Executive Summary
In this episode of Startuprad.io, host Jörn “Joe” Menninger interviews Maximilian Hahnenkamp, co-founder of Scavenger.ai. Maximilian shares his journey from being a field hockey athlete in Austria to founding an AI startup in Frankfurt. Scavenger.ai offers AI tools for data analysis, simplifying complex data management for businesses. They discuss the company’s recent pre-seed funding of €1.1 million and plans for a full software launch by June 2024. Maximilian highlights the importance of reducing bureaucratic hurdles for startups and mentions ongoing efforts to expand the team and attract new investors.
Falling in Love with Frankfurt: “I was doing an internship already more than a year ago here in Frankfurt where I fell in love with the city.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Interested in Working with us?
Have a look here: https://www.passionfroot.me/startupradio
Introduction
Today we’re diving deep into the world of AI with a special guest, Maximilian Hahnenkamp, co-founder of Scavenger.ai. Max, a former professional field hockey player from Austria, shares his entrepreneurial journey that led him to co-found an innovative AI startup in Frankfurt. We discuss how Scavenger.ai is revolutionizing data analysis with their unique one-stop solution powered by three AI tools. Max explains how their technology simplifies data insights for companies of all sizes, from SMEs to international corporations, and addresses the importance of reducing bureaucratic hurdles for startups. Plus, we get a glimpse into their recent €1.1 million pre-seed funding success and their plans for future expansion. Tune in for an engaging conversation on innovation, entrepreneurship, and the future of AI-driven data analysis.
Follow Us on Social Media And Subscribe to Our Newsletter!
If you are listening to our content for the 2nd time please consider following us on social media.
Financial Times Innovation Challenge Amid COVID-19: “It was for three days on where you had to basically, the Financial Times gave you the most pressuring issues of the time, and you were supposed to build a Startupradio it that more or less solves those issues.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Our Enabler HTAI and the Enterprise Europe Network Hessen
This recording was made possible by HTAI and the Enterprise Europe Network Hessen. These organizations have made tremendous contributions to helping startup businesses succeed and thrive, providing a range of services from helping to find grants to ongoing partnerships. By taking advantage of these resources, startup companies can network and develop innovative strategies for success on the international stage. The dedicated support of HTAI and the Enterprise Europe Network Hessen is paramount in providing startup businesses with the tools for lasting success. Learn more here: https://www.htai.de/ and https://www.een-hessen.de/
Our Sponsor Startupraven
A startup’s journey can be a tough one, but it doesn’t have to feel like you’re alone on your quest! Invest in others’ success with us by joining our community of entrepreneurs who are building amazing things every day — no matter how big or small their ideas may seem at first glance.
The best way to find investors and cooperation partners for early-stage startups. Sign up here: https://startupraven.com/
“Entrepreneurship During COVID”: “What we saw during COVID that, like, the art sector is struggling a lot because artists don’t have access to art, or, like, to exhibitions anymore and they’re art fans. So we said, okay. We’re more or less in a nutshell to an online art gallery where they can host online exhibitions and so on, which was very nice.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Questions Discussed in the Interview
Early Beginnings and Influences: — How did Maximilian Hahnenkamp’s experience as a professional field hockey player influence his approach to entrepreneurship and team leadership?
Internship Experiences: — How did Maximilian’s internships at Deloitte and the Financial Times Challenge shape his entrepreneurial journey and prepare him for founding Scavenger.ai?
Challenges and Opportunities in AI: — What unique challenges and opportunities did Maximilian and his co-founder identify in the big data and AI landscape that led them to create Scavenger.ai?
Technical Innovations: — Scavenger.ai features three distinct AI tools for data analysis. How do these tools work together to provide insights, and what makes them unique compared to other data analytics tools on the market?
Scalability and Infrastructure: — What are the key factors that have allowed Scavenger.ai to scale effectively, both in terms of technology and operations?
Funding and Investment: — How did the initial funding from investors like HTGF and Camp Storm Ventures impact the early development of Scavenger.ai, and what are the plans for future funding rounds?
