How Amberdata Built a Blockchain and Crypto Data Platform with Over 50,000 Free Developers and a Little Over $3M Raised (Interview with CEO Shawn Douglass)

Introduction and Company Overview

Nathan Latka

00:01Hello everyone. My guest today is Shawn Douglass. He's the CEO of Amberdata and has spent the last twenty years of successfully funding, building, buying, and selling technology companies. He's held roles as board member, operating executive technologist advisor, and investor, is a graduate of Harvard Business School. Now working on Amberdata, is a blockchain and crypto market data company. Shawn, you ready to take us to the top?

Shawn Douglass

00:21Absolutely. I'm a pleasure to be here. Thank you.

Funding Route: Venture vs Token Issuance

Nathan Latka

00:23Alright. So so couple rapid fire questions here just to set context. Did you fund the company with a token issuance, or did you raise traditional equity?

Shawn Douglass

00:30No. We're a traditional venture backed company. Hummer Winblad, HWVP backed us about nineteen months ago.

Total Capital Raised and Why Venture Over a Token Issuance

Nathan Latka

00:36Okay. Very cool. So how much total capital in the company to date?

Shawn Douglass

00:39We've got a little over $3,000,000 raised, and we're in process of raising our series a.

Nathan Latka

00:43And why did you decide to go that route versus doing a token issuance?

Shawn Douglass

00:46At that time, with my network and access to capital, it seemed like it was the appropriate path given that we want to focus on enterprise customers and access to traditional financial institutions. I didn't want to have regulatory risk be an impediment to us selling into the largest companies on the planet for access to blockchain crypto data.

Nathan Latka

01:05How do you argue with the... Or how do you kind of counter the art... You know, the hypocritical argument of, hey. You... Like, you're on you're on blockchain. You should be doing token issuances to fund. That's the whole purpose of it.

Shawn Douglass

01:14Well, I am obviously a huge believer in tokenization if you think about today. Like myself or any other Silicon Valley venture backed company, there's only two paths to an exit. That's you public on New York Stock Exchange or you go public on NASDAQ, and that's a walled garden with a limited number of US citizens. We're watching and providing instrumentation on people going and taking their companies effectively public on crypto and be trading across two fifty exchanges

01:4357 jurisdictions in seven months. You know, at some point in the future, that might be something we do. Today, we're venture backed.

Nathan Latka

01:50There's a couple folks, though, that I can cite that have come on the show that, you know, took off, I'll say, more than $10,000,000 personally, where essentially, there's a successful token issuance. You can argue, you know, the logistics and legalities of all that, but essentially converted 80 to 90% of issuance to Fiat. And then there was a nice dividend payout to the operating team, both salaries and also to build the growth company. Now I would argue hard against

02:11that for a lot of reasons, but they would say that was their IPO. How would you kind of... Obviously, I know where you stand in terms of that. You chose the other route, but how... What what are your thoughts when you hear someone takes 80% of the the launch to Fiat?

Shawn Douglass

02:24I mean, depends when you did it. Right? Timing is everything on that. If you did at the end of two thousand seventeen, then you you probably did the right thing. If, you know, if you did it today, I'd probably hold everything in crypto or a large chunk of it in crypto. I'm very, very bullish right now on crypto in general.

What Amberdata Does and Its Revenue Model

Nathan Latka

02:41Yeah. Alright, let's focus more on here. So so what does Amberdata do? And how... What's your revenue model? Is it like SaaS play or what?

Shawn Douglass

02:46Yeah. So we are a SaaS business. So we... Amberdata is a blockchain and crypto data platform. We monetize by providing APIs for other people to build on. So you think about the value chain across any mature ecosystem for crypto that is developers write tokens, create projects, investors fund those projects, exchanges list those projects, liquidity providers and market makers provide liquidity on those, retail investors and consumers use those products. The lifeblood across that entire value chain is

03:20data. We are a data provider that allows people to build trading applications, identify opportunities, mitigate risk, answer regulators' questions, write to chain, read from chain across any blockchain.

Pricing Tiers and Free Developer Adoption

Nathan Latka

03:34Mhmm. Okay. And give me a general sense. On average, what are companies paying for access to your tech?

Shawn Douglass

03:38So we have three tiers of pricing, a free developer tier, which people... You know, we've got 50,000 plus users right now doing that. We have a professional tier, which allows people to get access to blockchain data and market price data in a single API. That's a thousand dollars a month. Then we have a pay as you pay as you go tier, pay which for what you use. And then there's obviously an enterprise tier. If you want

04:04anomaly detection, if you want monitoring, if you want alerting, you want something custom, that's... You know, who knows? It it depends on what exactly we're we're helping you.

