Kae Team – Page 4 – Kae Capital

Multi-chain, Cross-chain Interoperability and Composability Explained

Posted on February 28, 2022March 18, 2026 by Kae Team

Interoperability implies the seamless transfer of assets (fungible or non-fungible) and messages, while composability essentially implies shared infrastructure/effective cloning of dApps.

The Web3 ecosystem has taken off over the last two years. What started off as a whitepaper by the pseudonymous Satoshi Nakamoto back in 2008 has evolved from the first L1 – BTC (a prototype of sorts), to the arrival of the now dominant ETH (Ethereum), which drew the imagination of developers from across the globe with its smart contract functionality.

Now with other L1s like Solana and Avalanche, L2s like Arbitrum and Optimism, and even multi-chain ecosystems like Polkadot, the Web3 space has become massive.

The top 15 blockchains store $10 billion in value each, with ETH and BTC together contributing almost $2 trillion.

But these ecosystems are growing in silos –

Ethereum, the largest ecosystem, has the best developer pools. Most programmers are comfortable with ETH UX/UI, languages, and smart contracts but with the current PoW (Proof of Work: requires miners to solve a cryptographic equation by trial and error) mechanism, the chain is suffering from poor scalability due to gas fees.

This is despite having the best security. It is said that ETH 2 with PoS (Proof of Stake: requires miners to stake all or a portion of their coins in order to validate transactions) will be much faster and cheaper.

Solana, which is currently the most prominent Proof of History based (sequence of computations that can provide a way to cryptographically verify the passage of time between two events), non-sharded chain, has high transactions per second (TPS). However, developers are still getting used to Rust, and with the core use cases being built around gaming, it’s becoming another siloed ecosystem

Terra, which aims to become “DeFi Central”, and seems to be doubling down on DeFi use cases with its array of stablecoins and innovative DeFi protocols, is also becoming another fascinating silo.

What encompasses interoperability and composability

Interoperability implies the seamless transfer of assets (fungible or non-fungible) and messages, while composability essentially implies shared infrastructure/effective cloning of dApps, meaning one should be able to deploy any dApp on any chain with minimum friction and time.

Each ecosystem has its core strength, core use cases, core set of developer pools and liquidity pools. Just like economies benefit from trade – blockchains benefit from trading functionality, assets, liquidity pools, etc.

The vision is to enable developers to deploy dApps from any chain, onto any other chain in an almost no code format at scale.

This entails the seamless sharing of ecosystem strengths through smart contract calls or even on tools abstracted one layer above the smart contracts themselves.

For example –

Computation (think logic and calculations, like those required in gaming) on SOL/AVAX smart contracts (depending on the kind of use cases)
Transactions (meaning buying or selling, but not settlement) happening on SOL
Finally, settlement occurring on ETH (eg. when someone pays using VISA or Mastercard – that is not a settlement. Settlement comes weeks after that.)

However, interoperability and composability today are broken. The future is not cross-chain vs multi-chain, but cross-chain AND multi-chain, we will need both –

The mode of connecting ecosystems today is cross-chain bridges. This is where we enter murky waters – i.e. the cross-chain vs multi-chain debate, which is at the heart of it all.

With bridge security mechanisms becoming a core piece of debate (bridge hacks leading to stolen tokens – like the Wormhole hack), a large chunk of the population believes cross-chain is not the future. Ethereum founder Vitalik has explained (here) why it is always possible to override consensus on bridges, making them a losing proposition.

This leads us to multichain ecosystems, with the core idea being shared security. For example, the Polkadot ecosystem is an “internet of blockchains” with shared security, shared virtual machines (think computations, logic) with the concept of creating new chains called parachains.

So not only can the chains communicate with each other seamlessly and transfer assets, the security risk is much lower.

However, even with two “Internet of Blockchain” ecosystems coming up with their individual shared securities, they will still need to communicate with each other! Hence, bridges cannot be taken out of the picture altogether unless there is a completely new mechanism to substitute them.

Overall, we want to make bets on infrastructure plays, which will enable a multichain interoperable, composable future. This can include Tooling/Infra or Ether plays on Polkadot (think governance, no code plays, etc.).

This also brings in Protocol based interoperability standards (think cross-chain smart contract enablers, messaging layers, function call layers, interoperability standards, etc.), also containing DAO tooling which allows for multi-chain functioning, etc.

