Millionways Raises $10M for Emotionally Intelligent AI Platform for Use in Employment and Healthcare – AlleyWatch

One of AI’s greatest strengths is removing emotion from decision-making, and machines themselves have no emotions. But this is also one of the biggest weaknesses of AI systems. AI systems lack the complex psychological and physiological responses of humans, leading to a lack of empathy. However, AI and neuroscience researchers are working hard to measure, understand, simulate, and respond to human emotions as suitable indicators for AI. Million Ways An emotionally intelligent language-based AI model that can be integrated into various settings to understand emotional cues. The company has developed an HR-focused solution that uses AI to determine an employer’s potential cultural fit during the hiring process. In healthcare, the platform can spot signs of anxiety and mood swings in patient populations. Built for embedding and relying solely on text or voice input, Millionways enables seamless integration between use cases, each building robust and insightful personality analytics. Rooted in science and psychology, this platform relies on his samples of over 5,000,000 data trained by 25 psychologists, outperforming probabilistic language models.

alley watch We caught up with Millionways CEO and co-founder Martin Cordsmeier to learn more about the business, the company’s strategic plans, the latest funding round, and more.

Who are your investors and how much did you raise?
Millionways began as a German NGO funded by high net worth individuals, then shifted to a for-profit focus in Germany and later in the United States, attracting seed investment from a network of angels and private funds. Raised a total of $10 million from equity, convertible bonds, a grant from a German philanthropist, and his eight US-based angel investors, including his NFL legend. sydney rice and Jay Elliottformer Apple Senior Vice President and mentor to Steve Jobs.

What products or services does Million Ways offer?
Our product is an emotionally intelligent language-based AI for continuous psychological profiling and matchmaking. For HR, we use our AI to interview applicants and gain insights into their mindset and cultural fit to provide a platform that automatically manages hiring. The value proposition is saving money by making better hiring decisions. In healthcare, it integrates into existing telemedicine platforms to provide more insight and provide health monitoring.

What inspired you to start Millionways?
As an entrepreneur and author, I’ve devoted my life to the question of why people don’t follow their inner passions. After years of research, we have built the foundation for our own AI models that solve a wide variety of problems. When Millionways went from non-profit to for-profit, I joined co-founder and half-brother Max (CTO). He has a master’s degree in mathematics, is a self-taught full-stack developer and he is also an AI expert. Together, he started developing products and business models related to several use his cases solved by unique AI solutions.

How is it different from Millionways?
Because personality is not that simple, the underlying Personality System Interaction Theory (PSI) model outperforms simple static models such as the Big Five and MBTI. And with ongoing and expanding research into PSI theory, including addiction, depression, and team building, it can be adapted to many use cases. AI also provides explainable results rather than black boxes of neural networks. It works with text input and allows seamless integration into a wide variety of existing technologies.

What is the target market for Millionways and what is its size?
Millionways targets the B2B space in two areas. 1. Employee retention, hiring, mentoring, and cultural matching use cases for HR departments and organizations. 2. Targeting mental health solutions using mood, identity, and belonging use cases. Specifically, we are focusing on the US market. We are actively targeting US companies, government agencies and HRIS/PEO partners.

what‘What is your business model?
Our business model is simple. The software solution charges a flat fee like most other SaaS solutions, plus a usage fee per analysis. Initial fees vary depending on the size of the client, but the base fee is about $10,000 per month, with an average of $5 per analysis completed. Additionally, we have license-based revenue-sharing agreements with companies that can integrate our AI to enhance their solutions.

How are you preparing for a potential economic slowdown?
We do not believe that the economic slowdown will have a significant impact on the AI ​​market. However, product development is primarily done in Germany, so the burn rate is relatively low and the focus is on generating revenue.

What was the fundraising process like?
We are from Germany and had to build a network before going into the fundraising process, so it was probably a little unusual. It took longer than expected and only happened over the network.

What was the biggest challenge you faced in raising capital?
It was difficult to describe our own product, especially since it’s not a standalone product, but a core technology that is ready to be plugged into an existing platform. We have had more success with angel investors who quickly gained the influence and potential of

It was difficult to describe our own product, especially since it’s not a standalone product, but a core technology that is ready to be plugged into an existing platform. We have had more success with angel investors who quickly gained the influence and potential of

What factors in your business are driving investors to write you checks?
The versatility of our solutions and the number of business use cases where our solutions have a significant economic impact.

What milestones do you plan to achieve in the next six months?
We now aim to partner with major companies and establish various joint ventures that contribute unique products in different fields.

What advice can you give to New York companies that haven’t injected fresh capital into their banks?
Bootstrap, focus on what you need to build and sell first, then go out and try to build a network by talking to people about your ideas and products.

Where do you see the company going now in the near future?
The company is expected to grow rapidly as it generates revenue from partnerships in multiple venture areas.

Where is your favorite coffee shop or location in the city to hold a meeting?
Times Square Diner & Grill.

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