Nathan Latka

04:13Do you also have an upsell pricing axes based off just, again, number of API calls over a period?

Shawn Douglass

04:17Yeah. Yeah. So it scales based on consumption. The developer tier is three calls per second. The professional tier is 15 calls per second. Enterprise is is higher than that. I think it's unlimited. Go ahead.

Nathan Latka

04:30And so when you look at just your paid tiers, so ignore the 50,000 kind of developer tiers to max out at three per second, just to avoid going down every customer core, what would you would you say a thousand bucks a month is a fair average across those paid cohorts, or is it more like $5.10, $20 a month?

Shawn Douglass

04:43No. No. It's a thousand bucks a month right now. Like, we've just launched the paid API about seven weeks ago, so it's still early days. We've had hundreds of sign ups for the the paid tiers now, so, you know, we're on a path. But I wouldn't say I know entirely where this all ends. We do believe

Company Origins, MVP Build and First Revenue

Nathan Latka

05:00What's the starting point? I was gonna say, what's the starting point on this thing? When did you write the first line of code?

Shawn Douglass

05:04We've been developing this for nineteen months.

Nathan Latka

05:07Okay. So call it maybe early twenty eight... Late twenty seventeen, early twenty eighteen.

Shawn Douglass

05:11Right. We formed the company in September 2017.

Nathan Latka

05:14And how much total kind of did you sink into the MVP before your first dollar of revenue?

Shawn Douglass

05:19Well, I mean, we've evolved the business pretty significantly. It has not been a straight line. So what we initially set out to build was a Splunk AppDynamics Mixpanel for blockchain to enable transparency and trust in web three web three applications. What we found was once we built that, what everybody cared about was trading. So our customers asked us for the API, and once we launched that API, we had just groundswell of adoption. We launched that

05:50actual paid API incorporating blockchain data and market data seven weeks ago, eight weeks ago.

Nathan Latka

05:50Mhmm. So

05:55if you just go back lit... I mean, obviously, a company's always pivoting and changing and accelerating. If you just go back, what... When was your first dollar revenue?

Shawn Douglass

06:04Well, we just started collecting revenue or in earlier this year. So it took us...

Nathan Latka

06:09January 20. Yeah. That's that's my question. Right? So over the first year... Over the first twelve, eleven, thirteen months ish, how much total do you sink into the capital of? You know, in other words, if the thing never made money, how much money you're gonna lose?

Shawn Douglass

06:21Yeah. So we've we've have about a little over $3,000,000 invested in the company right now.

Nathan Latka

06:26Okay. That's not already deployed and spent?

Shawn Douglass

06:28That is... Well, deployed and spent. Yes. Okay. We've got... You know, we've obviously have cash in the bank right now, but we've raised a little over $3,000,000. This is all available in Crunchbase. So if I can see that.

Nathan Latka

06:38Well, no. I mean, well, the MVP stuff isn't. Right? So that... I mean, that's why I asked these questions. Right? So, I mean, why is it that... I mean, that seems ridiculously expensive to build an MVP, especially pre revenue.

Shawn Douglass

06:48Actually, that's not, and it's not... For what we do. What we do is really hard. And that's creates the moat to many companies.

Nathan Latka

06:57Shawn, we don't understand what the moat is. What's the moat?

Shawn Douglass

06:59Yeah. I am happy to share with that. But many companies before they raise a series a on average, if you look at stats in Silicon Valley, they're... Most people raise 5 to $6,000,000 before they ever actually get to a series a and have revenue. So we're very, very capital efficient. What we build now, why is what we do hard?

Nathan Latka

07:17Well, Shawn, sorry, hold on. I have to counter that point, though. Mean, I I... So I've interviewed over 3,000 b to b SaaS CEOs. I asked them all that exact same question. Now you cite Silicon Valley, that is a very specific, non rational, too much money in the ecosystem, Harvard Business School, Stanford graduate mindset, I can tell you looking at the data from the 3,000 sassies I've interviewed 3,000,000 is in the top 3% percentile in terms

07:43of dollars into a comp... A platform before our first dollar of revenue.

