Catenai (LSE:CTAI) — Alludium

0:01 Good morning, and welcome to the CATENAI PLC Alludium Presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and they can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just simply type in your questions and press send. Before we begin, I would like to submit the following poll. And I would now like to hand you over to interim CEO, John Farthing. Good morning to you. Thanks, Alex, and good morning, everybody. And thank you very much for joining us this morning. It's an early start. I'm delighted to be updating everybody on the Ludium, and in particular, following their public launch last week and our announcement this morning that they have now signed up with customers, paying customers. It also follows the recent investment by CATENAI to increase its stake to 61.1%.

0:51 So that is telling you that we are very positive about ILUVIEN and really look forward to the future. So with that, I will hand over to John Frizzell, the CEO of Iludium. Thank you very much, John, and thank you everyone for, taking time today. So as John said, we went live just a little over a week ago. So what you're gonna see today is very fresh, but it's longer a concept or a road map. It's a real product out there in the market that real people are using. So we're gonna break this down into kind of six sections. Just a little bit of context setting around the opportunity, a very nice and early preview of a, platform walk through video, that we would be releasing as well on socials, in the coming weeks.

1:40 Little bit look at, early signs from usage, then a bit of a look forward of where we're going from here. Then we'll hear from Barry Downs, founding partner of SVB, to talk about their experience as a design partner with Illyddium. And then we're going to open it to q and a. And we'll try and get to the q and a relatively quickly because I imagine there'll be quite a bit, to discuss there. Okay. So in terms of the opportunity, I think the key message is we're seeing AI move from tools to teams. What that really means is a kind of a market share from isolated AI tools being used to more coordinated systems. A lot of companies today, they have access to models with no structured reliable way of using them across repeatable processes.

2:33 And that gap, it brings a lot of friction for for businesses today, in in medium and large, environments. And so, really, we're positioning around solving that coordination problem, how AI and humans work together, not just individually, but as part of teams. And so rather than looking at one single use case, we are focusing on verticals as well, and we'll talk about that a little bit on scaling from here. But rather than a single use case, we think in terms of AI teams operating with human teams across tasks. So I think to make that more real, I'm gonna go straight into the, platform walk through video because that really gives people a very concrete understanding of what we've built and what's available today.

3:20 And I think we'll set a good foundation for the other topics, that we're going to discuss. So if we could roll the video, please. Iludium is an AI agent platform designed to give teams a shared workspace to build, run, and manage AI agents across the tools and workflows they already use. Getting started with Illudium is simple. A new user selects their role and adds their company website. Illudium uses that context to set up the workspace and recommend a set of AI agents from day one. Within minutes, users have a workspace configured and agents ready to use. Once inside the workspace, users land in my agents where they can immediately start using ready made agents built and maintained by Illudium.

4:12 One of the first agents they are introduced to is the Illudium Navigator. The navigator acts as an expert on the platform, helping users quickly understand how Illudium works and what they can do with it. Users can ask questions like what agents to use, how to approach a task, or how to get set up, and the navigator provides clear practical guidance in real time. This gives users an immediate starting point and removes the friction of figuring out where to begin. From there, users can move straight into using other ready made agents. Take the executive assistant as an example. Setup is as simple as connecting your applications and defining a few simple guidelines.

5:02 Here, we are connecting Google Calendar and Gmail so the agent can access your schedule and communications. Users can then define a few simple guidelines to shape how the agent behaves such as what to prioritize or how to present information. Within seconds, the agent is ready to run. Once set up, the user can give it a real task like preparing a daily schedule, summarizing key emails, or organizing priorities for the day ahead. This same pattern applies across Iludium's ready made agents, giving users a fast way to start seeing value in their day to day work. For users who want more control, these agents are also available as templates.

5:48 Templates act as a starting point, allowing users to take an existing agent and customize it to better fit their own workflows and requirements. Rather than building from scratch, users can adapt what already works, making it much faster to create something tailored to their needs. When teams need something more specific, they can create a custom agent using the agent builder simply by describing what they want in plain English. Here, we are creating a Slack digest agent designed to summarize key updates from Slack and highlight what matters most. In the agent builder, the agent is set up through chat where you describe what you want and the setup takes shape as you go with instructions, integrations, model configuration, and triggers all defined along the way. Once configured, users can test the agent directly in the agent builder and refine it as needed.

