Early-stage investment firm Antler Australia recently backed a new cohort of startups as part of its ongoing program to build great local tech companies.
Startup Daily shares the details of each venture in the “Antler Investor Memos” series, which is designed to give you a quick, incisive insight into the startups and people involved, with many seeking follow-up capital beyond the initial pre-seed investment from Antler.
Company Name: ScreenApp
Date of incorporation: 2022
Stage of business: Pre-seeding
founders: Andre Smith and Buddhika Jayawardhana
Current investors: antlers
Currently increase: Yes
Description of the company
The pandemic accelerated the digital transformations of organizations around the world, with many organizations rapidly moving to video conferencing and training in a remote-first environment. Zoom had more than 300 million video conferencing participants every day in 2020, while the entire video conferencing market peaked at US$7.71 billion last year representing a 20% increase in 2021.
As organizations embrace remote working, they often struggle to document hundreds, if not thousands, of hours of video content creation. ScreenApp solves this as an all-encompassing business assistant that revolutionizes the way organizations capture, organize and consume video.
The SaaS platform offers a unique combination of simple video capture, AI-powered searchability, digest, and workflow integration in a unified workspace. From internal staff training, customer onboarding, recording daily meetings, educators creating libraries of course content, and more, ScreenApp helps organizations capture and generate insights from their video content.
With over 17,500 active monthly users, ScreenApp’s easy-to-use functionality has been described by many as “similar to talking to someone who watched the videos for you.” In the past month alone, the platform has processed more than 130,000 videos, empowering organizations to strengthen their collective knowledge sharing.
Antler investment thesis
“With more than 17,500 monthly users on the platform after securing Antler’s Pre-Seed funding in December, ScreenApp’s significant user traction is among the strongest we’ve seen from a local portfolio company within months of joining Antler,” said Cath. Rogers, Partner at Antler Australia.
“Together, Andre and Buddhika have launched or built four video-focused startups over the past decade. Their insatiable drive to derive tangible value and insights from thousands of hours of AI-enabled video content makes us believe that ScreenApp will become a critical knowledge base for organizations.”
Traction/milestones, so far
Since securing Antler’s Pre-Seed in December, ScreenApp has soared to new heights with over 225,000 registered users, up from 180,000. With over 400 paying subscribers, ScreenApp has experienced more than 20% month-over-month growth in monthly recurring revenue, in addition to growing interest and new business-level subscriptions to unify their employees’ ScreenApp accounts.
Use of Funds
The initial investment from Antler Australia will enable ScreenApp to accelerate its growth by expanding its product offerings, expanding its workforce, investing in customer acquisition strategies and partnerships and improving the user experience.
As ScreenApp continues to rapidly grow its sizable user base, the company is focusing on activating revenue growth for the company.
The founders say
“Video is the richest form of communication there is. In recent years, it has become a mission-critical asset. The transition to remote work has accelerated demand for video worldwide, yet documenting video is complicated, often disorganized, painful and unproductive for organizations to discover and consume,” said Andre Smith, co-founder of ScreenApp.
“ScreenApp exists to make video easier and more accessible for people to store their knowledge. Our vision is to make video the universal language for business documentation.
“We are well acquainted with the challenges and pain points organizations face when capturing, organizing and summarizing their video content.
“With our active monthly user base of over 17,500, usage of our platform has gone far beyond what we initially anticipated. As a video knowledge base, employees no longer experience situations where they miss something important during a meeting because ScreenApp captures and shares it for them. Additionally, with the rapid adoption of ChatGPT, many HR teams are now leveraging our product to ensure that candidates in the hiring process complete the assessment tasks assigned to them, rather than using generative AI technology to do this for them.”
“Antler has been instrumental in providing strong mentoring and coaching, as well as collaborative support in developing successful business strategy and product market alignment. Thanks to its team of seasoned entrepreneurs and industry experts, Antler ScreenApp has been able to provide valuable guidance along with a community of aspiring founders to share the experience.”
Antler, an early-stage global VC, is revealing all of its latest investments in aspiring Australian founders and startups. With over 100 investments in early stage companies, ScreenApp is one of the most recent portfolio companies.