Customer and Market Focus: — What are the different types of industries and customers that Scavenger.ai is targeting? How does the flexibility of their AI solutions cater to both large enterprises and SMEs?
International Expansion: — What considerations and preparations has Scavenger.ai made for international expansion, and how does their GDPR compliance provide an advantage in the European market?
Hiring and Team Growth: — As Scavenger.ai plans to grow their team, what skills and qualities are they looking for in new hires, particularly in the tech and business sectors?
Feedback for Local Innovation Ecosystems: — Maximilian mentioned the need for reduced bureaucratic hurdles for startups. How can local governments and innovation hubs better support early-stage startups to accelerate their growth and market entry?
The Data Dilemma: “All of the companies say that data is super important, yet nobody really likes to deal with it.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
The Video Podcast is set to go live on Thursday, May 23rd, 2024
The podcast is available early to the members of our YouTube channel.
Don’t Miss An Episode:
Follow us on Telegram and get alters, when we publish a new episode: https://t.me/startupradiochannel
Not enough time? Join our monthly Newsletter on Slack: https://startupradio.substack.com/
The Audio Podcast is set to go live on Thursday, May 23rd, 2024
You can subscribe to our podcasts here. Find our podcast on your favorite podcasting app or platform. Here are some of the links to subscribe.
Spotify
Apple Podcasts
Castbox
Global Podcast Network (Formerly NY City Podcast Network)
Good Pods
From Internship to Innovation: “Felix built a short POC overnight. We reached out to early investors, Scott from Catelligent and Volker Ford and Ashkara, a very early investor early on that believed in the idea, where back then, it was just Felix, me, and the pitch deck and the POC that he built overnight.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
The Founder
Maximilian Hahnenkamp (https://www.linkedin.com/in/maximilian-hahnenkamp-31abb8103/), co-founder of Scavenger.ai, is a 26-year-old entrepreneur hailing from Vienna, Austria. Max’s journey is a fascinating blend of sports and academia. From a very young age, he immersed himself in the world of field hockey, eventually becoming the captain of the Austrian youth national team and leading them to multiple European championships. While achieving great heights in sports, his academic pursuits also flourished. Max studied business law, which has a more law-focused curriculum, and further enhanced his business acumen through an internship at Deloitte and a stint at the Financial Times Challenge. During the challenge, he conceptualized a startup to detect airborne particles to help mitigate transmittable diseases, showcasing his innovative thinking.
Maximilian’s entrepreneurial spirit truly ignited during his tenure at Bocconi University, where he studied management. It was here he met his co-founder, Felix, who brings a strong tech background to the table. Together, they ideated and launched Scavenger.ai, an AI-focused startup aimed at tackling the data overload in large enterprises. By leveraging AI, Scavenger.ai provides streamlined data analysis tools that help businesses convert complex data sets into actionable insights. The venture quickly gained traction, securing €1.1 million in pre-seed funding and attracting a diverse clientele from global corporations to German SMEs. Max’s journey from a professional athlete to a successful startup entrepreneur illustrates a unique blend of discipline, leadership, and innovative thinking.
Global Business Software: “It’s a very mathematical software that with the LLM layer that we put on top make it accessible for also people who don’t necessarily studied statistics or mathematics to understand it.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
The Startup
Scavenger.ai (https://scavenger-ai.com/), co-founded by Maximilian Hahnenkamp, is an innovative startup based in Frankfurt with an ambitious goal to transform data analytics through artificial intelligence. The company has successfully navigated the early stages of its growth, securing €1,100,000 in pre-seed funding, backed by notable investors such as HTGF and CampStorm Ventures. Scavenger.ai’s distinctive approach sets them apart in a crowded AI and data analytics market. They offer a one-stop solution where users can upload any type of data, ask simple business-related questions, and receive comprehensive answers generated by a trio of AI tools. These tools are designed for data cleaning, statistical analysis, and interpretation, producing insights and reports in plain language within seconds. Their product is versatile enough to support multiple languages, including English, German, Italian, French, and Spanish, ensuring broad applicability across various industries and regions.