6:54 Once they are happy with how it behaves, they can deploy it into production. The agent is then added to their list of agents ready to be used in their day to day work. Iludium is built for teams, not just individuals. Once an agent is working well, it can be shared with others across the workspace. Teams can choose how that agent is shared, either using the builder's connected applications or allowing each user to connect their own. This gives flexibility in how agents are used depending on the use case and the data they rely on. It also means the value of a well built agent does not stay with one person. It becomes a shared capability the whole team can benefit from and build into their day to day work. Illudium is designed to meet teams where they already work. Under integrations, users can see the apps connected to their workspace alongside a growing library of other integrations.

7:52 This includes tools like Google Calendar, Gmail, Slack, and Salesforce, along with many others across research, productivity, and communication. This means agents don't operate in isolation. They connect directly into the platforms teams already rely on, allowing AI to operate inside real workflows. So the journey through Illudium is simple. Teams can get set up quickly, start with ready made agents, connect the tools they already use, and create custom agents as their needs evolve. Illudium brings all of this together in one place, giving teams a platform to deploy, manage, and share AI agents across their organization. Get started for free at illudium.ai. Okay.

8:45 So there we have it. That is live and available, publicly now through alludium.ai. So we launched last Tuesday. So we're live for about ten days now. So given that we've launched very recently, we're obviously still very early stage. Everyone who signs up gets a seven day free trial, So conversions have only begun in the last couple of days as people who signed up for the free trial exited that and have started to convert. We're seeing good conversions. So we are live. We are revenue generating. We are seeing real usage. We're seeing quite strong engagement around the pre built agents, particularly the Eloom Navigator. We've seen quite a lot of usage share for people self serving how to use the platform, And that has resulted in a low, if not zero, number of how to support tickets, which is superb.

9:44 We're we're seeing good feedback around understanding clarity and control of what the AI is doing and the fact that individual agents have different tasks. We're seeing people use the allowance to get during the trial within a couple of days and convert early. So all very, very positive early signs. In terms of where to from here, so we're con we're going to continue to iterate on the product and features very, very rapidly. We have work some work coming out in the next couple of weeks around something called context management, which I won't go into details on. We will have quite a lot of information we'll publish on that and a whole range of features geared more towards teams and collaborations that we will be announcing over the coming weeks and months.

10:35 So lots to look out for there. Now that we're live, we're going to be a lot more vocal, and a lot more out there in terms of how much we're saying because we now have a product that people can actually try. In terms of growth strategy, we continue to promote the platform as a offering for anyone to build whatever use case they want, but we are also going to be doing targeted growth in specific verticals, working with design partners to build out premade solutions for specific use cases and going to market in that direction too. With that in mind, actually, as a as a segue, I think I will hand over to Barry to talk a little bit about SUVs experience with Iludium today.

11:25 Hi, everybody. Sorry. I'm not on camera. I'm dialing in from a remote location in Spain at the moment. So, but I wanted to give you a, an update on how we're using Iludium as Shore Valley Ventures or SVV. And hopefully, this should give you a sense of how a platform such as Iludium with the power that Iludium has can be used in a business context. So just a bit of background. First of all, I'm the managing partner of SCV and set up the firm back in 2017 with a long term colleague of mine, Brian Kanan. We've got about a £150,000,000 under management at the moment. We invest in AI startups across The UK and Ireland.

12:16 And probably for this presentation, probably the most important number on this page is the fact that we we meet and review 3,000 companies per year. And as you'll see in the coming slides, that's a lot of work, and that's a lot of work that can be automated using Iludium. You'll also see in the bottom left hand corner a picture of the team. And VC teams typically are are between ten and twenty people. They're not huge organizations, and something like Iluteum is perfect for VC because we all have a lot of kind of work that can be automated to allow us then to use kind of, like, our our our kind of into our own intelligence to make decisions. So here's the challenge. Even for high performing VCs VC teams, we and other VCs spend most of their time on repeatable operational work.

13:18 So inbound triage, for example, reading intros, chasing pitch decks from founders, asking for missing information from them. We do an awful lot of meetings. If we if we meet 3,000 companies a year, that's about 9,000 meetings across a relatively small team. And there's lots of follow ups that we need to do, lots of note taking, summarizing meetings, following up. Then we need to do diligence on the companies that we're meeting to decide whether to invest in them. That's market mapping, competitor lists, KPI extraction. There's a number of key documents or artifacts that we have during the process as well. The the classical one is the investment memorandum that goes to an IC committee and but there is lots of other documents that we need to write in the process as well. We have a CRM system. We use Affinity. We gotta keep CRM up to date the whole time.

14:20 And we also do lots of fundraising ourselves, you know, so there's LP outreaches reach and things like that as well. So there's a lot of work that a small team needs to do, particularly around the meeting companies and the valuation companies. And so we we have a vision around using the Eludium platform, which is moving from kind of a traditional paper based workflow, even if that's in electronic pieces in terms of word documents, to automating a lot of the repeatable work using AI agents. And the whole idea here is that agents don't replace decision makers. They multiply them. As as people, we set the direction, but agents handle a lot of the execution for us.

