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logmind.com

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Founded Year

2018

Stage

Incubator/Accelerator | Alive

About Logmind

Logmind is an AI-accelerated log data analytics tool.

Logmind Headquarter Location

EPFL Innovation Park Building C 1015

Lausanne,

Switzerland

Latest Logmind News

Startup Pitch: A fully automatic platform to analyse log data

Jul 6, 2020

The Logmind team has just signed the first contract with an enterprise customer. Now the team is to be expanded in order to exploit the full potential of the machine learning based platform. Therefore, founder and CEO Ketevani Zaridze is currently preparing a seed financing round. Applications but also the infrastructure on which these are running generate continuously log data. Events, interactions and the status are being recorded. The data provides interesting information about the system and existing or upcoming problems. This is why the log data is being analyzed today. However, currently this involves time consuming manual work. Logmind changes exactly this: "We have built a fully automatic log data analysis platform", explains Ketevani Zaridze, founder and CEO of the start-up. The automation is needed because of the massive amount of data. Five billion log messages per day are not uncommon for enterprise level applications. But more importantly, the current tools are rule-based. These rules are based on assumptions about what can go wrong in a system. Unknown problems cannot be detected with this approach. Again, this problem is solved by the machine learning based platform of Logmind. Diagnosis and recommendations for solutions The Logmind platform detects problems and offers recommendations for solutions on top of that. Early diagnosis helps the operations team to keep the systems running error-free, but also to avoid costly incidents in time. The platform has met with a positive market response. "We recently signed our first contract with an enterprise customer," reveals the founder. in addition Logmind has several PoCs with corporates running in Switzerland. Ketevani Zaridze had not actually planned an entrepreneurial career when she moved to Switzerland for her Master's degree in Computer Science at EPFL. While working on her thesis, however, she realized that the analysis of log data was a major problem and she was able to develop an economically viable solution. The other members of the seven-person team also have a technical or scientific background. So far, this has not slowed down the development of the start-up, as the success with the pilot customers shows. But the CEO is well aware that the team needs to be complemented by people with sales and marketing experience in order to realise the full potential. The necessary financial resources will be generated in the second half of the year. Non-dilutive financing and seed investment In terms of financing, one goal is to raise another CHF 400,000 in non-dilutive funding. The start-up has already received a digital seed loan from Vaud's Foundation for Technological Innovation (FIT). In addition, a seed financing of 1.3 million francs is planned. "We plan to close the financing round before the end of this year", explains the CEO. The investment will give Logmind a runway of up to two years. During this time, the threshold of 1.5 million Swiss francs in recurring revenues can be reached. This will require around 15 new customers also from abroad. Already now Ketevani Zaridze is in discussions with large European companies outside of Switzerland. Startup Pitches  This is an article of our  start-up pitch series . Until the summer break startupticker in collaboration with  Swisspreneur  will introduce Swiss start-ups on the search for investors. (Stefan Kyora)

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