Three Startups That Are Innovating Traditional Industries
Apr 6, 2022
Do you remember that time when people used to go to the post office to send mail? I mean, obviously, people still do that, but it is no secret that email and text messaging have entirely revolutionized the way we communicate in a more fast-paced way. Twitter, for example, has built up its platform in order to provide a simple way to deliver an SMS length message to a broad net of people. When we look at it now, it seems evident that such a platform should exist. That indicates how well certain tech innovations have been adopted by society. The more natural it looks, the better. If we look at current industries like banking, design, or publishing, we might perceive them as traditional. Not in a sense that they have not been innovated in the past, but that they should be innovated more. The gaps are there for technology to fill, and startups are moving fast to try and fill them. Renovai
renovai is the company behind the world’s first AI-based interior designer. The startup, led by Alon Gilady, has branded itself as the “Visual AI Shopping Assistance for Lifestyle Brands” and shows a clear indication of a strong product-market fit with clients and partnerships such as John Lewis, Moblym, Temple Webster, and more. The company’s main products include a nice “Shop the room” feature that provides highly necessary clarity when designing home spaces like living rooms. In a recent interview , Alon Gilady did with New York Tech Media, the publication labeled renovai as the “Netflix of online shopping” the tag is attributed to a multitude of things, especially the way renovai’s shopping recommendation feature is tailored based on a specific taste of an individual and not on the notion of trending mass consumption. The algorithm model is built on the insights of an actual designer named Reut Malleron, who serves as VP of design. I think this is also an indication of a proper integration model where algorithms have a human touch. It will be fascinating to see how well renovai’s software will integrate into
other industries like fashion and apparel. In the interior design space, they are indeed innovating and providing value. Truvid
Truvid is a video technology company that enables instant connectivity to a live video ecosystem. When we think about video marketplaces, it is easy to think about Youtube, but what Truvid has done is built a marketplace that can be utilized by publishers and advertisers who are looking for a highly specific audience. The publishing industry has been searching for solutions like Truvid to partner up with and has had to use legacy software to monetize. Roee Lichtenfeld, Truvid’s CEO, saw this gap and built a business model around it. That led to a more scalable infrastructure for publishers while increasing revenue and monetization capabilities. Again, we are seeing how powerful marketplaces can be in innovation. Marketplaces have a knack for increasing speed, innovating processes, and creating more revenue models that are sustainable and are more decentralized. Crymbo
Does the banking and capitals industry need innovation? That is a relatively simple question. With the strong movement we are seeing with Cryptocurrencies, NFTs, and the constant buzz around Web 3.0, it is very apparent that people want a better, more decentralized way to manage their finances. Legacy solutions have been too slow to catch up to emerging startups like Crymbo , who built the first digital asset platform for financial institutions. Recently they have launched Crymbo X a solution that enables financial institutions to liquidize digital assets. The startup is certainly bridging the gap that mainstream finance is experiencing. Crymbo’s network supports real-time clearing and settlement powered by a blockchain governance layer, enabling direct access to various services like buy, swap, sell, hold and store digital assets to more advanced DeFi services: Credit, stake, lend and Pay. It will be fascinating to see the impact this will have on the customers of financial institutions like banks, exchanges, and various marketplaces, where people will have a chance to engage with digital assets right from their accounts.