by digitally empowering the farmer and leveraging deep-tech, it drastically reduces the costs associated with traditional models for distributing and servicing insurance/credit while enhancing quality of service (e.g., timely credit disbursal, fast claims payout) and building farmer trust. These are essential steps towards developing financial resilience and economic empowerment of farmers. This can also catalyze broader positive impact from other stakeholders in the agri space, because by directly enabling farmers and sourcing farm-level intelligence at-scale, we create access to a marketplace of 3.4B agri-dependent people, encouraging businesses across the agri value chain  to innovate with better products and services for this grossly underserved market.

We expect our solution to have an impact on the problem due to our Theory of Change (ToC), which is defined as follows: IF smallholder farmers have easy access to affordable financial products and services AND they are able to adopt climate-smart farming practices through training and advisories THEN their risk resilience and financial empowerment would be strengthened. 

 The specific steps (activities/outputs/outcomes) by which our solution will logically enable this ToC are explained below: 

 1. A farmer may easily access a marketplace of insurance or credit products through our App, assisted by a voice-bot in the farmer’s native language, quick resolution of queries and automated document capture to facilitate underwriting (output).

2. A farmer may be guided by the App to collect high-quality crop images from the farm through the crop season, with Computer Vision based analysis, combined with satellite imagery analysis, providing farm-level intelligence (output) on crop health, damage/loss and predicted yield.

3. Farm-level intelligence informs and accelerates insurance claims settlement (output) and credit disbursal (output) which reduce farming risks and allow enhanced investment in farming. Over time, these strengthen risk resilience and financial empowerment, enabling the pathway to economic prosperity (outcome). 

 4. A farmer is trained in low-cost, regenerative soil management (Shivansh farming) using the App, which also provides training/advisories on other climate-smart farming practices. These enhance the farmer’s knowledge and ability to adopt climate-smart practices (output).

5. Adopting and following these practices, over time (i) allows crops to adapt better to climate change and reduces risks (ii) enhances yield, reduces input costs, and can create new income streams. Together, these strengthen risk resilience and financial empowerment, enabling the pathway to economic prosperity (outcome).

Numerous studies around the world provide evidence of the impact of insurance on a farmer’s financial resilience through reduction in debt, stabilization or increase in income, preventing farming exits [1,2,3,4] etc. The impact of credit on boosting farming productivity has also been well researched [5,6]. Similarly, the impact of regenerative agriculture and climate smart farming on a farmer’s financial well-being - through reducing costs or boosting existing income streams, and even creating new revenue streams such as from carbon capture – is also increasingly well-established [7,8,9]). While the benefits of these interventions may be known, the path to effectively implementing and scaling these remains a major challenge. This is where we expect our innovation to be a major driver of change. 

1. https://www.fao.org/documents/card/en/c/cb2690en

2. https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0274047

3. https://arefiles.ucdavis.edu/uploads/filer_public/1d/8c/1d8cc91a-f00a-453c-ab43-a412012e0f03/kpy_ci.pdf

4. https://www.brookings.edu/blog/future-development/2021/05/26/agricultural-insurance-the-antidote-to-many-economic-illnesses/

5. https://www.scirp.org/journal/paperinformation?paperid=129723  

6. https://journals.esciencepress.net/index.php/IJAE/article/view/4896

7. https://www.weforum.org/agenda/2023/01/5-ways-to-scale-regenerative-agriculture-davos23/

8. https://www.forbes.com/sites/forbesfinancecouncil/2020/01/30/is-regenerative-agriculture-profitable/?sh=d2f6e7fcdf25 

 9. https://www.ifpri.org/publication/climate-smart-agriculture-and-global-food-crop-production

Wingsure’s mission is to use deep-tech to deliver access to personalized financial products and services (including climate-smart farming) to small farmers and rural communities globally, enabling climate resilience, economic empowerment and sustainability of livelihood.   

