Project Description

Actionable items from voice with full traceability

Vilnius, Lithuania

Established in 2020

islucid.com

Teaser of the company

isLucid was born from the need to capture details of verbally created items. Once the solution combining transcription and connectors to existing Project Management software is made, companies understand the traceability of tasks and approvals, which are important once action points are identified. isLucid is addressing this need using Azure Blockchain DLT.

isLucid has developed the following blockchain-based prototype in the scope of BlockStart:

Lucid Traceability

islucid.com

Companies that need traceability of actionable items made in conference calls can now easily store information in a secure and traceable way with Microsoft Azure Blockchain. In regulated sectors e.g., Automotive, MedTech, FinTech use the ease of mind and focus on conversation, while actionable items (created in real-time from transcription) are stored in your PM software with an evidence of participants, items information and storage location within the Blockchain. Balanced for Account Managers, great for Product Owners, Project Managers and other managers with cross functional teams.

Technical development during Prototype stage

During the development of isLucid Traceability, the following technical developments have taken place:

  • isLucid created flexible smart contracts, enabling to store different information independently from the project management software used. These smart contracts are created using the Blockchain Wrapper API service by isLucid. This enabled isLucid team to support multiple different platforms, not locking the solution only to Microsoft ecosystem.

  • Updated records creation together with newly introduced project scope enabled to chain records based on meetings, meeting participants (with connection to Azure Active Directory unique and traceable user IDs), retrieve this records and validate against records entered during the original meeting. It is a common thing in industry to update tasks, descriptions after the meeting, while current implementation lets to actually confirm what was discussed during the meeting and what was altered (potentially) without the consent of all stakeholders.

Business development during Prototype stage

During the development of isLucid Traceability, the following business developments have taken place:

  • During the programme isLucid identified sectors in which lack of traceability hurts the most. The company adjusted the target customer position to Account Manager, Head of Account Management within heavily regulated industries, e.g., Helthcare, MedTech, Automotive, Finances.

  • Based on the feedback isLucid received from companies interviewed, messaging was also adjusted to focus more on gains brought by the traceability.

  • The company plans to hire 2 more sales people and 2 developers.

  • Number of potential adopters reached out: 50+ | number of potential adopters met: 7

  • Number of interesting prospects/leads you acquired during Prototype stage: 3 | number of pilots committed: 5+ | number of clients committed: 5+

Meet the Team

Vytenis Pakėnas
Vytenis PakėnasCEO and Team Lead
Seasoned entrepreneur, with 2 exits. In IT for 15 years with management and product development positions
Gabija Visockytė
Gabija VisockytėSales and Marketing manager
Sales expert with focus on B2B sales. Started career as an exec. assistant and built her way up to sales and account management
Oleg Zheleznyi
Oleg ZheleznyiLead developer
A full stack developer with 8 years experience with mobile development, BE, Microsoft technologies. Cross platform apps development
Tadas Maurukas
Tadas MaurukasCMO
Successful marketing campaign to raise 13m USD in 3 months from scratch. Built partnership with Samsung electronics

For more information, download the company’s portfolio and pitch deck:

We joined this project with a will to bring traceability feature around the blockchain implementation. We leave with an understanding on how to market a product enabling users in regulated industries to have a trusted recorded evidence which meets regulatory requirements. All the learning and navigation from feature to product mindset happened with the help of BlockStart

Vytenis Pakėnas, CEO, isLucid

Total funding received by UAB Lucid Agreements under BlockStart: €16,000 (€1,000 for Ideation Kick-off and €15,000 for Prototype stage)