Premoney 48: Trova Health & Snaptrude

Happy belated Valentines day? Everyone knows that the second most romantic day of the year, is the day that you find one (or two) companies that you absolutely love. Let’s make today that day!

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This weeks’ companies:

Company: Trova Health

Founder: Dana Allison

Raise Details: $750,000 pre-seed, capped SAFE round.

Verticals: Health

Business Model: SaaS

1-Liner: Increasing access to virtual mental health care to those living abroad with intelligent provider matching, globally.

Description: The expat and international communities are growing annually at a rate of 6%, now comprising 1% of the world population. Those living abroad suffer from greater frequency of anxiety and depression due to challenges of living abroad and now because of the pandemic, these numbers of mental health challenges have increased in alarming ways.

• Youth depression globally has doubled

• 53mm new cases of depression worldwide.

More people than ever are seeking mental health support worldwide but there are limitations to finding cultural and language symmetry. On the provider side, Covid-19 has catalyzed acceptance of and demand for telehealth/virtual sessions, but global providers do not have an adequate tech infrastructure to broaden patient reach and meet growing demand.

Thus our target market is two-fold. First, we are focusing on behavioral health specialists and providing comprehensive virtual care and practice management software to expand their care globally and unlock our provider matching marketplace using a SaaS business model. We will then focus these services, and our intelligent matching network on those living abroad, global insurance companies that want to provide better care for their members studying, working and traveling abroad and educational institutions who have international student and study abroad programs in B2B2C enterprise and D2C services available.

Traction Indicators:

• 10K revenue in 4 months.

• Pre-launch waitlist.

Company: SnapTrude

Founder: Altaf Ganihar

Raise Details: Raising $5 million, already backed by Accel Partners. Looking for angels & funds to complete the round.

Verticals: Construction

Business Model: SaaS

1-Liner: Figma for Construction: Collaborative 3D building design tool on the web.

Description: Design to construction is a long & complex journey. It involves at least five disconnected tools built in the 90s that enforce a sequential workflow in the design to the construction journey. However, design of any nature is well known to be an iterative process. Similarly, building design is a highly iterative and non-linear process. There are significant overlaps between each phase of the journey like programming overlaps with concept design which then coincides with design development. Unfortunately, the incumbent legacy tools create a disconnected workflow & enforce a linear structure in a highly non-linear process.

Imagine having to make a small design change like extending the size of a room & logically, one would like to know the impact on the budget or on the local compliance the building would have to meet or even the climate impact of this design decision. Unfortunately, today these data points are computed either through a complex manual process or avoided altogether, leaving decisions that can cost thousands (even millions) of dollars on intuition.

Manually computing these data points is alright if done once, but building design involves taking hundreds or even thousands of similar decisions. Existing tools force design teams to wait weeks, bringing up designs to basic specifications before aggregating feedback & data points. Most design decisions have a long-term impact as buildings are built to survive for decades. The design decisions directly impact energy consumption, building maintenance, livability, etc., which are hard & expensive to fix later. In fact, according to studies* (Mclearmy Diagram), 80% of construction & maintenance inefficiencies of a building are directly due to flawed design decisions.

Further, for an industry that thrives on collaboration, involving multiple stakeholders from an Architect to a contractor with teams working across geographies, there is no reliable platform for real-time collaboration.

In an industry where the impact lasts for years, this lack of actionable feedback & lack of collaboration causes decisions to get severely delayed, resulting in massive cost implications for retrospective corrections. The biggest losers of this process are regular citizens who inherit unsustainable, expensive to build & maintain buildings.

Snaptrude is being built to help design teams build more efficient & sustainable buildings faster to address this. It’s possible by enabling real-time collaboration between various stakeholders & removing any impediments in the current workflow to help them make objective decisions through data.

Traction Indicators:

• $164K in revenue bookings

• $240K active pipeline.

• Projected $750K by 2022.

• Product version-1 launch in April 2022, currently in beta with ~249 MAUs.

That’s all for this week!

Jake