Towards that end, our specific impact goals for our solution in every community we serve over a 2-year period, are:

• Increase the proportion of small farmers with insurance coverage by >30%
• Increase the proportion of small farmers who have been disbursed institutional credit by >30%
• Reduce the time taken to access insurance and credit by >80%
• Reduce the time to settle a claim by >90%
• Proportion of farmers who are trained on climate smart farming skills >50%
• Ensure >40% participation of women and socially disadvantaged groups within our beneficiary population of smallholders
• Net Promoter Score (NPS) >60%

Our impact goals are defined over a 2-year period so that we can invest the time needed to transition from traditional models for insurance, credit and training to the deep-tech approaches supported by our solution, and deploy it over multiple seasons in a community to win the trust of early adopters and benefit from the network effect of their positive endorsements.

Here are some specific indicators for our solution that we use to measure our progress towards our impact goals:

• Reduced Protection Gap: The number and proportion of farmers in a village who have bought insurance coverage, the total acreage and sum insured etc. are indications of financial resilience.
• Increased Capital Availability: The number and proportion of farmers in a village who have been disbursed institutional credit, the total/average credit disbursed etc. are indicators of economic empowerment.
• Underwriting Efficiency: The time taken to underwrite an insurance or credit, indicative of the process efficiencies gained.
• Claim Management:
  • Claim Frequency: The number and proportion of claims submitted (relative to insured units) is an indication of the level of farming risks experienced by farmers.
  • Claim Payout: The total claim settlement payout made to farmers, along with the average settlement amount, and by different thresholds (e.g., small, medium, large payouts) are indicative of loss levels and resilience achieved.
  • Claim Settlement Period: The average time taken to settle claims, which is indicative of the claim processing efficiency and the ability of insured farmers to quickly recover from their losses.
  • Damage Assessment Accuracy: The comparison between crop damage/loss levels automatically assessed by our solution and that estimated by expert human assessors, indicative of the efficacy of technology-enabled loss assessment.
• Training Reach: The number of farmers who receive training/advisories in climate smart farming via the solution, along with completion rates, knowledge retention levels and adoption.
• Diversity, Equity, Inclusion in our beneficiary population, ensuring that our technology-led solution removes the traditional barriers to accessing services that various minority and socially disadvantaged groups face
• User Satisfaction:  Quantitative and Qualitative feedback from users of our solution and their likelihood of recommending it (used for NPS).

The core technologies that power our solution are:

·        Speech technologies, conversational intelligence, generative AI, and automated data capture work in tandem to provide a seamless experience for farmers, minimizing manual inputs and helping users navigate a variety of services on the App. A multi-faceted gamification framework drives high user engagement and incentivizes responsible farming behavior.

·        Augmented Reality and proprietary geo-sensing algorithms help farmers traverse their farms to optimally collect crop images through the crop season, using customizable protocols that factor in farm dimensions, crop type, growth stage etc. Digital registries for flexibly capturing farm operations data in support of climate-smart farming programs and to maintain audit trail thereby creating opportunities for certification and revenue enhancement.

·        Farm-level intelligence using proprietary, deep-learning based Computer Vision models that analyze crop images to automatically recognize crop type and growth stage and assess damage/loss for refined risk assessment (proximal sensing); integrates with remote sensing and weather data for AI/ML models to estimate yield and monitor farms of all sizes.

·        A training platform for regenerative and climate-smart agriculture that offers live training sessions with experts along with an interactive, Do-It-Yourself program for building Shivansh fertilizer (inspired by ancient, compost-based, natural farming practices) that dramatically improves soil health, reduces input costs, increases crop yield and biodiversity, besides encouraging village-level entrepreneurship.

·         End-to-end data encryption and privacy protection across our mobile app and deep-tech platform, with cloud-based auto-scaling for robust workload management.

Full-time staff:20  

Part-time staff: 1 

Contractors: 3

close to 3 years

At Wingsure, we purposefully assemble a diverse team to foster innovation, creativity, and collaboration, resulting in enhanced effectiveness and outcomes. This starts with our leadership team, which covers 4 continents (Asia, Europe, North America, South America), and has 50% women. We consciously promote diversity through our hiring decisions across all roles in our organization. The Wingsure team speaks 9 languages and has 32% staff from a rural/farming background. We celebrate our religious diversity (4 religions) through flexible scheduling for religious holidays. We regularly review our policies and practices to ensure they promote equity and inclusivity. Our remuneration & ESOP policies ensure equal opportunities for career advancement and wealth creation for all.  

