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Can AI help founders raise capital faster and easier?

With the total amount of venture capital investment in major markets like the U.S. declining year over year, and concerns that VC firms themselves are struggling to raise more capital, founders may be worried. After all, if private market investment doesn’t pick up in the coming quarters, we could be on track to see another decline in total startup investment by 2024.

Several startups are grappling with the slowdown, including Intently, which this week launched a new service called Founder AI. The service’s premise is simple: It will browse your profile, learn about the people you know, rank those connections based on their own backgrounds and what they’ve made, and then map out some referral paths to attract existing founders. Investor Introduction Network.

The goal is to determine the best way to reach the most relevant investors, since most won’t also Many introductions to you. That’s why you want to make sure your goals are goals that are likely to be successful.

Behind the scenes, the service is a bit complicated; so much so that Intently CEO and Co-Founder Slava Solonitsyn told TechCrunch that his team first built Founder AI as a service business to ensure they understood what the founders had, needed and wanted, and then productized those efforts with the help of AI.

Not just AI fairy dust, mind. The Intently team’s new service uses vector searches to sort out correlations, which makes a lot of sense based on my (admittedly lukewarm) understanding of vectors. But it doesn’t try to vectorize everything. During the build process, Solonitsyn and fellow co-founders Dmitry Starodubtsev and Mika Melchanka had to narrow their focus to ensure they were using important vectors, because simply using all possible data points would be prohibitively expensive.

The company noted that it has raised just a few million dollars in funding to date, including a $3.3 million round last spring. The startup said it is looking to raise more funding, possibly in the range of $5 million to $10 million. Of course, how Founder AI performs once it’s in the hands of founders will help determine how much money Intent can raise.

It has a larger service plan; fundraising is not the end goal of its work. Instead, in time the startup will apply its technology to new areas of work, such as business development. Considering the size of the sales tools market, this idea isn’t shocking.But having software that can intelligently read your own connections and help you make communication choices might actually help. reduce Comprehensive digital communication by preventing wasted messages. It’s a win for everyone.

Intently is a Y Combinator-backed company, which means it may see early adoption of Founder AI among its accelerator sibling. We’ll be watching closely to see if its new service becomes one that founders want to use and pay for. Intently plans to charge $99 per month for the tool, with customers able to charge more if they want to use more data sources when finding connections. This seems reasonable; the more data a client wants to use, the higher the computational cost. Therefore, the price is higher.All in all, if Intently’s product works, we might see more Total venture capital activity in the market? correct? Talk about good uses of AI from a startup’s perspective.

#founders #raise #capital #faster #easier

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