Startup story: Claricy X Tehnopol Startup Incubator

The Tehnopol Startup Incubator organizes several specialized accelerators throughout the year to support early-stage companies and help them build connections and enter the market. One of these is the AI accelerator, which is for startups developing AI-based solutions. One of the participants in this accelerator was the startup Claricy. Let’s get to know them better!

Claricy develops behavioural analysis and educational technology called IRIS-X. This technology enables people to understand and improve their financial behaviour through psychological analysis and personalized behavioural financial advice. Since April, the company’s team has participated in a total of four business accelerators and started applied research in collaboration with psychology experts from Tallinn University – all to ensure that the technology, built on a delicate topic, is based on real needs and scientifically proven methods.

Johanna Stina Haar, CEO and founder of Claricy, is the visionary behind the idea. With a Bachelor’s degree in accounting and a Master’s degree in IT management, she has gained practical experience in both fields, which she has applied to entrepreneurship for nearly three years.

In addition to Johanna Stina, the founders of IRIS-X include her brothers, Mikk Kalma and Kristjan Kalma. Mikk has nearly 20 years of experience in IT management, which has given him a strong foundation in creating IT infrastructures and ensuring security. His critical thinking provides the team with a grounded perspective. Kristjan has worked as a digital product manager for almost nine years, and his skills in time management and leading development teams ensure a clear focus and alignment of technologies with the business vision.

Johanna Stina introduced the startup and their plans for the future.

How did you come up with the idea to create a startup?

“Since all the founders have a technical background, it’s in our nature to use technology to solve problems. We’ve spent evenings brainstorming different business ideas and discussing services that have fallen behind with outdated technology. Due to working in the same field, helping, supporting, mentoring, and exchanging ideas with each other has been part of our daily communication on Discord for many years – starting a joint company was only a matter of time.”

What have been the biggest challenges/failures and the biggest wins so far?

“The biggest challenge has been securing funding for the research. Our first application was met with a negative response, but thanks to strong motivation and determination (or perhaps stubbornness), it eventually resulted in a positive outcome. This turned our greatest challenge into our greatest victory. In addition to securing research funding, another significant victory has been participating in the Tehnopol AI accelerator, as it truly sped us up from 10 km/h to 100 km/h. After participating in the AI accelerator, both the company and its team have undergone remarkable development.”

What sets your startup apart from competitors?

“The founding members of IRIS-X are people who trust each other the most as business partners. We know each other’s strengths and personalities inside and out, which is why our ability to work together has already proven itself (and a good sense of humour helps us overcome all obstacles).

Secondly, the idea behind IRIS-X is built on a solid foundation of research. We have an excellent collaboration with Tallinn University, supported by Ingrid Hindrikson from the university’s side, and psychologists Aleksander Pulver and Kadi Liik, who are actively working on the research. Their contributions to the solution we are creating are of immense value. You can read more about the ongoing research here.”

Why did you choose Tehnopol Startup Incubator?

“Since we use AI solutions in our technology, applying to the Startup Incubator’s AI accelerator was a logical step. We knew the accelerator was specifically focused on the development of AI solutions, and since the field is still so new, we have a lot to learn from it. The AI accelerator also supported us with equity-free funding – every euro is valuable for an early-stage startup.”

Where do you see your startup in 1 year? And where in 5 years?

“In one year, it’s “game on” – by that time, we will have hundreds of initial test users who will help us gather objective feedback for further service development. Additionally, by then, our first research study will be completed, we will have secured funding, will continue to invest in research and development, and we will have expanded the team by at least 10 people.

In five years, we will already be on the international market. By that time, we will have irreversibly changed the world of financial advice, becoming the leading providers of behavioral finance solutions in Europe.”

Who is the next (Estonian) unicorn?

“It’s hard to say who might get ahead of us. We definitely see potential in solutions for the medical field – since the public sector in Estonia is quite receptive to new IT solutions, piloting medical solutions in this region is likely easier. Additionally, the competition between the public and private sectors in this field seems smaller, but the demand for IT solutions remains high.”

Which books/podcasts/publications and influencers in your field do you follow and would recommend to other aspiring entrepreneurs?

“The Joe Rogan Podcast, the Lex Fridman Podcast, the book “The Billion Dollar Secret“, and Diary of a CEO.”

If you’d get a chance to meet with Elon Musk, Mark Zuckerberg, and Jeff Bezos, what would you ask them?

“First, I would conduct user interviews with all the aforementioned individuals to identify potential collaboration opportunities and understand what financial problems they might be facing. Then, I would also seek funding from them to develop IRIS-X.”

Next, we are inviting startups to apply for the Startup accelerator. It’s often said that if you go alone, you’ll get there faster, but if you go together, you’ll go further. The Tehnopol Startup Incubator accelerator supports your tech startup on its journey to becoming investment-ready. We offer the best and most high-quality program in the region, as well as expert advice for scaling your startup. 10 carefully selected companies will join the 6-month accelerator. Read more here!