Can AI help founders raise funds faster and easier?

With the total amount of the venture falling year after year key markets such as the United Statesand concern if entrepreneurial companies themselves were struggling to raise more capital, founders might be worried. After all, if private market investment doesn’t pick up in the coming quarters, we could be on track for another year of decline in overall startup investment in 2024.

Some startups are working to combat the slowdown, including Intently, which this week is introducing a new service called Founder of AI. The premise of the service is simple: it will go through your personal information, figure out who you know, sort those connections based on their own background in terms of what they’ve built, and then create a few recommended paths for investor intros from your existing network founder.

The goal is to identify the best ways to reach the most relevant investors, because most people won’t do it also many introductions for you. That’s why you want to make sure you’re targeting targets that might be good.

Under the hood, the service is a bit more complex; so much so that Intently CEO and co-founder Slava Solonjicin told TechCrunch that his team first built Founder AI as a service company to ensure they understand what founders have, need and want, then later produce that work with the help of AI.

Not just AI fairy dust, mind you. The Intently team’s new service uses vector search to sort by relevance, which from my – admittedly lukewarm – understanding of vectors makes sense. But they won’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 make sure they were using vectors that mattered, as simply using all possible data points would have been prohibitively expensive.

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The company noted that it only has single-digit millions to date, including a $3.3 million round last spring. The startup is said to be looking to raise more capital, perhaps in the range of $5 million to $10 million. Of course, how well the Founder AI performs when it gets into the hands of founders will help determine how much capital Intently can raise.

He has bigger plans for the service; fundraising is not the ultimate goal of his work. Instead, the startup will eventually transfer its technology to new areas of work, such as business development. Considering the size of the sales tools market, it’s not a huge shock of an idea. But having software that can intelligently read your own connections and help you make communication choices could actually help reduce complete digital communication by preventing lost messages. That would be a win for everyone.

Intently is a company backed by Y Combinator, which means it could see early adoption of Founder AI among its accelerator brethren. We’ll be watching to see if his new service becomes something founders want to use — and pay for. Intently intends to charge $99 per month for the tool, or more if a customer wants to use multiple data sources in their connection search. That seems reasonable; the more data the user wants to use, the higher the computing costs. So the higher the price. All in all, if Intently’s product works, we could see more total venture activities on the market? Law? Discuss the good use of artificial intelligence from a startup perspective.

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#founders #raise #funds #faster #easier

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