Shawn Douglass

07:47So I was just... There was an article on Crunchbase last week. That's where I got that number. And that was across, I think, 5,000 companies that they were talking about. So maybe I'm... You know, that's not my business. My business is blockchain and crypto data. So, you know, rather than me making up numbers and quoting things out of Crunchbase, maybe I'll stick to my numbers.

Nathan Latka

08:07No. No. I mean, look. I am... First off, Crunchbase is essentially the engine that fuels TechCrunch, which all which has to perpetuate the idea that VC funding is the way to go. This TechCrunch is in the VC pocket because if a VC model is out of flavor and people realize the effects of dilution, right? All of a sudden you're using venture debt and other forms of capital raising that does not require dilution. They are...

08:26That is funded by VCs to solve a purpose of marketing message. My only thing is I prefer companies that figure out creative ways to get dollars on day one selling an idea and prepayments, then use the capital from customers to build. That's obviously a way less dilutive way to build a company.

Shawn Douglass

08:41That is the way to do it. Right? Anybody that can do that without taking on multiple rounds of dilutive capital and building what the customers are gonna use today, absolutely. What we do is actually very, very hard and requires a significant capital investment, which does create a moat. So we basically ingest any blockchain data. So today, we support Ethereum, Aeon, Stellar, Bitcoin, Litecoin. We have a long list of other blockchain data that we support. And then

09:09we also connect to the top crypto exchanges across the world and pull that data in. To have a data ingestion pipeline that collects, indexes, stores, serves and processes both blockchain and market data from global networks and then stores that relational time series graph, index, search, and then puts APIs on top of that. That's a major, major, major infrastructure to be able to do that, and it's really hard. Our team has fifteen, twenty years experience building data

Team Composition and Technical Backgrounds

Shawn Douglass

09:41driven businesses.

Nathan Latka

09:41What's the team look like today? How many people?

Shawn Douglass

09:43So, we're under 10 people today. The composition of the team is myself. Think you gave my background. Tongtong Gong, my co founder, she came from Acxiom, built and run data businesses there. Very, very strong engineering as well as business background. We have Scott Bigelow, who's our VP of Engineering. He was one of the authors of the Augur Smart Contract, as well as was on the data engineering and DevOps team at New Relic, so it's a

10:12big data platform. Joanes Espanol, our CTO, super solid guy, very, very deep experience in distributed computing, big data analytics, scale out type stuff. So it's data ninja meets enterprise scale.

Capital Efficiency and Burn Rate Discussion

Nathan Latka

10:26Yeah. So when I hear all this when I hear all this, I hear I hear I hear expensive, but also people are your biggest asset. Right? So there's long term, obviously, upside. How aggressive are you being? Obviously, you raise capital so you can afford to burn, are you talking like a $100,000 a month burn or, like, $500,000 a month burn?

Shawn Douglass

10:40Well, I mean, yeah, don't disclose what our monthly burn is, but it's it's can... It's fairly conservative for the size of our team. We're very, very capital efficient.

Nathan Latka

10:47Well, again, I guess maybe don't talk about you specifically. But what do you mean capital efficient? How in other words, you have seen averages or metrics, and you're saying, okay, we're about average, right? So my audience might not know what average burn is, right? So what do you feel like is capital efficient?

Shawn Douglass

11:00So for the size of the team, the reach, the number of users and the infrastructure that we built and how we operate, we have given we've created a tremendous amount of value for the investment that we've taken. That's what I mean.

Nathan Latka

11:18Okay. How does that relate back to burn, though?

Shawn Douglass

11:23For a company without our experience building what we've built, they would probably have to spend two to three times the amount on infrastructure and operating expenses they know how to do what we're doing. That's very, very defensible. For example, the last company that my CTO, Tongtong, my co founder, were at, We ingested four terabytes a day of social media graph data, did real time analytics and attribution, ran about a billion dollars of advertising spend on

11:51that platform to be able to take the learning there and apply that to hitting the ground running and all of a sudden ingesting all blockchain data and all market data, we have an edge that other people, if they try to start, won't be able to do that.

Customer Count and Enterprise Relationships

Nathan Latka

12:07So 2018 and '29... Or sorry, early late twenty seventeen to kinda late twenty eighteen, you're building the product, building the product. You get 50,000 developers using the platform. You have some enterprise accounts now. How many customers have actually scaled to today?

Shawn Douglass

12:20So we're... A lot of the stuff I'm I'm fundraising right now. We're not publicly disclosing a lot of information. We're a privately held company. We're working with some of the largest brands in crypto and traditional finance.

