Month: February 2024

Read more about the deal on CFNews here.

 

Composable, the developer of a platform that facilitates the integration of LLMs into the work processes of major accounts, has completed a $4 million seed round with Elaia Partners and Illuminate Financial of the UK, co-lead investors followed by the family office Motier Ventures (Lafayette), Kima Ventures, the business angel network m-ai club, Super Capital and other business angels. Joffe & Associés (Virginie Belle and Antoine Lamy) is advising Composable on this transaction.

 

With the arrival of new and increasingly advanced language models (LLMs) (OpenAI and their CHATGPT4 solution to name but one), companies’ interest in this type of solution continues to grow. Eric Barroca, former head of Nuxeo and an expert in enterprise content management with almost two decades’ experience, decided to make his contribution by creating Composable six months ago, to meet the expectations of companies in this area. The solution is dedicated to the management of vast artificial intelligence language models.

 

 

“Generative AI changes everything because the machine can read the content of all documents. It completely changes the way we imagine processes around documents and how to use them. They become sources of data almost in real time. I’ve played with quite a few models to understand how they work”, explains Eric Barroca, co-founder of Composable, to Maddyness magazine.

 

To propel this initiative forward, the French entrepreneur recently completed an initial round of funding of $4 million, led by Elaia Partners and Illuminate Financial. Kima Ventures, Super Capital, M.AI, Motier Ventures and other business angels also participated in the round.

 

With this initial funding, Composable aims to become a trusted player, acting as an intermediary between suppliers of vast generative AI language models and companies looking for solutions to optimise their operations.

 

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• Acquéreur(s) ou Investisseur(s) : ELAIA PARTNERS , ILLUMINATE FINANCIAL , MOTIER VENTURES , KIMA VENTURES , M-AI CLUB (M.AI CLUB) , SUPER CAPITAL , BUSINESS ANGEL(S)
• Société Avocat d’Affaires Corporate : JOFFE & ASSOCIES , Virginie Belle , Antoine Lamy
• Acquéreur Avocat Corporate : JONES DAY

The merger between Hello Syndic and Flatlooker represents a major turning point in the property services sector. These two pioneers, specialising respectively in “new generation” co-ownership management and digital rental management, are combining their skills to create Manda. Joffe & Associés (Thomas Saltiel and Antoine Lamy) acted as advisors to Flatlooker and its historic partners (in particular its founder, Nicolas Goyet, and the funds managed by Partech Partners (Paris Saclay) and Bpifrance Investissement (F3A)) in this transaction.

 

Manda will be able to draw on the €43 million provided by Naxicap Partners for this investment. As recently as May 2023, this fund took part in the €21 million funding round of start-up Hello Syndic. With the bold ambition of serving more than one million people in France by 2029, Manda is reinventing traditional property services, and is now positioned among the top fifteen players in the sector, serving 40,000 customers, including co-owners, landlords and tenants. Backed financially by Naxicap Partners, Manda aims to offer a credible and innovative alternative to conventional methods, thereby redefining the property services landscape.

 

To further strengthen its position as a leading group in the property market, Manda has developed an external growth strategy. In February, the company already acquired two co-ownership trustees in the Île-de-France region, and three further acquisitions are planned for the first half of 2024. In addition to the Paris region, Manda is targeting the cities of Lyon, Marseille and Clermont-Ferrand. With this approach, the group aims to reach one million French people within five years. During this period, the company’s workforce is expected to grow from 200 to 1,300.

 

“Real estate players are facing a bottleneck and are finding it difficult to deal with all their customers’ requests in a timely manner. Manda is transforming this business by adopting a speciality-based approach and processing all incoming requests with the support of artificial intelligence”, the group explained to Maddyness magazine.

Naboo, a company specialising in the development and marketing of a seminar booking platform for businesses, announced on Monday 5 February that it had raised €7.5 million in funding. The funding will be used by the start-up to invest in AI and data management, with the aim of improving its platform. Joffe & Associés (Thomas Saltiel, Charlotte Viandaz and Alexia Guyot) advised ISAI, Kima Ventures, Better Angle and its historical investors Cap Horn and Maif Avenir on this transaction.

 

With over fifty employees already working for Naboo, the fund-raising announced on 5 February will not result in any significant changes to the team. According to Maxime Eduardo, co-chairman of the company, the financial contribution is not intended to support a recruitment policy, as the teams are already solid. The current objective is to develop new functionalities based on artificial intelligence.

 

The founders of Naboo, who have already attracted customers such as Chanel, Google and Carrefour, recognise that to deliver on their promises, they need an extra dose of artificial intelligence. Faced with growing demand of two to three million euros a week, AI will become a major component of the product, with tests already under way internally by sales staff.

 

This round of funding will enable the company to accelerate its technological investments; the aim is to improve the user experience by simplifying the process through the use of data and AI. This will enable customers to compose and book their seminars autonomously and instantly. Naboo also plans to invest in customer service, offering companies personalised support for their first bookings.

 

This expansion is extending internationally, with a presence in the UK forecast for 2025. In just one year since the launch of its offering, Naboo has already surpassed the €1 million mark in monthly business volume and reached almost €18 million in annualised business volume.

 

“We’re delighted with the progress we’ve made since the creation of Naboo: more than half the companies in the CAC 40 have already called on us to organise their seminars. But what surprises us most is the speed with which Naboo spreads among its customers once a team books its seminar. What appeals to them is both the ultra-personalisation and the instantaneousness of the booking, an experience that we are the only ones to offer today. It’s a huge advantage made possible by AI and data, in which we have decided to invest massively with this round of funding,” explains Maxime Eduardo, speaking to Tourmag magazine.