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How EFSI benefits SMEs in Europe - Innovation Nest case study: Autenti (Poland), ICT

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“Think of businesses in the financial sector or HR companies for example. They work long and hard to conclude deals, but that last step, the exchange of documents for the final, binding signature, could take days or even weeks – especially across borders. Even a few minutes could be the difference between making and breaking a deal. Signatures are simply too time-consuming”, explains Grzegorz Wójcik, CEO and founder of Autenti.

Autenti has developed software that enables signing contracts and documents of any type online. Their platform allows companies to send out a request for a signature, collect signatures and archive the documentation – all without registration and logins. “It is just so much more convenient,” says Grzegorz, “Rather than printing, signing, scanning and sending them - just do everything online. It’s so much faster.” Not to mention that this digitalisation is also environmentally friendly.

However, establishing this sort of business was not easy – it is a revolutionary idea that requires companies to break with ancient habits and trust that change will be positive and convenient. “A few years ago nobody believed in electronic mail or invoice; now, we check our email several times a day,” Grzegorz says with confidence. “E-commerce will only keep growing.”

Naturally, security is key and Autenti spend a lot on R&D in this field, recently also looking into blockchain technology. In 2017, the company benefited from an EU research grant to develop the prototype version of its platform and later in the same year, received a significant private equity investment from Innovation Nest, a venture capital firm supported by the EIF under the EU’s Investment Plan for Europe.

“The investment allowed us to upgrade our software and provide stronger data security, but it also helped us set up the infrastructure necessary to deal with larger clients like customer support units,” says Grzegorz, who hired about a dozen new developers in this effort. ““Currently, we are working towards reaching other markets in Europe by the end of 2018”.”

And the key to this success? “The team. We would not have been able to get anywhere without our team. A great idea is worthless if you don’t have a strong team surrounding you to execute it” he concludes.

Company: Autenti (Poland)

Type of business: ICT

EIF financing: InnovFin Equity, EFSI

Financial intermediary: Innovation Nest

For further information about EIF intermediaries in Spain, please refer to: http://www.eif.org/what_we_do/where/pl

 

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