How involve.ai CEO Gaurav Bhattacharya grew involve.ai to $2.2M revenue and 70 customers in 2023.

as involve.ai is doing 185 000 a month in Revenue today that's up from total revenue last year of 1.5 million in total revenue in 2021 a year before that of just 250k they slugged for four years launched in 2017 to get that first 250k had 16 grand left in the bank almost shut it down and then G recognized oh my gosh Verizon's got a bunch of accounts on our platform 40K people using it they landed a 1.45 million dollar contract with Verizon that spurred them to where they are today right it's a 16 million series a last year out of 64 million post money evaluation they still have the majority of that over 10 million in the bank their Pro they're not profitable yet but only burning 90 grand a month relative to the cash and Bank plenty of Runway there a team of 12 as they scale involve.ai it helps you understand which of your customers are likely to expand or stay flat or even churn or contract helps you deliver a better customer experience hey folks my guest today is groov bharacharya he is or he goes by GE grew up in Delhi lost his father to cancer at a young age and this led to his first Venture a patient experience platform for doctors following its success he moved to the U.S dove into AI his goal revolutionizing workplace product Healthcare pet care and finance with AI he's doing this at involve.ai rob you ready it takes to the top yeah super excited to be here thanks for the opportunity and I like I was telling you Nathan I'm such a big fan of the podcast and it's an honor to be here well okay now tell me all your numbers tell me tell me tell me you know the drill right so tell me a story of a customer that's using to you today and what they use you for yeah sounds good so so we've had a kind of like a roller coaster Journey show kind of start from the top here so when we started involved we started it as a you know our goal was able to start an employee entry in this platform so we would like hey people would go and give back to the community that's what me and my co-founder were really passionate about so we started as the b2c application because and what year was that and this was in 2017. so 2017 with a very long journey now multiple products so 2017 we started this company we raised a little bit of seed money we raised 1.5 million dollars and we got to tons of users spent so we were sending millions of people around the world do community events and volunteering events around them but we could just never find like how to monetize this we were not able to make any money or make it a sustainable business we got to 250 000 in annual revenue so that was kind of like our journey what year was that it took about four years so four years of slogging and and we just couldn't turn on and monetization switch so what year did 250 Grand a year uh that was like year four so that was like 2021 2020 20 20 21 that's spot on okay 2021 actually yeah so so you got it and then so for our our journey Nathan was you know I had two weeks over on the left I had like fifteen thousand dollars in their bank I had nine people in the company and we were like maybe I was actually writing like a goodbye email to all our users and then my co-founder comes to me and he's like no you have all of this data on our system right we've been collecting we had Salesforce we had user data we had snow play for all our users we have AWS data and he was like can we Analyze This to really find out like what what failed like why did we mess up and what kind of led to this like downfall basic rates so we were like okay one laughter ten we're gonna go back and look at all this data and we find out that we have 40 000 users from Verizon uh using Us for free so you're like why are so many users from Verizon using us and until we reached out to one of the hr's leaders and we were like hey you know just want to let you know we're shutting down the platform and she was upset she was like don't shut it down because we rely on this but we go do all these community events we do our corporate social responsibility to this so that was really cool right so that was a really in great impact they actually decided to pay us 1.45 million dollars because that was in their budget of what they were spending or looking for a platform that year in 2021 which gave us enough Runway to survive we did pivot however into the realm of AI oh gee hold on hold on so we can't just skip over you you so 2020 go back you do your research 2021 you convert to ryzen of a 1.45 million that's all money up front in that year 2021 yep that was 2021. okay but you just told me you did 250k of Revenue in 2021 so when did the 1.45 million Revenue come in yeah so that was that was in 2021 um that was November of 2021 where Eisen Pages 1.45 you're not counting his annual revenue because that was just like two service the community platform which we no longer service but that was like the aha moment for us that said hey there's something here we can look at the data that we have and come to some really strong aha moments can we do this for other companies and that's kind of what led to our current platform and what we are up to now basically I see that's I just want to kind of plug that story so uh that's kind of how we started oh so G give us the story so 200 250k of Revenue in 2021 what was Revenue in 2022 so I'm not going to count Verizon off of this so we we went from um so again the 250 000 in Revenue was also from the old product so not pounding any of the old product we went from zero to 1.5 million in ARR from 20 from when we started in 2022 to where we ended 2022 at so that was kind of our Revenue in 2020. okay got it and then where do you think you'll finish this year at so this year we're launching another product so we want to get to about 5 million by the end of the year and how much revenue did you do last month in June so June we are at 2.2 million now oh wow okay so you did about a hundred and eighty thousand dollars in Revenue last month that's correct oh what's going on there YouTube good to see you guys now imagine this you love watching these interviews with SAS Founders but imagine if we took all of the valuation data out from over 2807 interviews I've done manually saves you a lot of time well we've done this we've built the into the beautiful interface inside of founder path check this out I'll show you how you can access this in a second but you log in you connect your stripe account you see your valuation real time you can see what it changed over the past 88 days and even set goals for evaluation this year now the secret valuation is there's many different ways to value a SAS business so the reason you're going to see three or four different valuations inside of your founder path dashboard this is all free by the way is because depending on who's doing the buying of your SAS company you're going to get a different valuation a VC is going to pay a different valuation private Equity Firm is different if you're going to do a 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they have a lot of customer data that they collect so usage pattern usage Trends they also collect...