15:10 And and and so we've been working with John and the team now on on the platform for some time, and we've been building lots of agents. And we're definitely seeing an operating model shift from, you know, like a as like a lot of teams, we would have a daily routine, a weekly routine, and a monthly routine, and we're seeing that move from a very manual process to agent assisted. So just to talk about if you look in the bottom left hand corner there, just talk the diligence pack preparation, for example. So we we get initial documentation for companies when we meet them. It's typically a pitch deck, a financial plan, some KPIs, for example. Might be three or four or five documents that we receive initially that we need to evaluate.

16:04 But by the time that we actually make an investment in a company, as we go through our investment management process, there's probably a 150 to 200 documents. We use over 250 factors to analyze a company. So that's a lot of work that needs to be done in terms of analyzing documents that companies have given us. And doing that due diligence and producing diligence pack, the investment memo, that's quite a labor intensive process. So before we we started working with Iludium, we were doing that like any other VC. Now, actually, we've automated an awful lot of that using AI agents in terms of production of of evaluations of companies and market mappings and things like that. So we're really now moving to an AI native organization.

17:02 And and I suppose that's the key thing that I would say looking at the platform is and looking at the agents that we have built on us, it is leading us to transform how we do our business. Now this particular slide talks about our VC digital worker suite, and we have built actually, we've built over 40 agents that automate our business. But one of the things and and we have those live and operational at the moment. But one of the things we're now looking at is actually consolidating those 40 agents into a set of 12 that have multiple each agent having multiple capabilities using the Iluvium platform.

17:49 And they will cover our investment management side of our business, our portfolio and platform side of our business, and our fund operations and compliance part of the business as well. So effectively, we'll have these digital workers cover all aspects of our business and allow us to automate all aspects of it. We're we're not quite there yet. We have we're we're working with the 40 agents. We're now in the process of doing the consolidation, but we expect to have that done in a relatively short period of time. And you'll see actually, if you look at the Iludium website, you'll see there's a set of VC agents coming soon. It's the consolidated ones that John's going to launch for other VCs as well.

18:34 And I do think this is game changing for VC operations. And just to give you an example of that, I've been talking about due diligence there. This if if I just take one of these agents, so for example, these I've kind of numbered these agents a through l. So if we look at c there, I don't I don't want to worry too much by taking you through all of these. But if you look at c, the diligence team, this is really about taking a series of and a large series of documents when we're doing diligence and ingesting them and indexing them, analyzing them, looking for evidence for certain claims, and then drafting key documents that are part of our our evaluation process, including ultimately the investment memorandum and a series of citations and evaluation checks for that. And effectively now we're we're what that allows us to do is to take what is has been quite a manual process and automate it and automate the citations and evaluation of it as well. So here's another quick look at this.

19:44 At the moment, we're we've got a whole series of if you look at the right hand side of this slide, a whole series of atomic agents. These are the 40 odd agents that I was talking about. These are now being packaged up into this higher level agent with a whole series of commands that we can use. So the goal here is that actually the diligence pack is available, you know, within twenty four hours. Actually, we're getting to real time on that as well. Risks and unknowns are visible very early. And actually, people aren't starting you know, teams are starting with a blank page to produce an investment memorandum for an ICE. It's been built as we're actually engaging and working with the company. Another view of this is how we map these different agents to our investment management process from origination to meeting companies, to initial screening, to detailed evaluation, to that whole investment memorandum, investment committee process, to negotiation, which is the the legal process for doing VC, to the final due diligence and actually to closing as well. So we've got agents that mapped all aspects of the process.

20:59 You will have seen on the earlier slide as well, we have agents then to support companies after we invest in them. And we've got agents for our own internal operations as well, which help us produce the reports, for example, that we need to give to our investors on a regular basis. So just to kinda wrap up, I do actually have a lot more. This is a a kind of a shortened version of of a presentation I gave to a VC conference in Belfast a couple of weeks ago. I went into a lot more detail there, but I suppose this is the the key slide that I think a lot of people would be interested in. So we're moving from a point where it takes weeks to produce a diligence pack and get to an investment committee to effectively real time as we get the documents.