What distinguishes Scavenger.ai from its competitors is its dedication to solving complex data problems with simplicity and efficiency. By employing a modular infrastructure based on microservices, the startup ensures a highly scalable and cost-effective solution. Their AI-driven approach allows even those without a background in statistics or mathematics to easily harness the power of advanced data analytics. Scavenger.ai works with clients ranging from German hidden champions to large enterprises in the food and beverage and sports sectors. Their commitment to GDPR compliance and data security, with all servers and databases located in Frankfurt, further builds trust and reliability among users. Moreover, their strategic growth plans include expanding their talented team and preparing for an upcoming seed round, highlighting their readiness to scale and their ambition to make a global impact in data analytics.
“Solving User Problems with AI, Not Just Using It for AI’s Sake”: “you have a technology, like, at the moment, it’s artificial intelligence that you want to use not for the sake of using artificial intelligence, but to actually solve the problem of the user, which in the end is the good thing.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Venture Capital Funding
Scavenger counts amongst it’s investors HTGF and CampStorm Ventures. They raised €1,100,000 in pre-seed funding. Reach out when you want to participate in the next funding round.
“Tech Team’s Triumph: ‘Felix and the tech team here did a really, really great job and set everything up in a very modular structure. In tech terms, it’s called microservices, which allows us to have a very, very scalable approach of the software.’” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Hiring!
The startup is hiring. Learn more about the team here: https://scavenger-ai.com/team and also apply there.
“Startup Success Hinges on Speed”: “I do think that especially in the early stage of a start up, like, the less bureaucracy you have, the better.” — Maximilian Hahnenkamp — Co-Founder Scavenger.ai
Tune in to our Internet Radio Station here:
Join more than 170.000 monthly listeners and stay ahead of the curve with content from more than a dozen amazing creatives for everything you need to know for Tech Entrepreneurship!
Startup.Radio - Tech Entrepreneurship Radio
Links / Further Readings / Additional Resources
Interview with the CEO of HTGF https://medium.com/startuprad-io/meet-europes-most-important-seed-investor-95396e298363
Feedback
We are always looking for ways to make the show better. Please take this opportunity and share your feedback with us! We would love to hear from YOU!!!
The Interviewer
This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. Reach out to him:
Keep Up to Date
Here is our publication calendar: https://calendar.google.com/calendar/embed?src=012i27ak525qi3smgjl8v9tbio%40group.calendar.google.com&ctz=Europe%2FBerlin
Automated Transcript
Jörn "Joe" Menninger [00:00:00]:
Hello, and welcome, everybody. This is Joe from Startupradio dot Joe, your Startupradio podcast and YouTube blog from Germany. Welcome another guest from Frankfurt in our series, Tech Startups Germany, with the European Enterprise Network, Hessen. Hey, Max. How are you doing?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:00:15]:
I'm fine. Thank you very much for the invitation. Happy to talking to you today.
Jörn "Joe" Menninger [00:00:18]:
Totally my pleasure. As I said, our enabler today is Hessen Trade and Invest and the Enterprise Europe Network. This recording was made possible by Hesen Tread and Invest and the Enterprise Europe Network, Hesen. These organizations have made tremendous contribution to helping start up businesses succeed and thrive, providing a range of services from helping to find friends to ongoing partnerships. By taking advantage of these resources, start up companies can network and develop innovative strategies for success on the international stage. The dedicated support of HDAI and the enterprise you work work Hessen is paramount in providing start up businesses with the tools for lasting success. You can learn more in the show notes down here in the show notes down here below wherever you will looking at this or listening to this. For everybody who's watching, sorry for the red eye, but allergy season is up on us again.
Jörn "Joe" Menninger [00:01:17]:
Now that we have everything out of the way I'm sorry. That that that that was a lot of initial stuff. Maximilian, would you like to introduce yourself and how you, an Austrian guy, ended up setting up a AI Startupradio in Frankfurt?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:01:34]:
Yeah. Sure. Thank you very much. So hi, everyone. My name is Max. I'm 26, and I'm originally from Austria in Vienna, as Sir already mentioned. And, yeah, how we came up Menninger scavenger here in Frankfurt is actually I was doing an internship already more than a year ago here in Frankfurt where I fell in love with the city, and we got to know the, like, props on the stage to our very good lawyer, doctor Jan Felix Kumpka, who was of big help of all the bureaucracy that's going on around founding a Startupradio who suggested us because we really trusted him to set it up here in Frankfurt where he could be of help the whole time. So, yeah, started here and stayed here.
