[Startup story] CodeWell | Rubik Garage – Scale to USA, Cohort 6

[Startup story] CodeWell | Rubik Garage – Scale to USA, Cohort 6

April 24, 2024

First of all, we would like to know who’s behind the keyboard.

I’m Nino Karas, an AI entrepreneur and CEO of CodeWell AI. I made my mark early, selling my first company to T-Mobile at 21. Bloomberg recognized me among the Top 50 Influential figures for the Adria Region alongside successful individuals like Novak Djokovic and Nikola Jokic. I’m a proud recipient of the European Business Awards’ Entrepreneur of the Year 2019. With CodeWell AI, we won the How To Web Spotlight 2021. My journey includes pioneering startups like Letz, contributing to North Macedonia’s startup ecosystem. I’m a proud alumnus of Boston University.

Tell us more about your startup. What problem do you solve? Who’s your audience? What motivated you to found it?

We create Digital Employees for the banking space, that automate 90% of human-driven processes within the company, boost conversions in sales, and slash operational costs by 40%. The platform ensures governance of communication and maintains answer consistency. With this, we are solving the big issue of hallucinations that all Large Language Model-based technologies face, enabling practical use cases of generative Conversational AI within serious business verticals such as banking, in which a single LLM hallucination might be a billion-dollar mistake.

We’re curious to learn about your team. 

We are a team with over 50 years of combined experience in the Conversational AI space.

My Co-Founder, Martin Ancevski, and I gained recognition in 2010 with a viral mobile app, leading to its acquisition by T-Mobile – my first successful exit as a 20-year-old student.

Following this, we launched CodeWell as an IT agency, servicing notable clients like Sony Music, Heineken, and T-Mobile.

Driven by our passion for innovation, we returned to startups in 2015, founding Letz. It was the first company from North Macedonia to raise VC investment, as well as the first European startup to win the prestigious Product Hunt – Product of the Year award in a category with global companies such as Google, Slack, Duolingo, and others.

Since then, we’ve created proprietary NLP and NLU technologies, enabling businesses and governments to automate departments with smart digital assistants. Recognizing the complexities and investments required, we developed CodeWell AI, a comprehensive platform to streamline the process.

What is the biggest achievement / progress / changes you’ve achieved during our accelerator?

During the accelerator, we’ve realized that relocating to the US is critical for our company’s growth. We’ve connected with people who can help make this happen. It’s become clear that relocating to the US is the next logical step for us. Additionally, we’ve had the opportunity to gain insights into the startup ecosystem in Austin, Texas, which was previously unfamiliar territory for us.

How was the USA immersion trip? How did it change your perspective on scaling in the USA?

The USA immersion trip was both eye-opening and a reality check for us. It gave us firsthand experience and insights into the US market, especially in tech hubs like Silicon Valley and Austin. Interacting with entrepreneurs, investors, and industry experts gave us ideas on how to approach scaling in the USA. This experience not only reaffirmed our belief in the potential of expanding to the US but also provided clarity on the specific strategies and approaches needed to succeed in this competitive landscape. In summary, the trip has made us more committed to expanding our operations in the US and has given us the knowledge and confidence to pursue this next stage of growth.

What role did mentorship play in your experience, and how did it impact your startup’s growth?

We connected with numerous mentors throughout the program, each offering valuable feedback and advice. Two mentors, Sebastian Cochinescu and Vlad Cazacu, stood out for their exceptional feedback. Their advice helped us grasp the nuances of the US market, understand the expectations of the US investor ecosystem, and set the right strategies in place. Their support gave us confidence, especially as we prepared for our US trip and the meetings ahead.

How has the experience in the acceleration program influenced your vision for the future of your startup? What are your next steps and goals as you continue to grow and evolve your startup in the USA market and beyond?

The acceleration program mostly helped us confirm our startup’s vision. Our next step is closing our seed round, which will allow us to make our move into the USA market. Beyond that, we aim to expand our reach and enhance our products as we grow globally.

Why would you recommend Rubik Garage Scale to USA to those startup founders who want to expand in the States?

Absolutely! It’s a fantastic program with amazing people behind it! The team adapted the program based on circumstances, situations, and evolving needs, which reflects the startup approach! We had a great experience, and being part of the first batch, I anticipate the program will only improve for future cohorts.

Is there anything else you’d like our readers to know?

Entrepreneurship has its ups and downs. Well, honestly, mostly downs … and then some ups 🙂 However, it’s the ups that make the whole journey worth it. It’s all about growth and making a difference. Stay resilient, and adaptable, and keep learning from your experiences. Never give up, surround yourself with supportive people, and seek guidance – and Rubik Hub is a great place to start.

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