21:47 We're updating the diligence materials. So we've got twenty four hours here, but actually, we're now moving on to real time. We believe that this will enable us to see three times more companies. We'll have same day follow ups from from meetings, and we'll have a 100% CRM CRM accuracy after every call, which by the way, if anybody if anybody uses a CRM for a living, there's very, very few organizations that can say that. So I can I can guarantee you there's no v if there's a VC on the call, they will recognize that CRM is not updated in a timely basis? Normally, you see an an hour past, what we would have is kind of sprints. We might do a sprint at the end of the week to make sure that CRM is updated.

22:35 So where where this is where this is at right now and where it's ultimately going to is we're automating a lot of the work that slows us down, and it allows us as a team to spend more time on judgment, on conviction, and most importantly, on founder relationships. And it allows us to make better decisions and more informed decisions as well. So if you if you think about this the the other comments I I would make is this is probably a good example. VC teams are a good example of kind of knowledge work intensive businesses, You know, I'll Iluvium, because it's a it's a very flexible platform, what what Iluvium are doing for us and what we're doing on the Iluvium platform can be replicated by multiple other industries.

23:33 But the other thing I would say is even just VC and the investment management community alone is a huge market opportunity for for. And there will be many, many others as well. So I hope hope that's helpful, and I'll hand you back to John. So thank you, particularly Ben, who sent some questions. First one is, can you talk us through how Ludiom monetizes, including your pricing model and how customers are charged? Yes. Absolutely. I think this is one where it might actually be easier to show as well as tell. So let me share my screen here. Okay. Can you see that, John? It's just loading. Okay. Perfect. So monetization, we operate a usage based credit model.

24:23 So you have different plans here to give you a certain number of credits, and everything you do on the platform consumes credits. So you can see your end usage. You get a breakdown of the things that consume credits. So using a large language model, you uploading documents, calling tools, using APIs we provide, and triggers running in the background. So consumers get quite a lot of information about what has been used in a particular time period. They can drill them by user or agent, see usage trends to understand where things are being used, see usage by user and agent to understand where the hotspots are, and then see that in a matrix to show what what combination of user and agent is hottest at the moment. So lots of detailed information for people to be able to really transparently understand usage.

25:25 Everything is built at a workspace level. So within the workspace, you can invite people to your workspace. Everyone collaborates. You can share agents with them. And then everyone within the workspace consumes off the workspace credit plan. There is no per seat pricing, and that is very, very deliberate because our belief is that AI agents and humans work best in a collaborative environment. So we did not want to put any kind of a barrier in the way of inviting people into a workspace and having them collaborate. So, yeah, that's our our pricing model. It's it's per month for a certain number of credits. The more you use, the more people you invite in, the more credits you consume. We will be adding additional plans and options over the coming months as well as we see exactly how people are using the platform and what they want in terms of payment options.

26:21 Thank you very much, John. So following on from that, what kind of workflows are you seeing customers adopt first? That's that's really interesting. It's very, customer dependent. So we're seeing a lot people get a lot of value out of these starter agents we've provided. As I said, particularly, the Illyddium Navigator, which helps you understand how to use the platform. So we're actually seeing people get quite a bit of value out of these just from a consumer point of view. We're seeing people explore the templates quite a bit, so understanding how these agents we've given, how they're actually made, being able to click into one and see the details of exactly how we have built this and clone it and and do something different with us.

27:07 But for for most people and the advice I would give anyone who asks is find the task that you have to do on a repetitive basis that you don't want to do anymore, that you want to outsource to an AI agent, and come to the platform and describe what that task is, what systems it interacts with, if if you already have a documented upload, your your documented approach, and start by something that's bugging you and automate that, and the ideas will just unlock then in terms of what else you can do. That's great. Thank you, John. How quickly are new users getting value from the platform? Immediately. Particularly because of these, out of the box agents.

27:53 As soon as someone comes through the onboarding process and lands in here, they can start using these, and they can start getting value immediately. The process for creating an agent I'll just give it a stupid name here. Again, it's completely chat based. So here, we're talking to the agent configurator. This is the one of our platform agents that helps you build what you want. So if you have a use case in mind, if you have a particular thing you want to automate, you come here, you describe what it is, and this agent will help you build it. So people get value really, really quickly because there's no cognitive load. There's no I have to drag this here and click this and drop that. It's chat. People are already familiar with chat. The difference here is it doesn't just come back and tell you what to do.

28:44 It goes and it takes action, and it builds agents that they themselves go and take action on your behalf. Great. Thank you, John. What makes Illudium different from other AI tools in the market? So there is a lot of AI tools in the market. Our focus is on a couple of key things. Usability, multiplied effect, so one person being able to build and share agents and collaboration. We're working hard on features around collaboration that will be landing in the next weeks to months, that will really clarify a lot of that. But we really believe that the future is teams of humans and agents working together, and we're building the layers that enable us. There's a lot of other companies doing different things in the AI space, but the the positioning and approach we're taking here in terms of collaboration and ease of use, we believe is quite differentiated.