Jörn "Joe" Menninger [00:02:09]:
As everybody can tell, not everybody from Austria need to have an accent like Schwarzenegger. I have to admit right now, I do believe his accent is kind of an act, that people instantly recognize. Oh, that's a kind of branding stuff. You studied in Vienna and balcony. But what I found very interesting, you have been a professional athlete for some time according to your LinkedIn profile, which, by the way, we are also linking down here. Can you talk a little bit about that, what you did here, and what kind of sports?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:02:46]:
Sure. Of course. Very happy to. So, yeah, I was playing, hockey from a very young Joe, actually, from 4 years on. And, yeah, I went through, like, on the national level to an international level and was captain of the Austrian youth hockey national team here. Played couple of European championships, won I think in the end, there was 4 championships of the Austrian in the Austrian level. Yeah. It was a really great time looking back into it.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:03:10]:
And, yeah, I'm busy from time to time.
Jörn "Joe" Menninger [00:03:13]:
And we're talking about here field hockey, not ice hockey. Right?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:03:17]:
We're talking about field hockey. For me, it's always clear, but for someone who didn't play field hockey, obviously, ice hockey is the first thing that comes to mind.
Jörn "Joe" Menninger [00:03:24]:
Okay. You did a few internships, including at Deloitte where we did not met, and you have been at the Financial Times Challenge. What was this all about?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:03:37]:
Yes. It was actually a very cool initiative by the Financial Times. Back then, it was supposed to be in London. And luckily, obviously, it was COVID, and I was doing it back from my living room. Nevertheless, the challenge was really, really cool. It was for 3 days on where you had to basically, the Financial Times gave you the most pressuring issues of the time, and you were supposed to build a Startupradio it that more or less solves those issues. So I would say it was, totally cool. You were given, experts and access to a lot of knowledge, from experts from the Financial Times and could build, in a nutshell, the start up in 3 days that then got accessed by XUEZ.
Jörn "Joe" Menninger [00:04:14]:
Mhmm. Mhmm. What what was your start up idea?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:04:18]:
Our idea was actually back then because it was the time a detector that detects particles in the air to make, like, an early detection system for transmittable diseases like COVID.
Jörn "Joe" Menninger [00:04:29]:
I I assume they will still be useful in the future. And then you started your own company in January 2020, stopped that and started with scavengerai according to your LinkedIn profile. Can you take us through this journey? Because, you stop Joe company and then you instantly start with another in an AI company. How did you meet your cofounder? How how did you get started with the idea?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:04:54]:
Definitely. So back then, I like my background is a bit of a different one. Like, I actually studied business law, which has way more of a law focus than a business focus, which is also Joe reason why I worked first at Deloitte because I said I wanted to get a bit of a background more into business and then also started the first company, which back then was called Walking Art, and it was more yeah. My first steps into entrepreneurship, I would say, together with a colleague of mine. What we saw during COVID that, like, the art sector is struggling a lot because artists don't have access to art, or, like, to exhibitions anymore and they're art fans. So we said, okay. We're more or less in a nutshell to an online art gallery where they can host online exhibitions and so on, which was very nice. But then I joined because it was actually a case that I was way more interested in the business side, and I joined Bocconi University in Italy to study management there.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:05:41]:
And as then, the work required a lot of personal meetings with the artists. It was a local business focused in Vienna. It was not possible anymore. But, luckily, in Bocconi, I had my lovely cofounder Felix, who is leading the tech part at Scavenger, who I reached out to to very, very early on. And, Yeah. He was a fan of the idea. We talked to it a lot. And yeah.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:06:08]:
So over long nights and early mornings, we talked in coffee chats at Macquarie University about it and, in the end, decided to fund together.
