Startup Circle: How is Hylyt by SocioRAC working in the areas of Data Management and privacy?

SocioRAC aims to generate 2.5 billion man-hours of additional productive time by 2025 thus leveraging digital technology to help enterprises to manage their digital data overload. Based in Vadodara, SocioRAC is building tech products & solutions catering to enterprises that plan to increase productivity, manage businesses, increase collaboration, save money & time. The startup has built its first tech product HyLyt app which is unified information management and business collaboration on a single platform.

Read more about the startup and its offerings in an interaction with Rajat Singhania, Founder of SocioRac, HyLyt.

Tell us more about HyLyt by SocioRAC and its offerings.

HyLyt is an enterprise team collaboration app that enables users to save and manage all important organizational data across multiple apps and sources in one place. It provides centralized control over who can use the data and how they can use it. In this way, HyLyt empowers individuals and teams to make better business decisions and work effectively. It is the only product that offers a complete 360-degree solution for information management.

It is a business collaboration platform that operates on top of the current apps to manage all important information, converse and collaborate in a controlled environment. Thus, it provides enhanced productivity, data leakage prevention and a 360 view of information that matters; collaboration, content management, video conference, files storage, reminder and calendars – all the productivity tools in one place.

What are the drivers/market trends that are shaping the data management landscape in 2021?

The biggest driver has been the pandemic as we saw traditional businesses which were not adopting digital transformation started reinventing themselves with the new world order. The best example is Zoom and similar remote working options have been introduced and been adopted by MNCs to SMEs to individuals in a big way.  There was a natural need to drive digital transformation to increase efficiency and the pandemic has been a huge catalyst to this.

Most of the technologies developed to help business operations require the help of data management. In the year 2021, it is expected that more companies will embrace the digital and convert their business operations from manual to online. Data no longer resides in a single environment; it’s scattered across cloud environments, which indicates that businesses are moving into a hybrid world. With the exponential growth in data formats, businesses are constantly looking for ways to best optimize data assets.

Another trend that I foresee is, that by 2022, 80% of mundane data management tasks will be automated through the application of AI/ML, allowing data scientists to focus on building development models to gain advanced insights into data.

How is SocioRAC tapping these market trends for growth?

SocioRAC being a business collaboration platform grows into a go-to solution, provides a lot of value to any business looking to optimize their operation. It is providing six different products under one platform. In short, all the required productive tools to manage a team and to increase business efficiency under one app.

It provides an advanced structure in a secured way where the users can save, organise and manage information through which the users can save significant time.  Imagine saving two hundred man-hours per person every year from mid to senior-level employees who are the most expensive asset in any organization. The ROI itself testifies that by using HyLyt by SocioRAC, employees can optimize their operation, keeping all the information at their fingertips.

What has been your market growth pre- and post-covid?

We launchedHyLyt in the year 2020 just before covid. We were impacted by businesses shut down. Many prospective customers appreciated our product, but many were trying to sustain it. They did not have the bandwidth to adopt this technology. So the pandemic hit us in terms of progress but it also enabled us and allowed us to reach out to corporates, individuals, SMEs and startups.

Now companies are showing their interest with an active conversation going on and tying up with companies regularly. We are expecting significant growth this quarter.

What tech transformation have you brought to the market?

We are a patented product with patents filed in India, Singapore and the USA, some of which have been granted. Further, we are providing the business and users, the option to pull and port any information instantly, from any platform onto HyLyt. We have changed the way how data is saved, organised and managed.

Currently, data is saved in the folder or directories. On HyLyt, we have introduced the future of data management, a 3- dimensional and matrix structure for connecting information with different pieces of information. So every piece of information besides being connected to a folder can be connected to multiple other pieces of information across multiple folders. You could also have a hundred pieces of information in ten folders of ten different formats which can be interconnected and there could be ten such inter-connection available for each piece of information.

How does this help the end-user?

This is a huge innovation or a huge game-changing way of organising and managing information. This makes your data ten times more powerful and helps the users to manage their information. Further, traditionally, all systems have a keyword-based search. But HyLyt has a criteria-based search which also works on multiple criteria.

Let’s say if you want to find the pdf file sent to you a year ago by A. The current search takes up a significant amount of time and effort and in many cases, you will not be able to find it. But in HyLyt it is instant. Not only in one, but you can have up to 14 different criteria to narrow down and find exactly the information you are looking for. This is an advanced search on user-level data which saves time because we as individuals need this to carry on our job function and grow our businesses.

On the data privacy and data leakage side, there is a huge problem. When sharing data, a user has the option to send an email or message, and the recipient is free to re-share or forward the information without the individual’s consent. But on HyLyt the user can restrict the recipient from re-sharing or forwarding the information. This way, users have a way to control information privacy, control how specific information is used and prevent data leakage.

What are your cybersecurity priorities in the ever-increasing cyber attacks scenario in 2021?

In terms of cybersecurity, HyLyt has provided all the standard security protocols like end-to-end encryption. Data from our app will never end up on any outside platform, as we are not here to monetize data. The data is secured and never going out so it’s complete data privacy. We have given the business users an option to host the data on their cloud server which is under their own control. Our focus is on providing a seamless experience in technology and making businesses grow.

There is also a huge challenge in organizations today when an employee leaves the job, the data leaves with him and there are multiple studies conducted which show that more than 70% of employees accept they take the data with them. HyLyt has a way to ensure that data is kept intact as the admin can instantly remotely remove all data from any users account and device (for the employee who has left) and thus the data is saved with the business. Moreover, a sender can decide whether the recipient can re-share or forward the company data. So whether it is data privacy or leakage control or data security, we have taken precautions so that users data is secured on our platform.

Funding

We are a bootstrapped company and we have started talking to investors recently. We hope to finalize a strategic round soon, which would help in scaling up the company.