As we grow, we remain committed to strengthening DEI across the company, implementing a strategic L&D program to cover technical and behavioral development (including the recognition & management of bias), set up employee resource groups to promote mutual support and sense of community, establish active communication, feedback and reward mechanisms to ensure all Wingsurers feel valued and cared for, and meticulously set DEI goals and track progress over time.

Finally, we extend DEI to align with our mission to serve all farmers, addressing digital & financial exclusion, gender inequities and food insecurities around the world. Through our globally distributed team, we actively engage with farmers from different parts of the world (including women-only producer organizations in an upcoming project) to ensure that our solution is designed with the broadest set of beneficiary perspectives in mind.

Our business model is B2B2C and in specific cases, B2G. Our customers are insurers, creditors, agri-companies and other businesses in the agri-value chain. Our beneficiaries are farmers, especially smallholders, who get access to their service providers via our solution.

Products & Services Overview:

• Our main product is the Wingsure Farmer App and deep-tech platform.
• The end users of the App are farmers (or, agri-extension workers/others assisting farmers).
• Our customers can onboard their products on our cloud-based platform for distribution amongst farmers (their customers).
• Farmers use our App (for free) to access these products and to engage with other services, such as crop monitoring or training.
• Our customers receive farm-level intelligence to better serve farmers - e.g. crop damage assessments accelerating a claims payout, or yield prediction informing a credit decision etc. – and to build localized products.

Benefits:

Our customers want or need our services, because they benefit from having a direct digital relationship with farmers to distribute their products/services and to access high-quality, curated farm-level intelligence for enhancing their offerings. This allows them to significantly reduce operational costs, improve service quality, design more localized products, and enhance farmer satisfaction, leading to faster market expansion and higher retention.

For example, our solution offers the following benefits to insurers:

• Direct channel with farmers accelerates market penetration, shrinks customer acquisition costs and reduces policy servicing issues with high quality underwriting data. Underwriting time reduces from days/weeks to minutes.
• Fast, accurate crop damage and loss assessment reduces fraud and shrinks operational costs for claims servicing. Claim settlement time reduces from weeks/months to minutes/days, driving customer satisfaction and trust.
• Unique farm-level risk insights through real-time monitoring of crop health and farming practices, drives dynamic risk management of product portfolios and the design of new, hyper-personalized insurance products.

The same technological capabilities help lenders enhance the effectiveness of the loan underwriting process to increase market penetration, reduce operational costs, improve lending decision-making and identify potential defaulters early with farm-level risk insights, and design better loan products (including bundling with insurance on a common platform).

On the other hand, our beneficiaries – the farmers – want the App to easily access financial products to protect their assets and invest in their farms, get better and faster services from providers (e.g., a quick insurance payout commensurate with crop loss) and to receive training on climate-smart farming that reduces input costs, enhances crop yield and increases earnings.

Central to this approach is the recognition of the farmer as the pivotal actor. The App is designed to cultivate trust, a critical element without which the collection of farmer data would not be possible. All farmer information is rigorously protected under strict data privacy measures. Unlike business models based on data selling, like those prevalent in social media, our business approach focuses on delivering key, tangible services that are crucial for building a farmer's climate and financial resilience. This ensures that our interactions are both ethical and beneficial, aiming to empower farmers rather than exploit their data.

Here is our plan for becoming financially sustainable:

Revenue: Our revenue model includes technology licensing deals, subscription-based services, and transaction-based revenue from larger deals.      

Other Sources: Eventually, our revenue streams should grow to cover our expenses and yield profits to make us sustainable and reinvest in our business growth. Till then

-            We will raise investment capital to support product development and organizational growth. We are preparing for a Seed round raise at this point.

-            We will raise additional capital through grants from foundations/government agencies. There is a grant application under evaluation/due diligence.

Here are some examples of how our plans to fund our work have been successful so far:

-            As a spin-out of SRI International, we have received initial equity investment from SRI Ventures and also several individual private sources that have been utilized for our product development and early sales.

-            We have initial revenue traction with significant year-on-year growth over the last 2 years and are maturing from transaction-based to technology license-based revenue model with the activation of multiple valuable use cases on our App and platform.

-            We have a healthy and global opportunity pipeline.