Jörn "Joe" Menninger [00:06:18]:
I see. So, basically, you're an Austrian guy and your cofounder is German?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:06:22]:
Yes. My cofounder is German. He's from Aachen.
Jörn "Joe" Menninger [00:06:25]:
From From from Aachen and from Austria, and you end up setting up a company in Frankfurt. That is pretty interesting. How did you get started? Can we first talk about what scavenger does and then how he got the idea to do actually something like that? Because for me, personally, to have, a business lawyer doing AI is is quite a stretch.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:06:51]:
Definitely. So Felix and me both, before doing our masters, we worked in big corporates first. And we were basically coming back from our summer internships where we worked in big corporates before, and we saw a problem that all of the companies say that data is super important, yet nobody really likes to deal with it. So you end up that all of the companies have tons of data. They create more and more data every day, but they lack the time and they lack the resources to actually draw any insights out of it. And that was a problem that I'm sure your listeners, like, also know of that. It's really difficult if in a company you have to take a decision but do not have the necessary insights into your data to actually take that decision. So, yeah, long story short, we came back from that summer internship.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:07:28]:
We exchanged that idea. And luckily, you got very early on on initial funding. Like, I was still then working with my internship in Frankfurt at a venture builder with focus on software and AI, where I got more in touch with that. Felix was working before 2 years as a lead in software development, so he also had a bit of more experience in that field. And so, yeah, Felix built a short POC overnight. We reached out to early investors, Scott from Catelligent and Volker Ford and Ashkara, a very early investor early on that believed in the idea, where back then, it was just Felix, me, and the pitch deck and the POC that he built overnight. And, yeah, then we quit our jobs because we thought it might make more sense to work on this full time than before work and after work. And, yeah, here we are.
Jörn "Joe" Menninger [00:08:11]:
It is quite interesting. If I wrap it up, my understanding is from what you guys are doing is you have 3 distinct AI tools that help you analyze data you have from your own company, Menninger up data, doing statistical analyzes, and generate an output in in simple language. In which languages is this available? And can you take us a little bit through the journey? Is, like, 22 of those tools, are they for cleaning, for aggregating data, or how does it work?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:08:53]:
Yeah. Definitely. So in the end, what we wanna do is offer customers a one stop solution. So they can upload as you mentioned before, they can upload any kind of data. Any kind of data sounds generic, but it's on purpose. It is generic. So you can imagine you can upload 27 excels, free PDFs, a word, whatsoever, or connect your company databases to it. Yeah.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:09:13]:
Once you've done that, you can ask a very simple question. Like, normally, you would always ask yourself like, okay. How can I improve my profit? From a user perspective, that's everything you need to do. And then as you mentioned before, we, in the back, actually have developed 3 different AI tools that are connected together in one workflow to solve the problem of the user in less than 10 seconds, but you can also only use 1 out of the 3 tools if you want to. And, yeah, actually, very correct, as you mentioned before. The first tool, it all starts with data clean, where we have a tool that automatically detects anomalies inside the datasets, also does all of the statistical data cleaning, and separates the numerical from texture data. 2nd, we save the texture data. We forward the numerical data to the next tool, which is more or less the key of scavenger dotai, which first has an algorithm that detects based on the question you asked, based on the data that got uploaded, what's the right mathematical numerical test to run.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:10:04]:
But then we don't stop there. We don't run 1. We run, like, 100 of tests simultaneously, choose the one which has the highest statistical fit, also safe that where already the textual data is waiting. And lastly, we have an interpretation agent that enriches all of it with industry data, looks at the question, looks at what outcome we've generated, and translates all of it into a nice looping dashboard that answers the question that the user asked
Jörn "Joe" Menninger [00:10:25]:
before. That is pretty interesting. How far along are you? You guys just straight erased. By the way, that was the trigger, while we're talking today. You raised €1,100,000 in pre seed funding. Investors includes HTGF, the high-tech, By the way, everybody who like to, get to know the CEO down here in the show notes, we link our interview with him and Camp Storm Ventures from Vienna. So you're in pre seed, how far along are you and what kind of data can you work with, and how do your clients look like? Is it like the handyman from around the corner, or is it like the big international banks?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:11:10]:
