Members of the angel club United Angels Network invested $80,000 in the Ukrainian startup Bluedot, which develops an extension for Chrome that uses AI to summarize meetings in Google Meet.

We will remind that at the end of April this year the startup raised $600,000 investment within the pre-seed round. Its valuation increased to $5 million. At that time it was known that the funds were raised from angel investors from Ukraine, England, Germany, France and the USA. Accelerator OnDeck Ventures, Google for Startups and Daniel Gross, ex-partner of YC, also participated in the round.

Now AIN has learned that among the investors were members of the United Angels Network. They shared why they invested and what they looked for in the startup.

How Bluedot raised funding from United Angels Network angels

  • The first investor was the manager of Codility, Grzegorz Jakacki, who was also Ruslan’s former manager.
  • Next, Bluedot presented a prototype product at Web Summit. This made it possible to cooperate with the second angel investor from London.
  • After that, the startup entered the acceleration program at OnDeck Ventures, which provided them with seed capital of over $100,000.
  • Later, the group of angel investors United Angels Network joined the circle of Bluedot investors.
  • It is said that Vladyslav Khychko, a member of the United Angels Network, played an important role in this cooperation. He wrote to Bluedot on LinkedIn and offered to participate in the UAN demo day.

What UAN investors paid attention to

Investor Zhenya Husarov said the importance of three key factors: the viability of the team, their expertise, and a clearly defined market. Team communication also plays a crucial role.

Investor Ivan Kohut said that the one of the startup’s main advantages is the team of founders, who made the impression of people who “know what they want and have considerable experience.” The second factor was the niche in which they work.

Investor Andrii Skoropad liked that the startup was already successful. He also named the experience of the founders an important factor. Another plus was the clear and thought-out legal structure.

A foreign investor, whose name has not been disclosed, drew attention to the low security of the product (it is not so difficult to reproduce). But on the other hand, he appreciated the product differentiation, well thought out roadmap and projected revenue.

About Bluedot

Bluedot is the product of two IT specialists, Ruslan Khalilov and Dmytro Yeriomin. They saw the problem that consultants and recruiters often forget the details of conversations with clients and candidates, and that’s when they came up with the idea to create a product that summarizes the meetings.

Bluedot now has over 1,000 paying customers, including The New York Times, Etsy, UserTesting, SalesForce, and more. The current team of the startup consists of four people, three of them are co-founders.