KEMAL UTKU KOSMAN
INDEPENDENT INVESTMENT RESEARCH
Applied AI investment assessment
Assess Turkish-founded Applied AI companies
with venture-scale potential.
SELECTION CRITERIA
Turkish-founded, Applied / Vertical AI, venture-backed,
10+ employees and demonstrated commercial traction.
EVALUATION SCOPE
Founder-market fit, market opportunity, AI differentiation,
traction, key risks and diligence priorities.
APPLIED AI / INVESTMENT MEMOS
Investment framework
Four investment lenses and the evidence required to support them
KEMAL UTKU KOSMAN / APPLIED AI
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INVESTMENT LENS
EVIDENCE TO REQUEST
DECISION TEST
01
Team
Founder track record, domain depth
and customer references.
Can this team execute in
its chosen customer workflow?
02
Market
Customer budgets, reachable buyers
and a bottom-up market model.
Is the entry market large enough
for a scalable business?
03
AI product
Data rights, performance benchmarks
and improvement with usage.
Does the AI advantage strengthen
as deployment grows?
04
Commercial pull
Paid contracts, cohort retention,
renewals and customer ROI.
Does adoption convert into
repeatable revenue?
APPLIED AI / INVESTMENT MEMOS
Five companies, distinct AI applications
Funding is approximate or disclosed; commercial signals are reported unless marked Est.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
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COMPANY | APPLICATION | FUNDING / STAGE | REPORTED TRACTION |
| Retail intelligence | ~$13.1M Series A | $8.3M est. 2025 revenue 70+ countries |
| Renewable asset intelligence | ~$2M Seed | 107 plants / 6,309 MW 9 countries |
| Wind blade monitoring | ~$2.1M Seed | 1,000+ turbines 10 countries |
| Chronic disease management | $3M+ Seed | 300K+ patients 30+ business partners |
| Manufacturing video analytics | ~$2.2M Seed | Reported 10–15% OEE gains Ford, LG and Philips |
Different metrics indicate different forms of traction and are not directly comparable.
INVESTMENT MEMO / SERIES A
Vispera
Retail intelligence
~$13.1M funding
Founded 2014 · ~79 employees · 16 reported funding rounds
INVESTMENT THESIS
Computer vision expertise and international sales support a global retail intelligence platform.
PRODUCT & TEAM
Shelf-image analysis turns retail execution into measurable, actionable store data.
Aytül Erçin and Ceyhun Burak Akgül combine academic and industry expertise in deep learning and computer vision.
MARKET
~$2.5B TAM / ~$738M SAM
~25.4% CAGR, 2025–2033
North America scale and
Asia-Pacific growth.
KEY RISK
Similar competitors. Public proof of superior technology remains limited.
$8.3M
estimated 2025 revenue
70+
countries (company-reported)
~65%
intl. revenue; source unconfirmed
Reported 50+ customers, including Coca-Cola, Unilever, Carlsberg, Colgate, L’Oréal, Nestlé, Reckitt and Carrefour.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
04
INVESTMENT MEMO / SEED
Kavaken
Renewable asset intelligence
~$2M funding
Founded 2021 · ~13 employees · 4 reported funding rounds
INVESTMENT THESIS
Energy expertise and measurable operating outcomes support international asset software.
PRODUCT & TEAM
AI analyzes wind and solar operating data to detect performance losses, failure risks and corrective interventions.
Bora Tokyay and Murat Yılmaz bring energy engineering, operations and business development experience.
MARKET
~$9.8B TAM / ~$6.9B SAM proxy
~13% CAGR to 2032
US share ~45%. Asia-Pacific
growth ~15% CAGR.
KEY RISK
Crowded asset platforms. Repeatable ROI and international sales need proof.
6,309
MW under analysis (reported)
107
plants / 9 countries (reported)
1,511
verified cases (company-reported)
Estimated revenue $1–1.5M. TotalEnergies reportedly uses the product daily. Customers also include Borusan EnBW, Enerjisa, Eksim and Aydem.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
05
INVESTMENT MEMO / SEED
Werover
Wind blade monitoring
~$2.1M funding
Founded 2018 · ~20 employees · 2 reported funding rounds
INVESTMENT THESIS
Proprietary acoustic data enables continuous blade monitoring for wind operators.
PRODUCT & TEAM
Acoustic sensing and machine learning detect, classify and track hidden turbine blade damage before failure.
Balca Yılmaz and Çağlar Erat are control engineers with renewable energy, sensing, embedded IoT and AI experience.
MARKET
~$40B wind O&M TAM
~$1.2B blade inspection SAM
Forecast growth and endpoint
require reconciliation.
KEY RISK
Established rivals. Data advantage and deployment economics need proof.
