With each of our innovator stories, we get a chance to meet the people behind EU-funded ideas, which have the potential to change our future for the better.
OPT/NET was selected as the best pitch from Dealflow.eu’s Artificial Intelligence E-pitching Event held on March 2024, and we took the opportunity to talk again with Seva Matselyukh, co-founder and Chief Commercial Officer (CCO) of the startup.
OPT/NET is a Dutch startup whose AI product enables Network Operators to monitor and manage their infrastructure with Artificial Intelligence.
They were previously selected by the jury as the best pitch from Dealflow.eu’s E-pitching Event dedicated to Artificial Intelligence and Machine Learning, which took place on April 2023, and had a first interview with us.
OPT/NET was supported by the EU with €813k in grants so far via different R&I projects, e.g., Goldeneye.
Last year, you were selected as the most promising innovator in the first Dealflow-eu’s Artificial intelligence and Machine Learning e-pitching and we had an interview with you. Since then, how has OPT/NET evolved?
It has been a big year for us at OPT/NET. We have new customers using the product, including Telecommunication providers as well as large banks! We have also formed an advisory board who is helping us expand outside of our home country of the Netherlands.
What was the biggest challenge in your fundraising journey so far and how did you overcome it?
We are an AI solution provider for monitoring critical infrastructure, and one of the quirks of our industry are long sales cycles. Typically, VCs are not the biggest fan of this as long sales cycles means it takes longer to scale up operations. While we have shortened our sales cycle this year due to our increasing credibility, we have put emphasis in our pitch on our customer lifecycle being long (10+ years!). Therefore, we focus now on B2B VCs who are more “Deep Tech” focused.
How do you envision leveraging the partnerships and networks brought by previous funding and investment to advance your mission?
We have two types of partnerships in mind. The first group are Commercial “Agency” Partners, who help us access new geographical markets by having strong networks in their respective areas. Technology Partners are the second group, who are involved with the usage or integration of our product. These can be Managed Service Providers, who provide Network/Security Operation Services to Enterprise. Both partner groups help us expand the reach and captured value from our product.
What is next for OPT/NET in terms of product development and innovation? Are there any exciting projects or upcoming milestones you can share?
In the last year, all the rave about AI has been in Large Language Models (LLMs) and Generative AI. Naturally, our team has not been sleeping and sees strong use-case for this technology in our product. Just last quarter, we released version 8.0.0 of OptOSS AI which includes the “beta” version of our “Semantic AI” functionality. It leverages LLM and Vendor Documentation to provide a Layman’s explanation of the Network Anomalies our product detects. This should greatly increase the speed at which our customers can interpret all anomalous activity ongoing in their critical infrastructure.
How do you see the current European landscape regarding Artificial Intelligence?
Europe has the capability to incubate startups and AI Technology. The biggest risk though is that the talented companies are lured away to the UK and US markets by more attractive valuations and funding opportunities. This almost happened to us when we were provided with a conditional offer assuming we would move our HQ.
Finally, reflecting on OPT/NET’s journey, what are the most valuable lessons you’ve learned as a leader, and what advice would you give to aspiring entrepreneurs in the Artificial Intelligence field?
AI technology provides startups with a wide variety of use-cases they can sell to a whole bunch of different verticals/use-cases. While this is tempting, starting with one use-case you can be best in and dominating it, beats the wide “we can do everything” approach.
Article published by EurA AG.
The aim of innovator stories is to highlight and share with investors and relevant stakeholders in the industry, insights, and unique stories from some of the most innovative EU-funded project that Dealflow.eu is proud to support.
If you are an investor who wants to connect with OPT/NET, please feel free to reach out at [email protected]
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Supported by the European Commission, Dealflow.eu discovers and supports the most promising EU-funded innovators and connects them with relevant investors and corporates. The initiative was launched to help groundbreaking innovations secure the funding needed for their future commercialisation by offering them tailored support and matchmaking services.
To learn more about Dealflow.eu, visit https://dealflow.eu/
Disclaimer: Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the Directorate-General for Communications Networks, Content and Technology. Neither the European Union nor the granting authority can be held responsible for them.
