SAN FRANCISCO, CA — Vellex recently concluded an insightful journey at the National Science Foundation's (NSF) I-Corps program facilitated by the I-Corps Mid-South hub. With Palak Jain assuming the role of entrepreneurial lead and Jason as the technical lead, the Vellex team, under the mentorship of Naeem Malik, delved into two months of rigorous customer discovery. The experience proved to be a pivotal moment for the Vellex team, providing invaluable insights into potential markets and solidifying their business strategy.

‍

Unveiling the Power of Hybrid Computing

‍

At the heart of Vellex's innovation lies a groundbreaking hybrid computing platform. This unique technology combines the efficiency of analog electronics with the precision of digital systems, enabling real-time data analysis and control at the source of data generation. As the Vellex team often emphasizes, their technology excels at solving complex mathematical problems with remarkable speed and efficiency.

‍

Engaging with Industry Leaders

‍

A cornerstone of the NSF I-Corps program is the opportunity to connect with industry leaders and potential customers. The Vellex team conducted an impressive 125 interviews, all aimed at identifying key "beachhead" markets for their innovative platform. This extensive outreach allowed them to gain a deeper understanding of customer needs and challenges across various sectors.

‍

Key Insights from I-Corps

‍

The I-Corps program provided Vellex with several critical insights:

• Grid Technology Focus: Initially, Vellex explored the utility sector, quantifying how their technology could enhance grid reliability, optimize operations, and facilitate the integration of EV charging infrastructure. Through trade shows and symposiums, they validated the value proposition of their analog twin in this domain.
• Manufacturing and EV Potential: The team also delved into the manufacturing sector, with a particular emphasis on electric vehicles (EVs). They discovered a significant need for advanced embedded computing capabilities within EVs to handle the increasing volume of data generated and reduce reliance on cloud processing.
• Customer-Centric Approach: Vellex learned the importance of a customer-centric approach, focusing on understanding customer channels, relationships, revenue models, and potential partnerships. They even attended the world's largest computing conference in Denver to further explore these aspects.

Refining the Business Model

‍

The I-Corps experience led Vellex to refine its business model and solidify its go-to-market strategy. They identified two primary markets:

1. Onboard Diagnostics for EVs: Leveraging their edge computing platform to enhance vehicle dependability and provide real-time data analysis within the vehicle.
2. Planning, Monitoring, and Grid Resiliency: Utilizing their analog twin technology to improve grid reliability, optimize operations, and support the integration of renewable energy sources.

Ultimately, Vellex decided to prioritize the grid technology market, recognizing the significant impact their technology could have on this critical infrastructure.

‍

Looking Ahead

‍

Vellex's participation in NSF I-Corps marks a significant milestone in their journey. Armed with valuable customer insights and a refined business strategy, the team is now focused on the next steps:

• Securing Funding: Pursuing "professional" non-equity capital through SBIR grants and exploring opportunities like Free Electrons for piloting their technology.
• Expanding the Team: Hiring full-time employees to support their growth and further validate their business model.

Vellex is poised to make a significant impact in the world of hybrid computing, and their experience at NSF I-Corps has undoubtedly set them on a path to success.

‍