In the spring of 2021, five friends founded a company in Berlin with the goal of supporting German medium-sized businesses in building data-driven enterprises. Developing new business models and operating more efficiently, exploring the potential of data science and artificial intelligence is worth considering for SMEs. The founders, consisting of four men and one woman, chose the name of their company by combining the words "algorithm" and "nautics." Their aim is to provide their clients with "orientation in the sea of data," as co-founder Dominik Galm eloquently puts it, painting a vivid metaphor. They met during their studies in Freiburg and Berlin and realized they shared a common vision for a company. Over the course of several weeks, they met every Wednesday to compare their ideas because they were determined not to jeopardize their friendship.

Bridging the gap between research and practice

Eventually, a potential client came into the picture through personal contacts. This led to the inception of their first project, which they initially worked on alongside other commitments. It turned out to be a success, and the friends realized they worked well together, thus making the dream of starting a company a reality.

Algonaut's offering can be simplified into three steps. Firstly, they establish a data infrastructure. Secondly, they analyze and extract knowledge from the data. Finally, they enhance the evaluation process by leveraging artificial intelligence. "Finding a business case is crucial in each step because the project must be beneficial for the companies involved," explains Galm, highlighting a central task in Algonaut's development. "Today, many companies have only a vague understanding of what statistics and artificial intelligence can accomplish. We aim to bridge the gap between the excellent research in Germany and how it can be leveraged by medium-sized enterprises." While the company's first project came from the logistics industry, the founders also see great potential in the healthcare sector. Active networking and external support are essential for their further growth, according to Galm.

Key insight through the Enterprise Europe Network

"I never expected the level of support from other companies and how crucial assistance from economic development agencies could be," describes Galm his experience of starting a business in Berlin. Another startup with a similar offering brought Berlin Partner for Business and Technology to their attention. Algonaut applied for membership in this business network, became a "Berlin Partner" with favorable startup conditions, and has been actively and successfully utilizing the network ever since. The district-level economic development agency, also located within Berlin Partner, reached out to the young company and facilitated a significant connection with the Enterprise Europe Network (EEN) in the healthcare sector. The EEN explained the opportunities in the European landscape and informed them about the competitions organized by "EIT Health." As a result, Algonaut participated in the call for "Start-up Meets Healthcare Provider" and applied for collaboration with the major Spanish healthcare provider, Sanitas. After several intensive selection rounds, they triumphed over strong competition and won the project.

Enabling personalized health advice

"At Sanitas, policyholders can already transfer health data generated by smartwatches and other wearables to an app. Doctors then utilize this data for individual healthcare management," explains co-founder Maximilian Kricke. Sanitas now aims to expand the service to more customers. However, to achieve this, the data needs to be analyzed more efficiently and intelligently presented, ensuring that the workload remains manageable. This is precisely the task that Algonaut is working on. "Our goal is to only show healthcare providers the deviations from the norm and provide them with the necessary data to understand and improve the patient's situation. We have been engaging in discussions with many doctors at Sanitas, and they are enthusiastic about the project, which motivates us greatly," says Kricke. His vision for Algonaut is to "accompany companies on their journey toward a data-driven future through our services."

Are the five friends still friends? Galm and Kricke confidently assure that they are. The journey continues! The Enterprise Europe Network played a crucial role by providing crucial insights that enabled the collaboration with Sanitas. This demonstrates the importance for young companies to establish contact with and seek advice from the EEN. It opens up the vast horizons of the European landscape.

The EEN - Enterprise Europe Network Berlin Brandenburg

The EEN supports companies in matters related to innovation and internationalization. Whether it's understanding and obtaining funding, finding collaborations, entering international markets, or advancing innovations, industry experts from the economic development agencies of both federal states are available to provide guidance and support.

For more information on the economic development of the region's growth sectors, as well as business and technology promotion for companies, investors, and research institutions, please contact:

Melanie Gartzke | melanie.gartzke(at)airport-region.de

Source: EEN success stories "Orientation in the sea of data" - Algonaut from Berlin enables data-driven business models; June 2023, www.een-bb.de