Conflicts of interest not only leave an organization vulnerable to civil liability, but in some cases may also lead to criminal prosecution. The best way to minimize the potential for conflicts of interest is to be proactive rather than reacting reactively after an issue arises. However, identifying where conflicts may occur is often a manual and time-consuming process that often cannot be devoted to scarce resources. Confused An AI-powered, data-driven platform that can detect fraud, overspending and compliance with conflict of interest issues. Risk engines can explore large public data sets containing inside information to ensure decisions are not hindered by potential bias and undue influence. Conflixis initially focused on the healthcare space to help organizations contextualize risk as a risk management tool ranging from drug interactions/use to Medicare/Medicaid payments.
Alley surveillance Meet Conflixis CEO and Founder Aaron Narva To learn more about the business, the company’s strategic plan, recent funding, and more…
Who were your investors and how much did you raise?
Leadership from previous companies and other founders
Please tell us about the products or services Conflixis offers.
We sell software that helps large organizations identify fraud, regulatory risk, and overspending related to conflicts of interest among employees and business partners. We are starting in the healthcare sector.
What inspired the start of Conflixis?
At my previous company, Exiger, I was responsible for building the third-party risk management business.
How is Conflixis different?
We are competing with existing manual processes that are incredibly time-consuming, tedious, and imperfect.
What market is Conflixis targeting and how big is it?
We are starting the healthcare sector with hundreds of millions of dollars in SAM. In addition to healthcare, other areas such as government contracting, finance, and construction could also increase TAM closer to $1 billion.
What is your business model?
B2B SaaS
How are you preparing for a potential economic slowdown?
Because we are a risk management company specifically in the healthcare sector, we are not vulnerable to typical business cycles.
How was the funding process?
I raised money from people with risk experience who had seen my team execute in the past.
What are the biggest challenges you face while raising capital?
Make early decisions about whether to seek institutional funding. We decided not to do that.
What is it about your business that causes your investors to write a check?
Within six months of launch, our traction is significant. We have V.1, paying customers willing to recommend us to their peers, market expectations for what we do, and a near-term roadmap to become cash flow positive.
What milestones do you hope to achieve in the next six months?
Making our risk engine fully ML-based, launching multiple modules that will have a huge impact on ACV, and tripling our customer base.
What advice can you give to businesses in New York that are not seeing new capital flowing into their banks?
Focus on the minimum amount of product needed to prove value to your customers. Everything else is noise.
Where do you see the company going in the short term?
We want to establish a profitable, fundamentally clean business in healthcare and expand into other industries as our bandwidth increases.
What are your favorite winter destinations in and around the city?
B&H Dairy.
