RewindAI CEO Dan Siroker: AI Wearables & Fundraising in Public
Feb 6, 2024
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Dan Siroker, CEO of Rewind AI, discusses how they raised their Series A in public, the challenges of building screenless wearables, and the potential impact of wearable AI on cancel culture, transparency, and surveillance. They also explore topics such as transparency in the workplace, balancing startup and parenthood, conspiracy theories, and the benefits and pitfalls of investor advice.
Rewind AI's decision to publicly fundraise and post their pitch deck on Twitter resulted in significant attention and over a thousand preliminary offers to invest.
When selecting investors, founders should prioritize long-term orientation, conduct thorough due diligence, and ensure alignment with values and visions.
Developing screenless wearable devices that enhance human memory and simplify daily activities could revolutionize personal productivity and time management.
Deep dives
Public Fundraising Strategy
The guest, Dan Sroger, discusses the decision to publicly fundraise for his company, Rewind AI. He explains that they had plenty of runway and were receiving a lot of investor interest, which led them to post their pitch deck on Twitter. The goal was to save time by fast-tracking investor conversations and to build trust through transparency. This unconventional approach resulted in significant attention, generating over a thousand preliminary offers to invest.
Choosing the Right Investor
Dan Sroger shares his insights on selecting the right investor when presented with multiple term sheets. He advises founders to evaluate potential investors based on long-term orientation and references from other founders. He highlights the importance of conducting thorough due diligence and ensuring alignment with the investor's values and visions. By prioritizing long-term partnerships and finding the right fit, founders can benefit from a supportive network and access to resources.
Prioritizing Time and Family
Dan Sroger emphasizes the importance of prioritizing the main thing in both work and family life. As a parent founder, he acknowledges the challenges of balancing startup responsibilities while being present for his children. By ruthlessly prioritizing time and focusing on what truly matters, he maximizes productivity and maintains a healthy work-life integration. Dan asserts that trading off some personal activities and hobbies in favor of family and work commitments can lead to greater fulfillment and happiness.
Building an AI for Perfect Memory
The podcast discusses the development of an AI technology that aims to replicate and enhance human memory. The speaker emphasizes the problem of forgetfulness and information overload in today's fast-paced society. By creating a wearable device that captures conversations and integrates with calendars, the goal is to provide people with perfect memory and save time for more meaningful activities. The focus is on simplicity and functionality, without the need for additional screens or features.
The Future of Wearables and Living Longer
The podcast explores the growing trend of wearables and their link to a desire for personal improvement and better health. While many wearables offer specific health-related functions, the speaker emphasizes the importance of best-in-class solutions and devices that excel at a single purpose. The belief is that in the future, wearables will play a vital role in extending life expectancy, with energy becoming abundant and accessible. The ultimate goal is to enable individuals to achieve their missions and purposes in life, with the option to electively choose when to end their journey.
Dan Siroker is the co-founder and CEO of Rewind AI. He also co-founded Optimizely, and he was the Director of Analytics at Obama’s first presidential campaign.
On this episode of World of DaaS, Auren and Dan discuss how Rewind raised its Series A in public, and how the unconventional move benefited the company. Dan shares insights on creating a compelling pitch and the importance of practicing and honing the pitch through meetings with investors.
Dan also discusses the challenges and opportunities in building screenless wearable devices, and what future wearables could look like. Auren and Dan explore how wearable AI tech could affect cancel culture, transparency, and surveillance. The conversation closes with Dan’s advice for parent founders and his thoughts on conventional wisdom and advice.
