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Jessica Bingham

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Hot AI Startups: Adept

by Jessica Bingham, on Mar 24, 2023 10:00:03 AM

Adept, a startup based in San Francisco, California, has recently made headlines by raising $350 million in a Series B funding round co-led by General Catalyst and Spark Capital. The startup is building AI that “enables humans and computers to work together creatively to solve problems.” The funding round saw participation from several prominent investors, including Addition, Greylock, Atlassian Ventures, Microsoft, Nvidia, Workday Ventures, Caterina Fake, Frontiers Capital, PSP Growth, SV Angel, and A.Capital.

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Adept is a product design house that provides world-class chip design and embedded services. It was founded in 2011 and has research and development offices in Hyderabad and Vizag, India, and a global presence with clients across India, the United States, and China. Adept is a full-service IC design firm that specializes in team augmentation, turnkey solutions for end-to-end chip design, and product lifecycle management. The company has more than 480 talented engineers, bringing a wealth of technical capabilities scalable to multinational corporations. As of September 2022, Adept is now part of the Quest Global family.

Adept’s AI solution is designed to enable humans and computers to work together creatively to solve problems. The solution is built on top of existing software and APIs, making it easy for companies to integrate the solution into their existing workflow. Adept’s AI is trained on data from existing workflows and processes, allowing it to quickly learn and adapt to new challenges. This approach to AI is known as “augmented intelligence” or “intelligence amplification” and is becoming increasingly popular in the enterprise software space.

Adept’s AI solution has several potential use cases across various industries. For example, in the manufacturing industry, Adept’s solution could be used to optimize production processes and improve quality control. In the product design space, Adept’s AI could be used to help designers quickly iterate through different design concepts and prototypes. In the financial services industry, Adept’s AI could be used to improve risk management and fraud detection.

Adept’s AI solution is unique in that it is built on top of existing software and APIs, making it easy for companies to integrate the solution into their existing workflow. This approach is in contrast to other AI solutions that require companies to completely overhaul their existing processes and workflows. By building on top of existing software and APIs, Adept’s AI solution is more accessible and cost-effective for companies looking to incorporate AI into their operations.

The $350 million in funding raised by Adept will be used to further develop its AI solution and expand its customer base. The funding will also be used to hire additional talent and expand the company’s research and development capabilities. With the backing of several prominent investors, Adept is well-positioned to continue its growth and make a significant impact in the AI space.

In conclusion, Adept is a startup based in San Francisco that is building AI that “enables humans and computers to work together creatively to solve problems.” The company recently raised $350 million in a Series B funding round co-led by General Catalyst and Spark Capital with participation from several prominent investors. Adept’s AI solution is unique in that it is built on top of existing software and APIs, making it easy for companies to integrate the solution into their existing workflow. With the funding raised, Adept is well-positioned to continue its growth and make a significant impact in the AI space.

Topic: AI Startups

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10 Sources for Startup Funding [Statistics]

by Jessica Bingham, on Mar 14, 2023 8:18:45 AM

Starting a business can be a daunting task, but it’s also an exciting opportunity to bring your ideas to life. One of the most significant challenges that entrepreneurs face is funding their venture. With the cost of launching a startup, entrepreneurs are often faced with the question of where to get the money they need to bring their business to fruition.

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In this article, we will explore the most common sources of startup funding, along with statistics on how much money startups are raising and where they're getting it from.

  1. Self-Funding

One of the most common sources of startup funding is self-funding. Many entrepreneurs choose to fund their ventures with personal savings, credit cards, or loans from family and friends. Self-funding can be an attractive option for entrepreneurs who want to maintain full control of their business and avoid giving up equity to outside investors.

According to a survey by the Kauffman Foundation, 40% of startups use personal savings to fund their ventures. This method of funding is more common among first-time entrepreneurs who do not have a proven track record of success.

  1. Angel Investors

Angel investors are high-net-worth individuals who invest in early-stage startups in exchange for equity. They often have experience in the industry and can provide valuable guidance and connections to help the startup succeed.

According to the Angel Capital Association, the average angel investment is $360,000, and the median investment is $100,000. In 2020, angel investors invested $25.8 billion in 60,369 startups, according to the Center for Venture Research at the University of New Hampshire.

  1. Venture Capitalists

Venture capitalists are professional investors who manage funds that invest in early-stage and high-growth companies. They typically invest in startups that have the potential for high returns and are willing to take on significant risks in exchange for equity in the company.

In 2020, venture capitalists invested $156.2 billion in 12,546 companies, according to the National Venture Capital Association. The average venture capital deal size was $14.7 million, and the median deal size was $5 million.

  1. Crowdfunding

Crowdfunding is a relatively new way to raise funds for a startup. It involves raising money from a large number of people, usually through an online platform. Crowdfunding can be an effective way to raise capital and validate the demand for a product or service.

According to a report by Crowdfund Capital Advisors, global crowdfunding raised $34.4 billion in 2020. Equity crowdfunding, which involves raising funds in exchange for equity in the company, raised $4.4 billion in the same year.

  1. Small Business Administration (SBA) Loans

The Small Business Administration (SBA) provides loans to small businesses in the United States. These loans are typically used to purchase equipment, inventory, or real estate, or to provide working capital. SBA loans can be an attractive option for startups that do not qualify for traditional bank loans.

In 2020, the SBA approved 607,000 loans totaling $220 billion, according to the agency's annual report. These loans helped create or maintain 4.5 million jobs in the United States.

  1. Corporate Venture Capital

Corporate venture capital (CVC) is a type of venture capital that is provided by large corporations to startups. CVC can provide startups with access to resources, expertise, and potential customers, as well as funding.

