Xena Vision Revenue, Valuation & Funding (2024)

hey folks my guest today is nazi timer she's been an entrepreneur since the age of 27 and now today founder of xena vision she's got a master's study in theoretical master of computer science in france she did a research internship at the inria sophia antopolis in france and was a software engineer at huawei rnd in istanbul she's now building next generation emergency recognition technology whose commitment is saving lives through reactive surveillance nazi you ready to take us to the top yeah thank you does reactive surveillance mean it means like it in the case it detects some emergency it can able to react like uh create the alarm and notify the people so it's an active surveillance system for what like a terrorist attack or a fire or what uh like it can it can be a terrorist attack and so on but like our first customers are airports in the airports there can be some terrorist risk but also someone can fall down and had heavy heart attack in that large venue uh so this both safety and security cases are covered and to increase the number of use cases we can call like stadium human safety stuff like cardiac heart attack again they're the violence and in the road this is road accident recognition all these things threat the human life and it is crucial to just be um react on time and so those are scalable and use cases which are deployed our system and nazi you're starting with airports we love a niche focus obviously what's the average airport paying you to use your technology per month uh like um just uh can i and like can you repeat the question no problem what's the average customer what's the average customer paying you per month to use your technology like this this question i couldn't understand i'm sorry about this your price point what's it what are customers paying you per month are paying you okay you know the paying keyword so i just mismatched with this paying and paying actually this is kind of a poc customer right now because yeah we developed an ai and this ai we have to test it on customer data so for each and every customer we have a poc phase we test tested in their data so right now this is kind of pretty venue uh we we haven't generated revenue from the airports uh how many tests how many tests how many pocs are you running right now now it is almost kind of five like one for airport uh one for a three million municipality in bursa in turkey and also there is kind of uh this um sport accident recognition in china for access leisures and there is a flying car company which is called airspeeder and the accident detection collision avoidance for them also and nazi if they start paying you let's say the poc goes well if they start paying you revenue what will they pay you how big is the car are the contracts potentially actually and this system is them how to say they can run all these customers have large number of cameras and we subsidy we expect them to pay by number of camera uh so like we are right now it is kind of a per month one camera we are we are thinking to charge to 1 000 and dollars for the uh for each camera uh like but this pricing is kind of um uh they are not going to start with thousand cameras just right away like they gradually increase so this is our first how many nazi how many across the five tests you're running right now how many total cameras yeah actually for like uh four camera for uh municipality right now four but for but this is this i'm not saying i'm going to say for camera this is for intersection with the like a large number of camera let's say total maybe 20. uh so for the airport it is uh actually the number of camera right now it is not clear how to say this yeah i see okay no problem so you're just getting started are you bootstrapping or have you raised capital actually we have raised almost 140 000 uh dollars uh this is ninety thousand dollars from a national r d institution and the other one is from the biggest telecom company of turkey just like two three months uh before okay yeah and what what how much how much equity did you sell what valuation did you raise out i have all i keep all the equity this is all grant okay yeah okay so it's all grant money and how many people are on the team today a nine um got it so how are you paying them actually this is kind of um we um not them we are not using money as the instrument all the time this is a very kind of intellectual project and we have a great know-how inside so we are working with the best university last uh students and last um year students and fresh graduates and they they are not asking too much money from us and they are very much eager to learn and also we have some b2p company collaborations they provide us some office and um like expensive equipment support for developing our projects and so like we decreased a lot of costs to how to say um large studies if a student at one of the universities does work for you do you own the ip even though you're not paying them i'm paying them but it is like um you know turkish lira compared to dollar it is not too much so if it is a 1000 litre it is like very few when we come compared to the dollars but um for ua u.s or any other european country you can think of a thousand uh euro in their place okay and of the 140 000 you raised you have to pay that back or it was just a donation it is all donation actually to develop the project because we are selected kind of for 4 500 out of 140 um so like actually the use cases and the progress