Hitting the Right Metrics is the Bedrock of Building a Sustainable Startup: Summarizing the Playbook

Posted on September 9, 2021March 18, 2026 by Kae Team

Solve for the right market
Find your customer
Hit product and channel market fit
Hit monthly and quarterly growth milestones

Strong metrics underlie the whole journey.

Strong leading metrics are a must-have, and startups are setting themselves up for failure if they don’t hit those benchmarks

Revenue numbers lag strong leading indicators. If there is a PMF, leading indicators will inflect first and become critical to track (not more than 3) to gauge product love.

Our goal through this post is to set good benchmarks for consumer startups based on learnings from our portfolio.

Genesis of metrics – and identifying healthy startup growth

The success of young consumer startups hinges on LifeTime Value (LTV) and acquisition costs.

LTV is the total value derived from a customer through their engagement with your product/solution. Growth is driven by new revenue (acquiring new customers and making them spend) and repeat revenue (repeat purchases made by previously acquired customers). High LTVs are driven by healthy repeat behaviour. Hubspot forms a great case study of how they used LTV (with CAC) to diagnose unprofitable growth and double down on better channels (1)

Is there a case for high ticket size, low-frequency markets? There is, if such markets (wedding services, home design marketplaces etc.) drive enough value from that single transaction that justifies the customer acquisition costs. Further, they are more outliers than the norm. Most businesses need to drive repeat behavior to become sustainable.

With the overall theme being set, let us dive straight into some of the relevant models –

Consumer Tech

Most consumer tech plays are apps that involve people performing some action on the app – browsing, playing, placing orders, messaging, etc. which translates into having them spend time on the app.

High engagement/time spent leads to better monetization through in-app purchases, payment renewals, etc. which leads to higher LTVs – you don’t have to keep acquiring new users to fuel growth.

DAU/MAU* OR WAU(Weekly)/MAU become critical metrics to gauge product performance – and it is generally one of the most preferred measures to understand how well the product is solving for the demand.

DAU/MAU gives the % of monthly users who use the app daily. (Similarly for WAU/DAU)

Are your users finding a need to open the app frequently? Think of the number of times you open WhatsApp or Chrome in a day. This makes it critical to monitor DAU/MAU (or WAU/MAU) religiously.

On average, DAU/MAU should range between 10-20% depending on the natural frequency of use as per Sequoia’s ‘14 benchmarks, with truly engaging apps posting a 20%+ DAU/MAU.

The benchmarks below are global, and we use them depending on the category.

Twitter – 30%

Facebook – 50%

WhatsApp – 70%

Gaming apps would typically trend over 30-40%.

Over the last few years, more social/community-driven apps have entered the market and enjoy higher engagement values.

Referring to a16z’s social app benchmarks – the social consumer tech categories like social shopping, discovery platforms and communities on an average rank between 30-50%, read here (2)

D2C/Internet first Brands:

Internet brands tap into fast-growing high-frequency categories through online discovery and purchase.

Transaction Models

We want to tap categories with high LTVs – built through strong repeats. Repeats are the best indications of PMF for brands – measured as the % of monthly customers who buy again. The timeline of the repeat purchase depends on the category, but we feel the following benchmarks will be healthy bets to indicate strong product love.

Our experience from our D2C portfolio indicates that good repeats range anywhere between 40-60% with all of our most successful brands tracking in those ranges and some shooting over 70% too.

Categories falling into high-frequency consumption – ideal repeat % should be between 50-60% – these include products like skin care, hair care, sanitary pads, cosmetics, casual clothing, etc.

If we are looking at lower frequency purchases like ethnic Indian clothing, we should aim for 40%-50%.

Subscription Models

Subscription brands also track retention, measured for a cohort.

Brands who have hit PMF would track at 3-month retention upwards of 50-60%.

We have seen 90-day retention exceeding 80% within our Portfolio, exceeding the global gold standard of consumer subscription businesses, Dollar Shave Club, which claims to have a 60% 3-month retention. (3)

Conclusion

LTV is at the heart of profitable growth –

For D2C brands, high LTVs are a result of strong repeats and a healthy repeat % will be between 40-60%
For consumer subscriptions – strong LTVs are driven by strong retention -50-60% 90-day retention indicates strong retention
For DAU/MAU – strong app engagement measured by DAU (or WAU)/MAU drive good LTVs and in our opinion, strong consumer apps should try and exceed 25%

Usage/Engagement and Repeats drive sustainable venture growth and will continue to do so in any variation of the digital economy.