Definitely. So, both, actually. All of the options you mentioned below. Joe, yes, all all of them, basically. So the way what we say at the moment, we launched our 1st MVP back in November 2023. And this MVP, we're at the moment trying out and testing out with pilot partners. Why are we doing that? Because we say, okay. We wanna be as close as we can in development to our potential and future customers while we already generate from that, value for them.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:11:39]:
So, actually, a win win situation, ideally. How are our customers look like? I'm actually unlikely not allowed to do some big name dropping here, but we're working with big enterprises, Joe, like, the big ones that you actually know to, like, the classical SMEs in Germany. And, yeah, based on that, because in the end, the software itself is very, very flexible. It's a very mathematical software that with the LLM layer that we put on top make it accessible for also people who don't necessarily studied statistics or mathematics to understand it, which then I would say in, big enterprises, we always talk to head ops and depart head of departments, and in smaller companies, SMEs, we always talk to the c level executives. And yeah. Because you also asked before, and I totally forgot to answer it, like, the software at the moment is available in English, but it's no problem to switch language. It also works in Italian, German, French, and Spanish, if I remember correctly so far. But we're happy to add another language if the language barrier should not be covered by that yet.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:12:40]:
Mhmm.
Jörn "Joe" Menninger [00:12:42]:
There is right now a lot of tools out there. There's like a sea of tools in data analytics and AI. How are you guys different here?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:12:56]:
Definitely. I mean, we are obviously in a client. We do look at the competition, and we see that it's a very crowded space. Yet one thing we've always tried to mention is, like, we really wanna live by that, is that in the end, you have a technology, like, at the moment, it's artificial intelligence that you want to use not for the sake of using artificial intelligence, but to actually solve the problem of the user, which in the end is the good thing. How you solve it, the user doesn't care. So the way that we say it is, like, yeah, we have developed, in the end, its free AI tools that are AI powered, which are, at the moment, the best possible way to solve the problem for the user. But as described before, we have developed this one stop solutions that is powered by the free tools where the user literally doesn't have to do anything else than throw all of the data in, ask the questions, and we do all the analytics more or less like a consulting project on a click for them.
Jörn "Joe" Menninger [00:13:42]:
You're not permitted to drop names, but can you drop industries? And what kind of industries are your customers right now working?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:13:49]:
Yes. Definitely. So we're working a lot in the food and beverage sector. We're working a bit in the, in the sports sector as well because also there, there's a lot of data available. And we're working also with the classical, I would say, like, German hidden champions, let's say it like that. Mhmm.
Jörn "Joe" Menninger [00:14:08]:
Scalability is often a challenge for AI startups. How do you guys plan to scale in terms of operations and infrastructure?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:14:17]:
Definitely. So in terms of infrastructure, Felix and the tech team here did a really, really great job and set everything up in a very modular structure. In tech terms, it's called microservices, which allows us to have a very, very scalable approach of the software. Also at the moment, like, which is one of the few of the reasons why we got the cool investment is that we're really set up for scalability, and our costs in that case are very, very low. So that's very nice. In operational levels, like always, it's something you have to do with time. We are gonna grow. Like, with the investments, we're gonna grow up to 20 people because, obviously, operational load is getting heavier.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:14:53]:
But, like, we're also covered with the investment to, to lift that definitely.
Jörn "Joe" Menninger [00:14:58]:
Mhmm. You talked about investments. After pre seed, it usually suggests that you want to do a siege round. What are you guys' long term goals? And, when when you go to the website, you can basically register to be a test client. Do you have any guesstimate when you'll be open to all clients out there?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:15:21]:
Yes. That's a very perfect concession. Love to love to tease it out here at this at this point. So, yeah, actually, at the end of Q2 2024, so, like, in end of June, we're gonna launch the whole software live. So from then on, you can actually you don't need to be a test partner anymore, which obviously also has its advantages. Joe if you still want to be a test partner, happy to work with you. Yet from end of June 2024, your whole software is gonna go live.