Nathan Latka

12:32Shawn, sorry. I'm just I'm just generally... Are we... There there are different sales motions relative to different targets. Right? So I'm just talking... Are you talking a handful of five customers enterprise deals, are you talking, like, thousand accounts that are more mid market SMB? No.

Shawn Douglass

12:42Yeah. Yeah. Yeah. So, we work with maybe 10 or 15 of the largest crypto exchanges today. We work with folks like JPMorgan. We work with folks like Symphony. We work with folks on the on the crypto project side. We have people that are building analytics, we we work with market makers and liquidity providers, but in the hundreds, not in the thousands.

Nathan Latka

13:07Got Wait. Hold on. So wait. What's different? You said you just work with tens of exchanges and then and then named a few, and then you said hundreds. So hold on. The exchanges are not your customers. Correct? Those are just your integrations?

Shawn Douglass

13:16No. They are our customers.

Nathan Latka

13:17Okay. So, again, are you talking 10 or hundreds?

Shawn Douglass

13:20So there's not hundreds of... There is hundreds of exchanges. We are working... We are currently working with about 15 exchanges

Nathan Latka

13:20Yeah.

13:27And they pay you, and then you have another call a 100.

Shawn Douglass

13:30A mixture of business development, pay us, data exchange, and barter chip. It's it's, you know, there's a a pretty large, you know, spectrum. With... Given that we've launched our APIs less than two months ago, I don't have a... We have, you know, top... You know, here's five marquee customers.

Nathan Latka

13:47Yeah. Shawn, sorry. That's not that's not what I'm asking. I'm still confused, though. So you just said you're working with 15 ish exchanges, and then you said hundreds of customers. I'm trying to understand the delta between if the... Who else are your customers besides the exchanges if you have hundreds of paying customers?

Shawn Douglass

14:01Yeah. Absolutely. So if you look at people using our APIs, for example, there's... We've worked with OmiseGo, which is a very large crypto project. We give them insight and access to who are their token holders, what... You know, who who held the tokens for how long, what's the utilization, etcetera. They can answer questions from auditors or what have you. We have many, many, many developers that are ramping up right now, they be trading platforms, liquidity providers,

14:29token projects, people trying to respond to regulators or pay their taxes or identify opportunities for trading, or what's the utilization of my token. For example, CryptoKitties has used our platform and our APIs for, hey, of my top token holders, how many people hold their CryptoKitty, or are they trading it, or how long do they hold other tokens they hold? Yeah.

Series A Fundraising Rationale and Timing

Nathan Latka

14:55Yep. Sure. Okay. That's helpful to understand. That's great. Okay. And then... So you mentioned you brought in three. You're... You've driven some growth on that. You feel like you've done a pretty capital efficiently based off the backgrounds and what you've grown Why to so is now the right time to raise additional capital, both at a macro level and specific to your company?

Shawn Douglass

15:10Yeah. So at a macro level right now, if you think about... This is actually really profound. If think about the Internet, it's twenty two years old. According to Mary Meeker's report that she just has done, 51% of the world has access to Internet today. So, if you think about... If 51% of the world has access to to high speed Internet,

15:30the number of people that will have access to crypto and digital assets in the next four to five years should be a massive, massive number. So we're going to see the adoption of crypto and digital assets and the availability of that on a global scale. This will be a multi trillion dollar market that's going to disrupt traditional finance channels. And so we think that in order to go seize that opportunity, you need to fund that from

15:56a business development, sales, marketing, engineering and support perspective. So to go define this category and take that hill, that requires capital. So we're raising now because of the timing, because of where we're at, because the moat we built from a technology differentiation and competitive posture right now is the right time.

Nathan Latka

16:17And I mean, obviously, you're still negotiating this and it's always changing. But what's the right amount to raise in your opinion? Are you talking like four or five or more like $10,000,000 to $20,000,000 kind of range?

Shawn Douglass

16:25Yeah. I mean, you're always looking to raise, you know, eighteen to twenty four months of capital. The the details of the raise are very much in negotiation right now, and I don't really wanna... She wants help me put on that.

Nathan Latka

16:35Ignore your own then. Right? Talk about space in general. Right? You've raised 3,000,000. You're doing a series a. Right? Are we... I mean, what would... What do you feel like a range might be in terms of an appropriate amount for you to bring it at this stage?

Shawn Douglass

16:48I I think that the normal range for series a investments in in Silicon Valley is the, you know, 7 to 15

Nathan Latka

16:48Yeah.