If you feel you are hitting such numbers – please write in at – sunitha@kae-capital.com and sarthak@kae-capital.com . We would love to hear from you!

Embedded Ecosystems Built on Motherships Using API Networks/Gateways

Posted on June 22, 2021March 18, 2026 by Kae Team

Understanding History – Digitization Waves and How They Took Place

The Indian digitization story has been a unique one – the Jio rollout and low smartphone prices led to an unprecedented digital inflection point, which in turn led to rapid adoption in new technology paradigms like mobile first and on-demand (eg. Uber, Swiggy). Large consumer tech companies in Edtech like Byju’s, in E-commerce like Flipkart, heralded the first wave; the emergence of social commerce companies like Meesho and a new wave of SMB SaaS players like Khatabook, Dukaan heralded the second wave.

As a result, various technologies – which include new-age startups/platforms, legacy on-prem and cloud softwares have penetrated different markets creating distinct layers over the years.

If we look at the current landscape, very broadly – there would be three markets categorized by different levels of technology penetration –

New age consumer and business technology plays which have been created in the last 5-7 years – think Flipkart, Byju’s, Swiggy as consumer plays; Shopify as business plays
Legacy technology products being used primarily by businesses – think Tally, miscellaneous legacy AutoCAD technologies being used by architects
Semi-offline markets where smartphone and WhatsApp penetration is high – think Kirana stores and small retail businesses. These are semi-offline because they have reasonable WhatsApp and phone penetration and have recently seen Khatabook, Dukaan adoption.

Each market has seen the emergence of what we may think of as Motherships

Our objective is to identify these Motherships where embedded ecosystems can be built. The future of venture backable businesses will be embedded growth – built on the back of Motherships whose core functionality is limited to one or two use cases. The goal is to significantly expand their use cases and subsequently expand their TAM – by solving for the end-user through functionalities which are difficult to build and scale.

Creation of Embedded Ecosystems on Platforms Solving for Single/Limited Use Cases

We want to make platforms into Ecosystems which give users more reasons to use the platform and drive greater network effects. Potential motherships have 1 or a maximum of 2 use cases – for example, Tally’s main use case is data entry for accounts, Swiggy solves primarily for food delivery and restaurant discovery, or a Khatabook solves primarily for accounting/maintaining ledgers, but each of these platforms is used by a large chunk of the population.

To summarize – A few common traits of motherships

They are technologies (software/hardware) which have a reasonable presence/penetration in core industry categories
They have 1 or maybe 2 core use cases – and their bandwidth is restricted to these specific use cases
There is a potential for new functionality which is not their core competency

Motherships can be single platforms OR multiple distributed touchpoints:

Shopify – Single Platform
Credit Cards – Distributed across several users

Mapping out possible motherships (this list is not exhaustive, would love your thoughts on this, do write in – sarthak@kae@capital.com)

Building for the B2B2C/B2B2B Users, Where Platforms Face Significant Challenges in Developing New Capabilities/Functionalities

We will notice most platforms have a dominant position in their respective markets, so what is to stop them from developing the functionality in-house?

The counter to the above argument is to tap into those APIs/functionalities which need high bandwidth to develop and maintain. These will be easier to “outsource”/ “unbundle” – and solving for this seamlessly is needed to be done.

Additionally, new functionalities may add a structurally different revenue stream, significantly driving up TAM – Embedded marketplaces, Embedded NFT gateways are strong examples of such functionalities.

The possibility to charge per API call opens up potentially massive markets with highly scalable models.

The new functionalities can include (and are not limited to) –

Embedded product marketplaces for procurement – imagine excel sheets/Tally with an embedded marketplace, where building supply is a challenge
Embedded service marketplaces
NFT/Blockchain functionality which requires high processing power/costs
Deep learning which requires high processing power/time, very deep expertise
Cybersecurity
Reverse Fintech – Fintech players/Fin. Institutions being used to distribute other products/services

Embedded Marketplaces, Deep Learning, Blockchain – and then some more!

These are some of the plays which we are exploring, and we would love to hear from you if you are building something out in this space.

