Since we at HOOLOOVOO started focusing on AI, one of the key projects we worked on was Letzz, an AI-powered workspace that helps compliance teams spend up to 90% less time on regulatory research and change management. This effectively means turning compliance, a serious growth hurdle due to constant regulatory changes, into a strategic asset. It was a case of a startup with an idea and deep understanding of a common business problem (Letzz) engaging a tech company (HOOLOOVOO) to develop a technical solution. And we did it. MVP is all but released, with some fine-tuning under way.

So we prepared some questions for Daniel Gambin, CEO of Letzz, and Predrag Spasojevic (Pedja), its CTO and CEO of HOOLOOVOO.

Before we go straight to Letzz, how did you guys meet?

Daniel: I had heard of Pedja before and everyone had a lot of respect for how he did things and got things done, plus I had been working with one of his teams for a while and was very impressed with the quality and output.

Pedja: During his time at Kindred (now FDJ UNITED), as part of that collaboration, on one or two occasions Daniel visited Belgrade, where my company is located. We also worked closely on a project that he initiated with a few colleagues from Kindred, which felt like a startup within a large corporation. This experience convinced me that Daniel was the ideal person to start a business with.

Daniel: At that time, we were both starting to explore new options, and I think there was alignment in the sense that we had complementary backgrounds to create something great. Finally we had a call and then Pedja came up to Berlin to discuss things in person.

The idea for Letzz - when, why and how did it happen?

Daniel: In a nutshell, change in compliance has become constant and companies are constantly having to adapt. Regulations are one of the main drivers of change, and iGaming is one of the more regulated industries one can find. There were more inefficiencies, costs, frustrations and more and more resources being diverted into just adapting to compliance change, rather than enabling innovation, employee development and commercial and strategic growth.

I had been trying to solve these issues at my previous employer for a while, but lacking the proper tools and resources to do so, the problem kept growing. It was also the case at many other similar companies.

AI offers a very good opportunity to simplify, optimise and automate how operators respond to change management, resulting in shorter time to market, happier employees and creating innovative opportunities.

However, initially we tried to do something in payments, at the same time that the possibilities of AI were really starting to be evident. I spoke to Pedja about the idea I had to utilise AI to solve some of the operator problems I knew about, and we agreed to run a small-cost proof of concept.

That POC, plus adverse developments on the payment side, gave us the initial validation and motivation to focus on this area, so we got a team together and started interviewing users with a view to deliver an MVP.  The rest is history, as they say 🙂

Pedja:  At HOOLOOVOO, we were exploring ideas to develop products for the iGaming industry. As a tech-focused company, we realized that while we could create excellent software solutions, we lacked someone with deep industry knowledge and business acumen. We needed an expert who could transform our technical capabilities into a successful business. During the research, at some point, I reached out to Daniel. He was already planning to start his own business and had concepts for two products, but he needed a team to bring them to life. From day one, it was an ideal match.

In shortest possible terms - what does Letzz do?

Daniel: Letzz reduces the time, cost and effort of adapting to compliance change, whilst enabling further growth.

In which phase is it now?

Daniel: Very early stages - seed stage and releasing MVP soon.

Any first reactions from the industry?

Daniel: People are welcoming the new approach to compliance, and are very interested to find out more. Most people have just accepted the inefficiencies and problems they face on a daily basis, and some are starting to see that there may be solutions.

There is also some skepticism about AI, but as with any new technology or way of working, there needs to be a period in which those people get more accustomed to using it and seeing how it works, while understanding limitations. 

Potentials for other industries?

Daniel: Yes, but we want to conquer iGaming first 🙂

You got the investment from Henrik Tjärnström, former Kindred CEO. Does he have a role in the development, other than the obvious value of his trust and the funds he secured?

Daniel: Advisory role, strategic and financial guidance.

What HLV means for Letzz, and what Letzz means for HLV?

Pedja: This collaboration serves as a prime example of how startups can benefit from outsourcing development to a specialized software company. One of the major challenges for startups is finding a competent software team, which can be both difficult and costly. Startups are dynamic by nature, often needing to scale their development teams up or down quickly. By partnering with companies like HOOLOOVOO, these problems are effectively addressed, allowing startups to concentrate fully on building a successful business. Outsourcing development to a tech company provides the expertise you need, precisely when and for as long as you need it.

For HOOLOOVOO, this is a strategically important project. Building an innovative AI-based product from the ground up is a significant challenge, and it aligns perfectly with our strategy to become experts in creating AI-driven solutions.

Daniel: Symbiotic relationship where we both learn and share from each other.

For me, HLV stands for quality of technical delivery and staying ahead of the AI curve. Trusted experts that deliver and learn in order to deliver even better.

What's next?

Daniel: Launch in April. Learning from our customers. “Educating” people about AI potential and limitations. Building more and more value on top of our core product and starting to examine different processes that can be made better.