1,000+
turbines / 10 countries (reported)
4.1M
hours of blade data (reported)
~£12K
MRR; source unconfirmed
40+ blades saved (company-reported). Reported turnover ~£480K. Customers include TotalEnergies, Fred Olsen Renewables, Genpa, Eksim and Menderes Enerji.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
06
INVESTMENT MEMO / SEED
Albert Health
Chronic disease management
$3M+ funding
Founded 2018 · 8 disclosed funding events
INVESTMENT THESIS
Enterprise distribution and clinical experience support a scalable chronic-care platform.
PRODUCT & TEAM
Patient data, personalized guidance, medication tracking and telehealth support continuous AI-enabled care.
Recai Serdar Gemici, Serhat Uzun and Ensar Güneşdoğdu combine commercial, enterprise and AI expertise with an in-house medical team.
MARKET
~$8.3B TAM
~13.4% CAGR to 2030
~$9.5B adjacent DTx market
Rising chronic-care demand.
KEY RISK
Clinical durability, regulation and AI differentiation remain key tests.
300K+
patients / ~5 countries (reported)
30+
business partners (reported)
64%
90-day diabetes retention (reported)
Company-reported: 5K+ monthly telehealth connections; 1.29-point mean HbA1c reduction among improved users. Partners include Roche, Pfizer, Bayer and NN Group.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
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INVESTMENT MEMO / SEED
Khenda
Manufacturing video analytics
~$2.2M funding
Founded 2021 · Approximately 16 employees
INVESTMENT THESIS
Camera-based analytics offer an entry into factory software without heavy sensor integrations.
PRODUCT & TEAM
Process video and existing cameras power time studies, line balancing, downtime analysis and continuous improvement.
Çağkan Ekici and Aykan Ekici bring machine vision and industrial automation experience, including factory vision software R&D.
MARKET
~$9.7B TAM (2026)
~$5.7B SAM proxy*
~46.5% CAGR to ~$47.9B (2030)
*Software and services
KEY RISK
MES and analytics competition. ROI must repeat across factory deployments.
10–15%
early OEE gains (company-reported)
$200K
up to, one CNC station (reported)
2
products: CI platform + Vision MES
Customers include Ford Automotive, LG Electronics, Philips, Hengst and ISAIC. ISO 27001 certified, SOC 2 Type II audit completed. North America expansion focus.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
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APPLIED AI / INVESTMENT MEMOS
Evidence status by company
Source types across five investment questions. Colors do not indicate investment quality.
Figures are based on publicly available information and may vary across sources;
estimates and company-reported metrics are identified where applicable.
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E
Third-party estimate
C
Company claim
K
Customer case
U
Source unconfirmed
—
No data in review
COMPANY | REVENUE | CUSTOMER ROI / IMPACT | RETENTION | AI DIFFERENTIATION | INTERNATIONAL SALES |
Vispera | E $8.3M estimate | K Retail cases | — No cohort data | C CV capability | U ~65% intl. share |
Kavaken | U $1–1.5M estimate | K Operator cases | — No cohort data | C Predictive models | C 9-country footprint |
Werover | U ~£12K MRR | C 40+ blades saved | — No cohort data | C Acoustic models | C 10-country footprint |
Albert Health | — Not disclosed | C Clinical outcomes* | C 64% at 90 days | C Condition-specific AI | U ~5-country footprint |
Khenda | — Not disclosed | K Factory case | — No cohort data | C Video analytics | — No quantified sales |
Cases are company-published customer examples. *Clinical outcomes are not financial ROI.
Footprints do not establish international revenue. “No data” refers only to the reviewed material.
INVESTMENT COMMITTEE / DILIGENCE AGENDA
Evidence that changes conviction
Prospective diligence outcomes for each investment thesis
COMPANY | EVIDENCE THAT SUPPORTS THE THESIS | FINDINGS THAT WEAKEN THE THESIS |
Vispera | High renewals and recurring revenue. Clear wins against competing products. | Service-heavy revenue or high churn. Little performance advantage. |
Kavaken | Verified savings and paid-MW expansion. Renewals with attractive cost to serve. | Savings fail to repeat across plants. Service effort absorbs gross profit. |
Werover | Accurate detection with few false alerts. Healthy margins after hardware costs. | False alerts undermine operator trust. Hardware and support erode margins. |
Albert Health | Durable outcomes in controlled cohorts. Retention supports viable care economics. | Selection bias explains outcome gains. Weak retention or regulatory barriers. |
Khenda | ROI repeats across independent sites. Pilots convert into recurring contracts. | Gains rely on bespoke projects. Low conversion or costly deployment. |
Across all five: valuation, ownership, runway and round terms remain open.
KEMAL UTKU KOSMAN / APPLIED AI
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