We are particularly interested in discovering –

Embedded Tools (for Eg. NFT API Tools, Cybersecurity API Tools, Deep Learning API Tools) being built on B2B Marketplaces

AND

Embedded B2B Marketplaces on commonly used SaaS/Software tools like Excel, Tally (including platforms like Khatabook maybe!)

Similarly, Embedded tools built on Consumer/Prosumer Platforms/Marketplaces are of interest as well.

If you feel you are working on something of this sort, or know someone – we would love to speak to you!

Do write to sarthak@kae-capital.com

Claim Processing Engines with Healthcare Delivery Networks

Posted on March 30, 2021March 18, 2026 by Kae Team

The vision to build a seamless link between healthcare delivery and insurance remains the goal

This is a topic which is of great interest in investing circles – health insurance; however, in order to paint a holistic picture, it has to be seamlessly integrated with healthcare delivery. India is notorious for heavy out-of-pocket expenses and a terribly inefficient claim settlement landscape – out of the USD 110bn+ healthcare market in India, IPD spends would amount to around 40-45% of which only USD 5-6 bn are processed in claims, indicating significant headroom for growth; and despite a large chunk of the market spends in OPD, the OPD insurance piece is completely untapped thus far. One of the major pain points to solve for in order to unlock value here is the claim settlement process – the vision is to make every settlement function and feel like a cashless claim.

Private insurance has been growing at 23-25% CAGR over the last few years – people are solving for distribution; however, the claim settlement piece remains to be solved, but this has to be done in tandem with creating a healthcare delivery network at the back

A healthcare provider network is critical to solving for cashless insurance claims while ensuring standardized healthcare delivery in the process. Patients are plagued with a very stressful journey in settling claims – managing documents, bills, and low visibility across the process. Hospitals need fast claim processing with minimum deductions and also suffer from poor visibility on the TPA process. Insurance companies need a broad healthcare delivery network to increase their premiums and lower operational costs during claim processing which is currently very manual.

The current workflow in settling claims is severely impaired ->

The TPA desk at any hospital is manned by 1 or 2 people who in turn have to address hundreds of unique claims on a daily basis from the customers/patients and have to coordinate this with 30+ TPAs on the other end with each having their own guidelines. Similarly, Insurance cos and TPAs need to reconcile the billing information, discharge summaries, and insurance documents of different hospitals and process the claims manually – neither the hospitals nor patients have any visibility on which stage the claim is at.

There is an urgent need to solve for an automated claim processing engine with seamless information flow between the different stakeholders on a singular platform -> the patient, the hospital and the insurance company so that TATs in claim settlement can be reduced, deductions can be reduced and a patient can have a seamless experience from hospital selection to discharge, the hospitals can settle claims in a speedy fashion and insurance companies get a strong healthcare delivery network to maximize premiums.

Using technology to integrate hospitals and insurance cos on one platform is very difficult and business model positioning is complex

Since it is clear all three stakeholders need to be integrated on one platform for seamless communication and processing, there arise some critical questions which need to be addressed -> Will the start-up be positioned as a claim processing engine with a network of healthcare delivery providers in the backend and if that is the case, who will the core customer be?

By positioning as a claim processing engine with a network of hospitals at the backend, does the business model build a large enough outcome? The odds are that start-ups will charge a take rate for every claim processed. From our research, this seems to draw anywhere between 2-4% take rates which may limit the size of the opportunity, however, there seems to be a case for generating strong leads for hospitals which convert to procedures/tests for the hospital where an 8%+ take rate might work.

We are looking for companies who have unique insight into cracking the technology integration piece across all the stakeholders

Platformization of the communication and processing of claims seems to be plagued with very high adoption friction across stakeholders. The following become possible channels to drive adoption:

· The insurance companies (and TPAs) themselves –There are a limited number of health insurance providers with even fewer having a high willingness to adopt technology – seems like a tough sell on the legacy players; new age players with a tech DNA might be a low-hanging fruit.

· Hospitals – Will be a tough sell whichever way we look at it, it is common knowledge that changing/upgrading HMS systems in hospitals itself is an uphill task – making it a difficult proposition for new-age tech adoption.

Thinking out of the box to crack technology integration

· HMS systems – Since all data integrations with hospitals need to start from the hospital HMS, another viable option may be to tap into HMS cos – a single HMS provider might have access to 5k-7k hospital beds across different hospitals.