on the pro product is like this is really i'm the technical technical founder and this is a really kind of cutting-edge technical project and this is what make people exciting about and spending their time education and resources and but we are we are not um we are we may be a little slow to generate revenue nazi what year did you write the first line of code uh could you please repeat this when did you write the first line of code for the platform years before um no it's like i i have graduated from university 2012 and i launched this uh two and a half year before so i started this it i can say uh first of july in 19 to 2019 and this is the official start date okay and so how have you paid yourself between 2019 and 2020 and this year out of the grant money yeah this is the grand money of two two hundred two thousand dollars twenty thousand dollars for two years actually we spent and and then um by achieving the first phase successfully we we have the opportunity to get 90 90 000 to we haven't spent this money it's going to come coming to two and three months here and we get this grant from the telecom provider and uh again it is it is 25 000 and we we spend one out of third and we are going to receive the end of kind of this month the uh the other right of the 140 000 you've already raised how much is still in the bank like it is a 1990 plus i can say let me say um if we divide uh let's say 15 uh 100 then uh to 12 15 15 i can say we already we only spent two twenty thousand so nazi of the 140 000 you've raised minus 20 000 you spent in 2019 and 2020 that means you still have 120 000 in the bank today yeah yeah exactly this is awesome yes i'm kind of very efficient to generate resources without money i think that's super impressive so when do you think you'll have your first paying customer not a poc an actual signed closed contract actually i am planning to make it by this year and before this year it is and the customers they are actually how to say happy i can say this also like um i am a little obsessed with the technical kind of improvement so uh we are like right now one designer designed the customer real-time reports for the customers etc this is kind of a surprise for them so we are like how to say over preparing for them so how long have these pocs been running actually like uh for this airspeeder actually for the last two last two months we have started is that the oldest one uh the oldest one was the air actually the okay the oldest one was the airport but in between i my father passed away and this quite like make this a little make some things a little complicated in the in between uh we got some we are selected to hype and global acceleration for the sports and we get these access leisures and airspeeder and municipality customers so what we did we increased the number of poc actually and you know the closing the sales it is more it's a little stress it is it requires more energy so i took more time on this poc and my comfort zone and uh [Music] makes sense nazi i'm sorry to hear that about your dad but it's impressive the traction you've generated after that over the past year and we're rooting for you we hope these pocs turn into signed customers before the end of the year okay oh yeah all right yes all right let's wrap up with the famous five number one what's your favorite business book uh it is zero two zero two one number two is there a ceo you're following or studying yeah this is elon musk number three what's your favorite online tool for building xenovision [Music] and the air table i can say like i have my living project plan i love that number four how many hours of sleep do you get every night um actually uh right now it is eight hours but last year it was like two three hours like different that's not healthy yeah but first first year was like very i was really really passionate very energetic and etc but right now i spend more time some time with family myself and the business it's a healthy balance and what's your situation nazi married single do you have any kids i i am single i'm married with my project and can i ask how old you are 31 years old 31 last question what's something you wish you knew when you were 20. uh i shouldn't wait i i yes i i delayed certain things and uh i should have started that time i have already actually i i had plans to be an entrepreneur at that time but i didn't know the name was being an entrepreneur so guys there you have it nazi launched your company xenovision in 2019 to help folks like airports track incidents both security risks and also safety hazards like someone falling or a terrorist threat she has five pocs right now hoping to convert one of them to a paid customer before the end of the year she's gonna price on a model that is a thousand dollars per camera per business we'll see if she can convert these five pocs into paid accounts by the end of the year she has 140 000 raised it was all a donation grant money she's burned only 20 000 since 2019 so very capital efficient nazi we're rooting for you thanks for taking us to the top thanks a lot one more thing before you go we have a brand new show every thursday at 1 pm central it's called shark tank for sas we call it deal or bust one founder comes on three hungry buyers they try and do a deal live and the founder shares back end dashboards their expenses their revenue arpu cac ltv you name it they share it and the buyers try and make a deal live it is fun to watch every 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