Shawn Douglass

16:48Range right now. I think that's that's Crunchbase. You can probably look that up. I think that's a... It'd be foolish to to go raise three.

Nathan Latka

17:06Yeah. Well, I mean, unless you feel like... Again, you raise 70, take up the dilution. Right? Like, that's what... By the this is what drives me crazy about every entrepreneur I talk to from San Fran... Is just just like, go raise as much money as fast as you can. They care they care very little about, like, dilution. It's more just about, like, get the headline, get listed in Crunchbase, keep telling the story, it's self perpetuating. And

17:26then and then every CEO that goes every CEO that goes public as a publicly traded SaaS company, right, on average, the last 24 IPOs, they own less than 6% of the company. I mean, it's insane. So, I don't know. You can agree or not agree, those are the numbers.

Shawn Douglass

17:39Yeah. So, it all depends the amount you raise versus the amount you sell and the amount of dilution you take and how you structure that and how you fund that. But

17:51if you are raising, the market is in that range. So, how much you give up is pretty formulaic as well. But you are creating value and you are using those funds to build a 10, 20, 30, 50x business, then it's a cost of capital. You need to, in order to raise money, you're going to have to give up some of your... It's going cause you dilution. Right?

Nathan Latka

18:17Unless you raise from your customers. Right? By the way, the most successful companies today don't follow that standard process you just articulated. Right? Notion just raised $10,000,000 angel round at an $800,000,000 valuation. That is by no means standard, and they're doing it the right way. I mean, again, that's phenomenal. By the way, like every anomaly is like this, right? And so I try to understand why anomalies work. So listen, just to wrap up, because we're out

18:40of time here, right? So you build the company, feel like you've been efficient today, You've burned through kind of the 3,000,000 to obviously get to where you are today, hoping to raise now your seed or sorry, series a. You've got over a 100 customers paying north of a grand a month. So you're north of a $100,000 a month right now in revenue. Correct?

Shawn Douglass

18:54That's correct. You're on to a 100 ARR. Yeah.

Nathan Latka

18:57You're on path to what?

Shawn Douglass

18:59100 K ARR. That's correct.

Nathan Latka

18:59You you...

19:01Sorry. You're on path to a 100 K a month, or you're past a 100 K a month?

Shawn Douglass

19:04On a path to a 100 a month.

Nathan Latka

19:06When... Do you think you reach that this year, or that have to stay till next year?

Shawn Douglass

19:10Yeah. I mean, I am not really comfortable going into the the details of the financials in a in a

Nathan Latka

19:10Yeah.

19:15Shawn, sorry. Yeah. I'm only questioning about numbers you gave me. You said more than a 100 customers, and I'm looking at the transcript here. It does real time. You said a thousand dollar ARPU. Thousand times a 100 is a $100,000 a month. So if that's not accurate, what's wrong? Is it a lower ARPU or less customers?

Shawn Douglass

19:31So we are... We've launched our APIs seven weeks ago. We have a evaluation period for people that they sign up, so I don't want to misrepresent that I've got hard numbers right now on some of this. So, we are very early in our ramp. We have a lot of success. We've had a lot of sign ups, but I don't want to be quoted that I'm pulling down a, you know, a 100 ARPU that I... Is is

19:58some of this might be in flight.

Nathan Latka

19:59I'm No, Shawn. That's not what you said. By the way, I'm only bringing this up because I wanna make sure you have the chance to correct it if it's not accurate. I'm reading here the transcript. You said a thousand dollar ARPU earlier, which is, again, ARPU is average revenue per user per month. And said over a 100 customers. If I multiply you the numbers you gave me, that's a $100,000. I just wanna make sure. So the

20:16clarification you're adding now is you don't feel like ARPU is at a grand. It's probably it's fluctuating because you're going through some different onboarding tactics.

Shawn Douglass

20:23That is correct.

Nathan Latka

20:23Okay. I just wanna clear that up for your own sake. Yeah.

Shawn Douglass

20:26Yeah. Absolutely.

Growth Channels: Conferences and Drip Campaigns

Nathan Latka

20:27Okay. Cool. And then and then when you look at in terms of, you know, you know, growth rate past this point, the channel... The last thing I wanna touch on, you've done a great job getting 50,000 developers to use your platform. That's not easy. Channel have you used to do that?