29:44 Like, we we we see AI tools and platforms fall into to kind of trap sometimes. They're rather generic and and unfocused. The build process is overly complex. It's a single agent trying to do anything with no concept of teams or collaborations, or it's always manually triggered that you always have to initiate. So we've kind of solved for all of those key problems. There was been a lot of r and d gone into what has been built and how it has been built. So, yeah, I think there there's some strong differentiations there. Great. Thank you very much. How does this platform scale as teams grow? So that that that's back to the usage based model.

30:31 So effectively, as you want more people working with the agents that that you've created or the out of the box agents, you invite them to your workspace. They will contribute to usage. You will move up the plan tier as your usage continues to to grow and as you continue to get value from what these agents are doing for you. Very good. Thank you. How would you describe the response since the launch last week? It's been incredibly positive. So across several metrics we're tracking in terms of onboarding rates, conversion rates, usage rates, what what we've seen posted on social media, the the write ups and reviews that we've seen.

31:19 Thus far, every everything that we've seen has has been positive. The platform itself has performed very well. All of our operation monitoring is not detecting any issues. We're we're seeing real users, real usage, real value. So, I would say very, very positive. Good. Thank you. How flexible is the platform across different use cases? I I think the limitation is well, two things. Your imagination and the list of available applications that can be connected to you at the moment. This is something that we're adding to on a very, very, very regular basis. And if anyone is building an agent and they have a specific application in mind that is not available at the moment, reach out to us on [email protected], and we will prioritize adding it.

32:12 We're we're working with early users as closely as possible to make sure they have a good experience. So if the application exists and you can describe what it is you want to do, you should be able to build it on ludium. If the application doesn't exist, let us know. We'll get it added, and then you'll be able to do it. Right. Thank you. How do teams collaborate within Ludium? So there is, as I said earlier on, there is quite a lot of team collaboration functionality that is going to be landing as our next major update within the next I won't say a specific time frame, Within the next two months. So I just did say a specific time frame. That will really bring a lot more team collaboration, human to human and human to agent team collaboration.

33:03 At the moment, the main collaboration model is a user with a team of agents working for them that they coordinate directly with, but that will be expanding a lot as we add additional product features. Right. Thank you. So looking more to the future now, what areas are you most excited to continue developing? Oh, wow. There are so many things. So we're we're going to continue to look at agents that can add value immediately. Obviously, we are adding a lot more to applications. We have a lot of discussions going on with, various application providers about different types of partnerships that may be available to work with them, and a very exciting backlog of product features that I'm not going to go into the details of here, unfortunately, because they're they're still under wraps, but we will be announcing those much more publicly and openly now that we're a live product.

34:06 So please do watch out for them. And I I think a lead follow-up to that is how we'll use the feedback shape platform going forward. Very, very directly. So as we start rolling out new features, we will have a beta program that people can subscribe to to get early access to new features. And in particular, those on the beta program will be helping to shape the product direction. We're in that early stage after launch now. User feedback is absolutely critical to us. We're happy to do onboarding calls or feedback calls with users at any point. Again, people can reach out to us via the the support email address, and we're more than happy to run feedback sessions.

34:53 Great. Perhaps this is the most basic question. What's the simplest way to get started with Eludia? Literally, go to alludium.ai and click start free trial. It'll bring you through the login experience, the onboarding experience. If I click it now, I'm already logged in. But it'll bring you through a login, the onboarding experience, enter your credit card for the seven day free trial, and you will then land in here. You'll need to do some configuration on a few of these agents, like your executive assistant. It does need to be connected up to your calendar and email. But a Luteum Navigator is there for you straight away that you can start chatting with, asking you questions about the platform, describing ideas you have with it, that kind of thing.

35:44 Great. Well, thank you so much, John Frizzell, CEO of Alludian. That was really helpful. And thank you very much to Barry Downs as well, who's the managing partner of SVB. And you can see there the real world impacts that Iluteum platform has had on SVV, improving productivity and expanding their capacity. Thank you all very much for joining. I know we haven't managed to answer all the questions, but we will follow-up through the platform and give you some more feedback there. So thank you very much, and we're really excited about the prospects for Iluidium both now and in the rest of the year. Thank you very much. Fantastic. Thank you very much indeed for updating investors today. Could you please ask investors not to close this session as you'll now be automatically redirected to provide you feedback, which will help the company better understand your views and expectations.

36:36 On behalf of the management team, we would like to thank you for attending today's presentation, and good morning to you all.