Jörn "Joe" Menninger [00:15:47]:
Mhmm. I see. I see. What other plans do you have? We're now drifting a little bit into into the outlook area,
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:15:59]:
in
Jörn "Joe" Menninger [00:15:59]:
terms of geography, but I would believe everybody from the European Union is pretty safe in throwing your data into the, analytics tool because you're based in the European Union. Do you plan to expand for international clients?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:16:17]:
Yes. Definitely. Like, first grade that you mentioned it, like, at the moment, which is very, very important for all our customers that we have so far, is that all our servers, our databases are in actually in Frankfurt in Germany as well and are 100% GDPR compliant, which obviously is is huge. So I would say, like, also due to, as mentioned before, the language variant because we're already set up very, very well in terms of data security, which in Europe obviously is way more protected than when you look to the Asian market or the American market. Joe I would say, like, also in case of those crucial issues, we're already set up for expansion here. Mhmm.
Jörn "Joe" Menninger [00:16:54]:
You already have 4 investors. Mhmm. I I was wondering, and for most people who are listening to this are wondering, are you open to talk to new investors?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:17:06]:
Yes. Definitely. I mean, like, before the round, after the round, and vice versa, I would say. So we're always open to talking to new investors. Actually, like, straight after the free seed round, straight after the closing, we already went into talks with new investors for the seed round, which we still is far away. Like, should be closed at the end of 2025. But it's also always great to talk to investors and interesting people during times where there is not the regular fundraising chaos. So, yeah, very happy to also get in touch now.
Jörn "Joe" Menninger [00:17:36]:
The regular fundraising chaos. Ah, yeah. I see. Usually, a lot of people are out here, looking for potential employers. Are you guys also looking for new people out there for new hires?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:17:51]:
Yes. Definitely. Always. Like, we know that one of the key assets we have at the moment is great people, and our product and our company is only as good as the people that we have on board. So, yes, 100%. We are actually trying to as said before, we're trying to grow from 10 to 20 people this year, meaning that we have still 10 spots available, if you're hearing this. Still, there's a bit of a focus on the tech team, yet we're also slow and steady trying to set up the business side. So, actually, no matter which background, we're always happy.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:18:21]:
We also have a spontaneous application field at the moment on the website. So always happy to receive application from bright people.
Jörn "Joe" Menninger [00:18:28]:
Everybody who'd like to talk to you, we do have the LinkedIn profile of your LinkedIn, our blog post, as well as your career website in our show notes here. Since this is an interview with Hessen Trade and Invest, you would be, if you would like to address the decision makers here in the state by, like, one question, one idea for improvement, something like that. What what will you say to them? What would your, what what would be your wish for the future?
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:19:05]:
Definitely. So first of all, I think that's actually, there are a lot of cool things going on right now in Frankfurt with the lately founded AI Hub, the Kaee Hub, also has CNEI and so on. Yet I do think that especially in the early stage of a start up, like, the less bureaucracy you have, the better. As also in the tech market, speed to market is absolutely crucial. And I remember we as well, we were sitting in front of a lot of applications that back then, like, it takes a lot of time. You're not allowed to be funded, like, officially incorporated back then. So I think those bureaucratic hurdles are quite steep at the moment still. So reducing that and making it actually easier for start ups to catch up with competition as fast because, as mentioned before, speed is one of the most important things in during this phase.
Jörn "Joe" Menninger [00:19:51]:
Mhmm. I see. So get more speed. But but I have to admit that could be something I say, although for Germany, not sure what they can do about it here. Maximilian, it was again a pleasure to have you here. Thank you for Hessen Tried TO Invest and Enterprise Your Work Network for sponsoring this podcast.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:20:12]:
It was
Jörn "Joe" Menninger [00:20:12]:
a pleasure to have you here. Thank you.
Maximilian Hahnenkamp - Co-Founder Scavenger.ai [00:20:14]:
Thank you very much for the invitation. It was really fun.
Jörn "Joe" Menninger [00:20:16]:
Thank you. Have a good day. Bye bye.
Kommentare