The market for high performance computing (HPC) is valued at over US$21bn. The public cloud segment is the fastest growing segment of the market and is forecast to be worth US$5.2bn in 2017. A wide range of industries make use of compute-intensive applications however access to HPC been restricted by architectural complexity, availability of trained personnel and budgetary issues.
Our proprietary patent pending solution will accelerate the use of cloud for compute-intensive workloads which is currently used by less than 20% of HPC users. We do not compete with Amazon, Azure and others – we improve the choice, accessibility and configurability of their services for companies seeking HPC resources in the cloud. Rendicity makes it easier, quicker, more scalable and more cost effective for thousands of businesses to harness big compute in the cloud for the first time and for existing HPC users to meet their pent up demand and overflow capacity for HPC.
Our initial target segment will be the digital content creation and distribution sector which requires significant processing capacity for rendering of complex graphic images. We estimate our market opportunity to be worth US$578m. Our first service is live and we have 30 existing customers.
Our solution is designed to extend in to adjacent segments with similar application profiles rapidly including CAE, Mechanical Design and Electronic Design Analysis. These represent a US$3bn market opportunity in themselves. We have an experienced team with deep technical and business development expertise.
Our business plan projects revenues of €700k in 2016 with an MRR of €85K and ARR of €1m+ by December 2016 generated by sales to 114 customers and 5 channel partners. This will primarily be achieved by channel partnerships and direct sales supported by digital marketing. We are seeking €1m in private equity funding at a pre-money valuation of €3m to go to market and validate our customer acquisition model. We have outline approval from the Revenue Commission for the Employment and Investment Incentive Scheme (EIIS).
