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NZ was able to recover from the COVID-19 pandemic relatively early than other developed nations, majorly due to its proactive government and the geographic location. As the economy recovers gradually from the disruptions caused due the coronavirus pandemic, companies have started opening offices and start-ups are again gaining momentum.
NZ is a small nation of 5 million people but has a rising list of start-ups due to funding and investment advantages the country enjoys.
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Here is the profile of 8 NZ start-ups that are trying their hands in different sectors and are targeting markets abroad.
1. Predict HQ
The start-up accumulates datasets from numerous events and helps companies in understanding demand in a better way and preparing for the future. It is an Auckland based company, founded in 2015 and had customers worldwide. It has a team each in both Auckland and San Francisco, which combine Kiwi compassion and American aspiration.
In February, the Company raised US$22 million in series B funding to help Uber and others forecast demand, using big data analytics. Predict HQ also predicted that the economic impact of the tech event cancellations due to COVID-19 spread had crossed US$1.2 billion by early March 2020.
2. Halter
Halter is an ag-tech company that allows Waikato farmers to move and manage their cow herds. It has developed a solar-powered band, which links to an app that acts as a gateway for farmers to manage their herds remotely, sets virtual fencing, and gives alerts when cows show signs of distress or poor health.
A sensor device has been created, which can be worn on a collar around a cow’s neck. The collar can record data on the position and movement of a cow and generates vibrations, which can be used to move cows to certain locations.
3. Nyriad
Nyriad has created a distinctive software design, which allows the company’s high-performance storage controller to benefit from the rare processing attributes of the CPU and GPU.
In October, Nyriad announced completion of $11 million funding in Series B round and converted $22 million convertible note into equity. The Company now possesses 15 million in cash to finance its entrance into the US market. The funding would permit the Company to confidently expand into the US.
4. Soul Machines
Soul Machines is the only organisation with a licensed Digital Brain that produces the most humanlike and creatively responsive Digital People. It collaborates with some of the world's most well-known brands to recreate and drive AI as a forum for improving the consumer experience.
In December last year, the Group partnered with Active.Ai, the world’s most innovative companies to deploy Digital People, which would give new ways to engage customers. In February 2021, Soul Machines and Nestle Toll House introduced Ruth the Cookie Coach assistant to provide interactive baking experience.
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5. LearnCoach
LearnCoach is a tutorial platform, which started in 2016. It makes learning easy for all students. LearnCoach grew from helping 150 students after its launch in 2012 to helping over 150,000 students every year.
The Company launched its first-ever online classroom in 2020 during COVID-19 lockdown in mid-2020. The Group also raised $4.5 million in pre-series A round, valuing the company at $13.5 million in September 2020. The Company’s Chief Executive Dave Cameron plans to increase the capital raising to around 500 million.
6. Flamingo
Flamingo Scooters is a NZ and Australia-based e-scooter company created in June 2018. It provided first and last mile transport alternatives to people and aims to lessen reliance on cars, improve congestion on roads and help people get around their cities.
The Company launched well and got acceptance due to its carbon-neutral certification, knowledge of the city, good-parking inducements, and discounts for certain groups such as students.
7. Cove Insurance
Cove was founded in 2017 to innovate and simplify the insurance sector in New Zealand. The Group raised $2 million in funding in July 2019, bringing their total funding to $5 million. The investment round has allowed Cove to develop existing products to overtake conventional insurance firms in NZ.
Amid growing demand for online tools, Cove has delivered for car, house, and contents’ insurance, and has plans to offer other forms of insurance as well.
8. Insite AI
Insite AI is a start-up that provides enterprise artificial intelligence (AI) and machine learning software for big CPGs and retailers. It gives suggestions for Pricing and Promotions, Demand Forecasting and Category Management.
The Company uses a platform to power millions of merchandising and supply chain decisions of retailers. It provides increased forecast accuracy to retailers, helping them in increasing their revenue, direct savings, and total return on investment.
Insite AI raised $2 million in pre-seed financing led by Goat Ventures (a venture capital firm). The company is expected to get a lot of growth opportunities amid the burgeoning retail sector globally.
