Nowadays, in the growing phase of technology, many discoveries have been made which are making the impossible possible. Machine learning has played an important role in our lives. In today’s time, people do not like writing but prefer to speak to search for something on the internet.
Machine Learning’s sub-sector, deep learning is being used quite rapidly in today’s time; almost every business is using it or aims to use it. Pensieve is one of the fastest-growing Deep Tech start-ups that is accelerating its client’s growth with top-notched solution offerings.
In a conversation with Mr. Gaurav Shrivastava, Founder of Pensieve, we discussed the current industry scenario and what Pensieve offers to its clients.
Brief us about Pensieve.
Pensieve is a Deep – Tech Startup that specializes in Conversational AI interfaces to solve specific, high-impact problems in enterprises. The expertise has been successfully deployed in the legal, compliance, regulation & financial domain.
What were the initial challenges you faced?
The initial challenges that we faced:
- Credibility to break into Enterprise Domain
- Data Acquisition
This becomes a chicken and egg kind of a problem and even more difficult if you are going for an enterprise client. All ML/NLP Capabilities are a function of Data Exposure and Enterprises always have resistance to share data because of business protocols. It becomes even difficult for a start-up.
Which was that point that triggered the growth of Pensieve?
The idea to move from a Product Sale to a More Product-Cum-Platform kind of Sale triggered the growth. Enterprises have their variations of problems and a generic Product Sales becomes very difficult to go through. Understanding the fact that this may be a good call at this juncture of Pensieve but will have to move forward to productize way soon to bring scale.
How have Pensieve graphs changed since the foundation? Can you share a few statistics?
Revenue – Year 1 -0
Year 2 – 3 Lac
Year 3 – 20 Lac
Year 4 – 2.5 Cr
Clients Year 1 – 1000 customers B2C platform
Year 2 – 30K Customers/Month B2C Platform, 2 Enterprise Clients
Year 3 – 7 Enterprise Clients, POC
Year 4 – 3 Enterprise Clients for Full-Fledged Product, 3 Pipeline for conversion, 4 Enterprise Clients for POC.
What are the products/services Pensieve focuses on? How are your services different from those in the market?
- Dhwani – Voice-Enabled Closed Domain QnA Based Chatbot: A Chatbot to help people :
- Ask questions in Natural Language
- Retrieve the right set of answers across documents.
- The Chatbot is exposed to legal, taxation, financial & contract data
2. Smriti – AN AI-Driven Risk and Contract Lifecycle Management Platform –
- Smriti Doc-Build helps its users to draft complex contracts from scratch within a matter of minutes
- Smriti Doc- Review helps its users extract the clauses, obligations, and Liabilities in any contract in seconds
- Smriti Doc-Analyze helps its users understand the contract risks through intuitive dashboards and alerts which help users mitigate future contract risks.
3. Mitra An AI-Driven Legal Research Platform – Mitra is a platform that has an inbuilt capability to perform a semantic search, Summarise text, classify text across documents, and provide a recommendation. The capabilities are currently applied to Legal & Taxation judgments where it helps lawyers or Tax Consultants perform legal research effectively.
Nothing in this world can take the place of persistence. Talent won’t; nothing is more common than unsuccessful men with talent. Genius won’t; unrewarded genius is practically a cliché. Education won’t; the world is full of educated fools. Persistence and determination alone are all-powerful.
How do you decide to take Pensieve a step further in terms of your products/services?
We are having a two-pronged approach:
- Building a platform with more robust algorithms enriched with domain data helping us to acquire clients efficiently.
- Going Deeper into Enterprise in the domain we are exposed to.
Is there any new addition to the list of products/services? Anything exciting you would like to share?
At this moment in time, our product suite is fairly matured, we are looking to go deeper into the domain we are engaged in and make them more robust.
What are the key achievements of your entrepreneurial journey?
Build India’s Biggest Company in Home Service Domain and got acquired by Quikr.
How do you look after your employees? What makes your team unique?
We believe solving difficult problems is quite exciting and being in the AI/ML space gives us the perfect opportunity. Apart from it, we do believe in lots of brainstorming sessions to keep the creative juices flowing.
One person, who you admire the most?
Ray Kroc has been the true source of motivation for me for a long time.
Whose business story do you find the most inspiring?
Ray Kroc Story, where a man at the age of 52 facing multiple defeats still finds motivation to go on and build one of the biggest companies in the world.
Constant vigilance- a need or a strategy? Please share your views.
It’s a strategy, if not taken as part of the strategy it will become a need.
According to you, how has AI become part of our day to day life?
AI has not become part of our daily life but Data has. Data was always part of our daily; very important in Professional life and to an extent personal life. The advent of AI is helping data to become more and more integral.
Gaurav Shrivastava : A True Blue Entrepreneur. He loves building products for Scale, reading about Technology & Political Institutions, understanding Behavioural Economics & Game Theory. He is passionate about solving all kinds of problems with the optimism that all of his solutions have the potential to become frameworks. His Last Company Zimmber was India’s Biggest Company in Home Service Space and was acquired by Quikr. He is an Engg. Graduate. He went for his MBA to a College by the Name MICA which is India’s best College in Strategic Marketing & Communication.