What is Luca Health?
Q: Can you describe a bit of background about your company?
A: I’m Vasileios Nikolaou and I’m the CTO and co-founder of Luca Health. We’re developing a tool to identify mental health symptoms, specifically for elite athletes. The principle is that whenever we face any mental health issue, even if it’s minor, there are detectable symptoms.
Habits might shift, and these alterations are noticeable. Using advanced AI technology, we spot these changes and notify our users when something seems off compared to their usual state. The challenge with mental health is that, unlike physical health where we have X-rays and blood tests, we lack concrete methods to detect issues. Much of it is based on guesswork. But we believe there’s hard data that can show when something’s amiss. That’s our focus.
Why Antler?
Q: Why did you decide to apply to Antler?
A: I’ve always had this urge to start something on my own. Throughout my adult life, I’ve dabbled in different ventures. Starting on your own isn’t easy – you need a solid idea, the right support, and more. I tried several times and, though I faced failures, I learned from each attempt. At one point, I was working for a startup, but I felt I couldn’t influence decisions as much as I’d have liked. When I learned about Antler, it felt like the right opportunity, so I went for it.
How a Founder Gets Into Antler
Q: Can you describe us a bit the application process?
A: For me, the application was straightforward. I went to the website and filled in a form, providing some background about myself. After a short wait, they offered me two interviews. Since I applied close to the deadline, the process was quite swift. My first interview was with one of the partners. It was more about understanding my motives, why I wanted to start my own company, my experiences, and what I’ve learned from them. Essentially, they wanted to gauge if I was a good fit.
Q: What happened next in the process?
A: The second interview was with Maria, who’s in a significant headhunting role. This interview delved deeper into my technical experience. From what I’ve gathered, technical applicants, now have someone who evaluates technical skills more closely to ensure genuine expertise. I’ve heard about a case study stage, where applicants get a scenario to analyze. Some had the “Gorilla’s” case study, for instance. But that wasn’t part of my process. Given my technical background and the job market dynamics post-COVID, especially for tech roles, I believe they were confident in my capabilities.
Q: Did you feel the process was tailored based on your technical skills?
A: Exactly. It felt like they recognized my technical expertise and, perhaps due to the post-COVID job landscape, prioritized that. I think they saw that I knew what I was doing, which probably contributed to my acceptance into the program.
Inside Antler’s Program
Q: What happens after you get accepted into the program?
A: Once accepted, there are preparatory meetings to help the participants get acquainted. In my situation, I was accepted a week before the program and was added to a Slack channel immediately. The cohort’s commencement is intense; you’re essentially plunged into a room with 60-70 strangers. This forces you to dive in, introduce yourself, and assess work ethics, interests, and culture compatibility almost immediately.
The first week is packed with interactions. It’s all about understanding the backgrounds of your peers – who is financially inclined, who is into health, etc. Some various activities and workshops shift your focus from promoting yourself to understanding others. It’s a period of gauging work dynamics and realizing your strengths and areas of improvement. Some participants even find potential co-founders in this initial phase.
Q: What were the biggest benefits you got from the program beyond money?
A: Beyond the monetary aspect, the unparalleled advantage is the community. Being surrounded by individuals ready to dedicate themselves fully to building something new is empowering. These are people who understand the challenges of startup life and are still willing to take the risk. The collective energy and support from both peers and mentors make the journey less daunting.
Q: Did you have any co-founders back then, or did you meet them during the program?
A: No, I found my co-founder during the program. Over the years, I had some ideas and tried working with people, but it was always part-time for both of us. It was challenging to find someone equally dedicated and willing to put in the hard work. Some were interested but wanted to do it part-time, which wasn’t for me. From past experiences, I established three principles: never go it alone, never use my own money, and never do it part-time. Antler provided a platform to achieve these. They ensured that we met people who were dedicated, willing to invest 100% of their time, and provided the necessary funds and mentorship.
Q: Can you provide details about Antler’s funding structure?
A: I joined the UK program which offered £120k for 10% of the company, essentially valuing it at £1.2 million. However, Antler deducts a program fee if you’re successful. In reality, you end up receiving around £89k.
What’s Next for Luca Health?
Q: What’s the status of the company?
A: We’ve had a successful partnership with universities like Cambridge and Oxford, as well as with sports teams. Currently, we have 500 users. We’ve made significant strides in identifying individuals who needed help and guiding them towards it. We’re launching the second version of our app soon and are continually exploring expansion avenues.
Q: How has that experience been with raising revenue?
A: The investment landscape has certainly shifted. VCs have become more conservative, and angel investors await clearer signals before investing. Despite the challenges, we’ve managed to raise funds, though not without difficulty.
Q: Which are your main growth channels?
A: We’re focusing on both professional and amateur sports clubs, as well as university sports. While the number of professional clubs is limited, the market remains vast. Younger individuals seem more receptive to our product, especially regarding mental health. We’ve noticed different usage patterns based on factors like exams in universities. Our growth has been mostly organic, with one entity often leading to another.
Advice for Antler Applicants
Q: Can you provide a final tip to future founders seeking to apply to Antler?
A: Know what you’re getting into. It’s not a breeze; it requires dedication and hard work. Even with a brilliant idea, challenges await. Be fully committed, and you’ll navigate through them. Antler excels at identifying and supporting fully dedicated individuals.