· WhatsApp – With initial indications of health start-ups having demonstrated Whatsapp-first approaches to onboarding and activating doctors, there may be a case for interesting claim processing engines being built atop of Whatsapp in a way which seamlessly connects across all stakeholders

With so many questions and such few answers, we feel putting out our thoughts will help us get some closure on the open questions surrounding a unified healthcare and insurance play.

We are on the lookout for a solution which can be adopted with minimum friction and has a scalable monetization model – if you feel you have cracked/or have insight into a stronger business model, we would love to hear it!

Women’s Health – A Massive Whitespace To Solve For

Posted on February 15, 2021 by Kae Team

We at Kae are bullish about women’s health and feel large companies can be built out of India.

Women’s health is a pressing need in the Indian healthcare market

It is no secret that the Indian healthcare infrastructure is broken – issues include poor doctor-to-patient ratios, low healthcare/GDP spending, and poor geographic and cost accessibility across the board. These problems further complicate matters for the very critical, yet underserved women of the Indian population.

There is a pressing need for women-centric solutions across multiple verticals like nutrition, sexual and reproductive health, dermatology, and mental health, with existing legacy alternatives being subpar on multiple fronts – stigma, lack of personalized care and outcome-driven thinking have created a gaping trust void.

Why now? – Women’s health stands out as an opportunity to build loyalty through online communities

Over the last few years, women have increasingly come to rely on online channels for most of their health needs as is indicated by the sharp rise in in-bound queries (>100% YoY increase) on both Practo and Google.

All the urban women we spoke to rely on a set of digital communities for their personal health needs – and there has been an increase in the number of such groups in recent times – the plethora of new WhatsApp and Instagram groups are testament to the inherent virality that women’s communities have.

The TAM is large enough to capture the value and build out a venture-scalable business

As VC investors we are on the constant lookout for large monetizable spaces – so it is critical to target those TGs which have a consistent spending capacity with the right hook.

Much like other Indian consumer markets – the majority of the paying capacity lies in Metros and Tier-1 cities. Basis our own research by speaking to potential customers and founders alike – there exists a very high willingness to pay – with the minimum ticket size going upwards of INR 1k per month on average. Our confidence lies in the precedence of women paying periodically for both products – like pads and consumables as well as much higher ticket size procedures and services like laser hair removal, which generates a semi-annual spend of around INR 50k+ easily. Many of the recurring spending categories are must-haves for women.

Most tech solutions today are community and content led, with a paid conversion to a full stack primary care and telemedicine/teleconsult layer with products/tests or procedures on the back to monetize – we believe a sustainable business model in currently available tech platforms will be built on the back of an e-commerce platform to maximise for spend per acquired customer.

We believe the market is ripe to crack the right core customer and hit product and channel fit

The personas in this market are large enough to build out a scalable business – be it a working professional, a homemaker or student to hit PMF. High NPS and customer delight are all about solving for the best value proposition/solution for your niche and this is a question which is very much open to debate with no wrong or right answers.

The niche here we believe will depend on the stage of life the customer is in, and we believe the best way is to look at it as follows –

• 25-35 – issues may range from PCOS, irregular periods, skin and hair, etc.

• 35-45 – issues may be pregnancy-focused, fertility-related, etc.

• >45 – issues may be around menopause, skin, etc.

For each phase of life, the core hooks may vary – from dermatology to reproductive health and fertility; this a question we would love for entrepreneurs to answer!

We are looking for a team that can crack the “trust” factor

Our belief is that unfair advantages will be built around trust and brand recall– most solutions in the market today are still fairly early in their journeys and are on the lookout for weak signals of a potential hockey-stick growth going forward built on deep engagement. We are actively on the lookout for teams with the best insight into building high-engagement communities.

If you have unique customer insight and demonstrated engagement/early indicators of engagement and are confident or even have the slightest inkling that you have cracked or are on route to cracking a scaleable trust-building playbook while offering personalised and empathetic solutions in a standardized manner – we would absolutely, positively love to hear from you – please do write to sarthak@kae-capital.com.