According to a report by CB Insights, corporate venture capital funds invested $30.8 billion in 2020. The top industries for CVC investment were healthcare, technology, and financial services.

  1. Grants

Grants are a type of funding that does not require repayment. They are often provided by government agencies, foundations, and other organizations to support research, development, social entrepreneurship, and other initiatives that benefit society.

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10 Inspiring Bootstrapped Startups

by Jessica Bingham, on Feb 27, 2023 4:18:51 PM

Starting a business can be a daunting task, especially if you don’t have outside funding. However, many entrepreneurs have proven that bootstrapping a startup can be a viable option. Bootstrapping refers to starting and growing a business without outside investment or funding.

While it can be challenging, bootstrapping has its benefits. It allows entrepreneurs to retain control over their company and grow at their own pace. In this article, we'll highlight 10 inspiring bootstrapped startups and their stories.

Work Hard Dream Big written on desert road

  1. Patagonia Patagonia is a popular outdoor clothing and gear company that was founded in 1973 by Yvon Chouinard. The company was started with a small investment and was bootstrapped for many years. Chouinard believes that bootstrapping the company allowed them to make decisions that were in line with their values, such as using sustainable materials and donating 1% of sales to environmental causes. Today, Patagonia has over 1000 employees and generates over $1 billion in annual revenue.

  2. Trello Trello is a project management tool that was founded in 2011 by Joel Spolsky and Michael Pryor. The company was bootstrapped for several years before raising outside investment in 2014. Trello's success can be attributed to its simple and intuitive interface, which made it easy for users to organize their tasks and collaborate with others. In 2017, Trello was acquired by Atlassian for $425 million.

  3. Basecamp Basecamp is a popular project management and communication tool that was launched in 2004 by Jason Fried and David Heinemeier Hansson. The company was bootstrapped from the start, with Fried and Heinemeier Hansson funding development with revenue generated from their consulting business. Today, Basecamp has over 3 million users and generates over $25 million in annual revenue.

  4. Hootsuite Hootsuite is a social media management tool that was founded in 2008 by Ryan Holmes. The company was bootstrapped for several years before raising outside investment in 2010. Hootsuite's success can be attributed to its user-friendly interface and ability to manage multiple social media platforms from one dashboard. Today, Hootsuite has over 15 million users and generates over $200 million in annual revenue.

  5. Wistia Wistia is a video hosting and marketing platform that was founded in 2006 by Chris Savage and Brendan Schwartz. The company was bootstrapped for several years before raising outside investment in 2010. Wistia's success can be attributed to its focus on providing a high-quality video experience for businesses. Today, Wistia has over 500,000 users and generates over $17 million in annual revenue.

  6. GitHub GitHub is a web-based platform for software development that was founded in 2008 by Tom Preston-Werner, Chris Wanstrath, and PJ Hyett. The company was bootstrapped for several years, with the founders using their own savings and credit cards to fund development. GitHub started generating revenue through its paid plans in 2010, and by 2012 the company had over 1 million users. In 2018, Microsoft acquired GitHub for $7.5 billion.

  7. Crazy Egg Crazy Egg is a website optimization tool that was founded in 2006 by Neil Patel and Hiten Shah. The company was bootstrapped for several years before raising outside investment in 2010. Crazy Egg's success can be attributed to its ability to provide actionable insights into user behavior on websites. Today, Crazy Egg has over 300,000 users and generates over $7 million in annual revenue.

  8. Mailchimp Mailchimp is a popular email marketing platform that was founded in 2001 by Ben Chestnut and Dan Kurzius. The company was bootstrapped for many years before raising outside investment in 2010. Mailchimp's success can be attributed to its user-friendly interface and ability to automate email campaigns. Today, Mailchimp has over 14 million users and generates over $700 million in annual revenue.

  9. Buffer Buffer is a social media management tool that was founded in 2010 by Joel Gascoigne and Leo Widrich. The company was bootstrapped for several years before raising outside investment in 2014. Buffer's success can be attributed to its focus on transparency and providing valuable content for its users. Today, Buffer has over 75,000 customers and generates over $20 million in annual revenue.

  10. AppSumo AppSumo is a platform that offers deals on software tools for businesses. The company was founded in 2010 by Noah Kagan and has been bootstrapped from the start. AppSumo's success can be attributed to its ability to offer valuable deals for businesses and its focus on providing excellent customer service. Today, AppSumo has over 1 million users and generates over $50 million in annual revenue.

    Lessons from Bootstrapped Startups

    Bootstrapping a startup can be challenging, but it can also provide valuable lessons for entrepreneurs. Here are a few takeaways from the stories of these 10 inspiring bootstrapped startups:

    1. Stay true to your values. Many of these companies have succeeded because they stayed true to their values and focused on creating a product or service that aligned with those values.

    2. Focus on providing value to customers. Whether it's through a simple and intuitive interface or actionable insights, these companies have succeeded because they provided real value to their customers.

    3. Be transparent. Several of these companies have succeeded because they were transparent with their customers and focused on building trust.

    4. Don't be afraid to pivot. Some of these companies started with one idea and ended up pivoting to a different product or service that better aligned with customer needs.

    Conclusion

    Bootstrapping a startup is not easy, but it can be a viable option for entrepreneurs who want to retain control over their company and grow at their own pace. These 10 inspiring bootstrapped startups prove that with hard work, dedication, and a focus on providing value to customers, anything is possible.

 

Topic: Inspiring Startups

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I found and closed a sale in 3 hrs w/ recently funded companies app

by Jessica Bingham, on Aug 7, 2017 2:04:01 PM

Closeup portrait super happy excited successful young business woman holding money dollar bills in hand isolated grey wall background. Positive emotion facial expression feeling. Financial reward.jpeg 

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