Enquire AI Revenue, Valuation & Funding (2024)

Cenk Sidar told Latka in January 2022 that Enquire AI generated between $1 million and $2 million in total revenue in 2021. Host Nathan Latka derived a Network Pulse-specific figure of approximately $1.2 million for 2021, calculated from roughly 4,000 questions answered at a prior price of $300 per question, and Sidar confirmed the math was close for that product line. A separate figure of $600,000 was also referenced in the extraction data as a 2021 revenue point, likely reflecting an earlier period within the year before growth accelerated.

As of January 2022, Enquire AI had approximately 80 paying institutional clients and 120 total onboarded institutions, with the difference reflecting organizations that had been onboarded but were not actively engaging the platform at the time. Sidar told Latka that approximately 110 users were actively engaging the platform and asking real-time questions through Network Pulse.

The ratio of users to institutions implied roughly 1.2 to 1.3 seats per enterprise client on average, a figure Sidar acknowledged while noting the company had just launched an unlimited-questions pricing model intended to drive broader seat adoption. Previously, the platform charged $300 per question. The new unlimited license model was described as a significant shift designed to make the product more user-friendly and increase question volume per client.

Enquire AI generates revenue through three primary streams: the Network Pulse marketplace, the Lumina enterprise knowledge management product, and API integrations with large third-party data platforms. The Network Pulse product previously charged $300 per question; the company shifted to an unlimited-questions license model in 2022. The Lumina enterprise product is priced in a range of $1 million to $3 million per engagement. API partnerships with more than 10 large platforms were in the pipeline as of January 2022.

On the cost side, Sidar confirmed that expert compensation represented a meaningful expense. Experts are paid between $20 and $50 per approved answer, with a maximum of eight expert responses per question. In 2021, the company answered approximately 3,500 to 4,000 questions. Host Latka calculated that paying 20,000 experts at $20 per question implied roughly $400,000 to $600,000 in expert payout expense for 2021, and Sidar said the actual figure was probably more. Profitability was not discussed in the interview.

The company described itself as transitioning from a professional services and marketplace model toward a pure SaaS and technology provider model, with Lumina and API revenue expected to represent a larger share of the 2022 mix. Gross margin, churn, LTV, CAC, and burn rate were not discussed in the interview.

Enquire AI employed approximately 35 full-time staff as of January 2022. Sidar told Latka that roughly one-third of the team, approximately 12 people, were in technology and engineering roles. No further breakdown of team composition by function was provided in the interview.