Q&A with Yaniv Alfi ,Co-Founder and Managing Director
right: Yaniv Alfi, Tal Wayn and Yuval Kamely
What does PROJAIX do?
ProjAIX helps companies to deal with the challenge of processing and analyzing tremendous amounts of visual data. ProjAIX “Fission Engine” uses image recognition technology to extract information from visual data and allow businesses to get fast and accurate insights on their data for business intelligence and business decisions.
How did you come up with the idea? (What is the story behind it?)
Yuval, Tal and I, spent many years working in the Mobility Industry. Over time we saw the difficulties, challenges, resources and money required to implement BI and AI applications based on visual data. In Israel we have hundreds of startup companies that use visual data to develop and deploy AI applications. So instead of that each of these companies will develop its own in-house imagery analysis platform or employ professional services which are highly expensive and demand intensive operational resources, we decided to establish ProjAIX and provide simple cloud-based AI powered imagery platform that will serve these companies and many more corporates who face the same challenges of processing and analyzing tremendous amount of visual data in the most cost-effective way.
Who are your clients?
Our clients are software vendors, business partners, cloud providers and enterprise companies who need to process and analyze visual data for business intelligence and faster economical business decisions.
What does the process look like from the user point of view? How does it work? Is it software or hardware?
From a customer perspective our web-based platform guides the user to follow several simple steps to transform his visual data to useful information for business intelligence. These steps include defining his technical use cases from existing industries ProjAIX already supports, choosing the object classifications and recognition type, choosing his outcome format and uploading his visual data e.g., video or images. From that point ProjAIX takes care of the data cleansing, filtering, detection, recognition and classification so eventually the customer gets ready to use the data for his business use case.
How can your product help improve Insurance claims?
Claiming insurance is a tedious process. It requires the submission of a large number of documents. ProjAIX can help reduce settlement times and accelerate the process claims workflow by accurately reviewing and highlight useful information within imagery data involved in the settlement process.
How can your product help save money for the insurance company?
ProjAIX can recognize the type of damage done to vehicles in case of an accident. In conjunction with AI Engine or BI System, it can help with producing a detailed report of the crash. This will help estimate the cost required for repairs based on the damage recognition and classification. This can result in the reduction of instances of fraudulent claims as insurance agents and companies will have complete information regarding the filed claim.
What can be the benefits for insurance companies?
ProjAIX can be used to evaluate the condition of assets for insurers at the time of underwriting.
ProjAIX can help with creating a report of the condition of the asset that can be compared with the condition of the asset at the time of claim. This use case not only saves the hassle of manual inspection but also helps keep track of changes to the property over a period of time, helping insurance companies determine the appropriate premiums.
What can be the benefits for private customers?
Visual data replace complex processes. ProjAIX “Fission Engine” can be used to process and extract information from images uploaded by private clients and share fast, accurate and transparent results in an objective way. This experience will increase clients trust and reduce disputes with the insurance companies.
How does your product improve the insurance product?
The insurance industry, no matter the domain, whether it is healthcare or automobile, is faced with insurance disputes on a daily basis. ProjAIX can help minimize insurance disputes. The technology, in conjunction with cloud service, IoT and AI technologies, can help continuously monitor assets, helping insurance companies to correctly assess the claims filed.
Can your product benefit law enforcement?
Along with the Insurance domain, ProjAIX’s Cloud-Based platform is capable to extract valuable information from images and videos for law enforcement activities, some of the extract information are:Vehicle License Plate | Vehicle Type | Vehicle Model | Vehicle Manufacturer | Jurisdiction | Vehicle Orientation | Passenger Face Detection | Object Detection In Motion | Object Tracking and more.
What investments were made in the company so far?
ProjAIX is bootstrapped (self-funded). Recently we secured 400 thousand dollars from VC’s and Computer Vision industry leaders.
Tell me about your professional background and about other key figures in the company
Our team has vast experience who bring years of expertise and knowledge with developing products, launching services, building GTM strategy and executing business plans local and abroad.
Yaniv Alfi, Co-Founder, CEO – a Serial entrepreneur with vast experience in leading, supervising, planning and operating start-up.
Tal Wayn, Co-Founder, CTO – An experienced entrepreneur with a proven history of managing R&D and professional services groups.
Yuval Kamely, Co-Founder, CRO – A strong finance professional skilled in business planning, business development and management.