Shawn Douglass

20:40You know, largely, it's been... We've... Have been speaking about data and and access to data at a lot of the industry conferences. We've developed a pretty large following on our mailing list. People have subscribed. We've done some early drip campaigns targeting, you know, different crypto institutional investors and exchanges and market makers and projects and what have you. So it's been pretty scrappy. We have a very, very small team. So, you know, it's it's been very, very...

21:11You know, we don't have a big team doing marketing. Right?

Churn and Early Paid Customer Retention

Nathan Latka

21:13And are are these people... By the way, are people sticking once they start paying? Have you lost any customers that were paying previously or no?

Shawn Douglass

21:19No. It's been pretty sticky. It's still very early days, like I said, but it's been pretty sticky. We have not had a lot of churn. People... We've got a lot of engagement. We've got a lot of new feature requests, and we've had... It's been overwhelming the amount of questions that people are are engaging us on. I mean, we have a pretty small team. Right? So it's it's been exciting.

Nathan Latka

21:39Yeah. Well, look, I I hope the raise goes. Again, the math that I can't help but do is, again, let's say you're at 1.2, right, and in ARR. Right? And you're trying to raise seven to 15 on a. If you're only wanting to sell industry average of 20% of the company, you're gonna have to tell a remarkable story of evaluation in the 50 or 60,000,000 pre money range, which to me is insane, ridiculous, ludicrous, frothy market,

22:01and dilution, frankly, that you don't wanna take because you then have to go catch up to that to avoid a down round the round after that. That's why I talk about capital efficiency and I go 3,000,000 on MVPs actually for the revenue you're currently doing is actually not that efficient.

Shawn Douglass

22:15I know I you you can say that, but you don't know what we've built and the complexity of of the problem that we're solving.

Nathan Latka

22:24Pay for it, though. You're right. I don't have that expertise at all. I know nothing about your backgrounds. I know nothing about the lines of code, but the ultimate indicator is revenue growth. Right? And you're less than 1,200,000 ARR right now despite burning 3,000,000 and wanting to raise seven to 15 on, you know, sell 20 to 30% of the company. That's the only metrics I'm going off of.

Shawn Douglass

22:44Great.

Famous Five Rapid Fire Questions

Nathan Latka

22:45Alright. Let's wrap up with the famous five. Number one, what's your favorite business book?

Shawn Douglass

22:51I don't know off the top of my head. Yeah.

Nathan Latka

22:53Do you have... Do you read business books or you don't read them?

Shawn Douglass

22:55I... No. I... I'm a a very active reader. Just off the top of my head and nothing popped away. I'm sorry.

Nathan Latka

23:00Number two, is there a CEO you're following or studying?

Shawn Douglass

23:05Obviously a big fan of Ben Horowitz. And, you know, from his being an entrepreneur through being a VC to being an industry boggle.

Nathan Latka

23:13Number three, what's your favorite online tool for building your company?

Shawn Douglass

23:16I'm a big fan of of Pipedrive right now. They're... I think they've done a good job.

Nathan Latka

23:24Number four, how many hours of sleep you get every night?

Shawn Douglass

23:27Not very much. Maybe four or five hours is pretty normal.

Nathan Latka

23:29Alright.

Shawn Douglass

23:30I've always been that way. So Yeah.

Nathan Latka

23:32It's good. Look. If it's your average, it works. And how old are you, Shawn?

Shawn Douglass

23:36I am in my forties.

Nathan Latka

23:38In your forties.

23:39And situation, married, single kiddos?

Shawn Douglass

23:41Married with kids.

Nathan Latka

23:42Oh, nice. Okay. Last question. What do wish your 20 year old self knew?

Shawn Douglass

23:48I I don't know. Maybe be more aggressive. You know?

Nathan Latka

23:53Guys, Amberdata, again, serving the crypto market specifically with data feeds, API feeds on, again, sources that previously haven't been able to bid all unified under one platform. Now serving about, call it, a 100 customers on track to get up to $100,000 in MRR here, hopefully, over the next one or two quarters as they look to raise additional capital spent. $3,000,000 so far building the platform. They raised again 3,000,000 to date. They have a team of 10

24:16folks as they look again to scale. 50,000 developers using the platform for free. So healthy top of funnel pipeline now focused on converting those folks into tier at a grand a month paid and upsell against kind of number of API calls, monitor alerts alerts again on things things of that nature. Shawn, thank you so much for taking us to the top.

Shawn Douglass

24:32Thank you so much. Appreciate it.