Kae Konnect: Future of Gaming

Posted on October 22, 2020March 18, 2026 by Kae Team

As part of our Kae Konnect Webinar Series, we hosted Nitish Mittersain, Founder & MD of Nazara, which today is one of the leading gaming companies in India with operations across 60 countries. During the one-hour fireside chat, we deep-dived into the future of gaming and how it will shape up in the next 10 years. Nitish also discussed potential opportunities that are waiting to be unlocked along with some of his key learnings during his journey with Nazara.

If you’d like to see the video for the event, please use the link: https://youtu.be/skIYCF2jbi0

Following were some of the key highlights from the discussion:

Future of Nazara and Covid-19 Impact:

While some of the verticals were impacted negatively due to Covid-19 (eg. fantasy sports etc.), edutainment has done very well for Nazara. Kiddopia (an app focused on kids’ education and entertainment) grew its revenue by 5x during this period. Companies such as Sportskeeda pivoted to double down on e-sports and become the go-to destination for esports content with ~20 Mn users a month.

In the immediate future, Nazara plans to focus on three spaces – e-sports, early learning, and sports simulation – via its companies Nodwin Gaming, Kiddopia and NextWave (owns IPs such as WCC).

Trends in Gaming:

Nitish believes that the intersection of VR and gaming is very interesting – this space is nascent right now but he believes that we will move from 20-minute sessions to a world where it will be very difficult to get out of a VR session. Another key trend is that games will evolve into social platforms. We are already seeing certain trends such as songs being released and concerts being hosted within Fortnite. Gaming will move beyond just the gaming experience per se and deliver more value in terms of engagement and social experiences. A third big trend, Nitish predicts is the gamification of activities in our day-to-day lives. Companies such as Zwift allow users to cycle at home, compete with friends and enjoy a community of enthusiasts – therefore making the entire experience more gamified and engaging.

E-sports in India:

Mobile has been a great leveller for esports. Earlier e-sports was focused on PC and Indian gamers lacked exposure to certain gaming platforms. However today because of games such as PubG, gamers have more avenues to play competitive games and are now able to compete on a global scale. Therefore mobile is an accelerator for esports and strong growth is expected from India and other continents such as Africa. In the last year or so, we’ve seen 100s of live streamers acquire 1Mn subscribers on Youtube – another sign of the growing e-sports ecosystem.

Real Money Gaming in India:

Two success stories have played out in this space i.e. fantasy sports and rummy. Nitish believes there is still more headroom for growth. Companies with differentiated core products can continue to build in this market however founders need to be mindful of regulatory risk in this space.

Monetization of Indian Gamer:

The majority of gaming revenue in India is via real money gaming today (fantasy, card games such as poker rummy, etc.) while the balance revenue is from in-app purchases and advertisements. However, Nitish is seeing green shoots in the second category where Indian users are willing to pay for games. Nitish believes a growth of 10-20x can be expected over the next 2-3 years in in-app purchases.

Being mobile gamers first, most users in India are casual gamers. However, as these users move through their gamer lifecycle, they will eventually move from hyper-casual to casual to mid-core gaming. Indians today have access to some of the best gaming content across the globe, therefore as an Indian gaming studio, you need to build games that are at par with global competitors to pique an Indian user’s interest. Localized content and IP may help grab initial eyeballs however developers need to build strong game mechanics to ensure engagement, retention and monetization. We are starting to see successes such as Ludo King which has strong retention and virality – taking the game to over 50 Mn daily active users.

Metrics in Gaming:

Founders should avoid vanity metrics such as downloads (as users may install the game but delete the game eventually). Companies should focus on metrics such as retention and time spent, as that will determine ARPU from the user. The other key metric founders should focus on is virality. In markets such as India, the propensity for a user to pay is lower, whereas in markets such as the US, users have a higher propensity to pay (therefore the LTV/CAC ratio would be better). To help distribution, game studios should bake virality into their products when building games for India.

Advice to Founders:

“Float like a butterfly, sting like a bee” – Nitish quotes Muhammad Ali and advises founder to be light-weighted, stay asset-light, debt-free and build strong and clean corporate governance. Nitish has four independent directors and believes that they bring different perspectives and insights to the table and show founders their true picture. Bringing in an independent director early on in a company can add tremendous value to the team.

At Kae, we resonate with Nitish’s excitement in the gaming space and believe multiple massive opportunities are waiting to be unlocked.

If you are building something in gaming, we would love to hear from you. You can drop an email at sarthak@kae-capital.com to discuss your venture.