18 Month Old Startup Already Has 3 Customers Paying $100k/yr. Is AI over valued?

SaaS Interviews with CEOs, Startups, Founders

Nathan Latka

Ceo, Entrepreneurs, Founders, Software, Business, Entrepreneurship, Saas, Startups

4.6 • 683 Ratings

🗓️ 2 November 2023

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Most founders think you can't launch and ask customers to pay $100,000 per year. This founder got his first 3 customers to pay $100k each. He's managed to hold on to 80% of his company. How'd he do it?

Transcript

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0:00.0	SoftBrick is customer intelligence with conversational AI. He's got 60 customers today, of which three pay over $100,000 per year. He just launched 18 months ago, doing $30,000 a month in revenue. His last round was a $90,000 pre-seed round last year at a $9 million pre-money valuations. So sold 20%, 15, 20% of the business. Today's got 11 folks on the team looking to scale six engineers, five sales reps.
0:23.7	They all carry a quote of $100,000 per year, targeting a $3.5 million around today to fuel
0:29.0	some of his burn.
0:29.8	He's burning $45,000 per month as he tries to force this idea into existence and get new
0:34.9	customers.
0:35.9	Hey folks, my guest today is Ram Chowdhury.
0:38.3	He is over two decades of experience with Google, AWS, launching
0:41.3	products used by over 20 million people worldwide.
0:44.3	Today, he's co-founded software, a conversational AI company,
0:48.3	and also advises European institutions on the upcoming EU Artificial Intelligence Act.
0:52.3	Rom, you ready to take us at the top?
0:55.5	Thank you so much for having me, Nathan.
0:57.3	You bet.
0:57.9	So you're building soft brick today.
0:59.5	Customer intelligence with conversational AI.
1:01.4	Are you doing this for anybody or are you focused on a specific kind of customer, a specific
1:05.1	niche?
1:06.6	Well, every company in the planet needs customer, right?
1:09.5	And we help companies to basically connect better with their customers through voice message
1:13.8	and interactive U.S without any app just on the phone browser.
1:18.2	So I'm sure you have used WhatsApp voice message or similar messaging systems.
1:23.8	Instead of WhatsApp, imagine that you are a company and within a few seconds you can create a form,
	...

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