Chinar Movsisyan, founder of Feedback Intelligence, shares her innovative take on leveraging user feedback to enhance AI performance. She dives into the challenges of AI hallucinations and how her startup aims to convert insights into actionable strategies. The conversation also highlights the complexities of fundraising, with Chinar seeking $2 million for equity while discussing negotiation tactics and cybersecurity needs for startups. Listeners gain fascinating perspectives on transforming customer feedback into valuable data in the ever-evolving world of AI.
Feedback Intelligence aims to revolutionize user feedback analysis for AI applications by consolidating insights into a single actionable platform.
Chinar Movsisyan's startup shows promise with established pilot customers and strong market interest, seeking $2 million in funding for growth.
Deep dives
Introduction to Feedback Intelligence
The episode features a startup pitch by Chinar Mofsissian, who presents her company, Feedback Intelligence. This innovative platform aims to address a critical gap in the AI industry where developers lack insights into how end-users interact with their AI solutions. Unlike conventional apps that utilize tools like Google Analytics, Feedback Intelligence consolidates user feedback, both explicit and implicit, in a singular platform for actionable analysis. This capability enables AI teams to quickly identify root causes of user dissatisfaction and prioritize necessary improvements, promising to enhance overall user experience in generative AI applications.
Business Model and Market Approach
Feedback Intelligence operates on an annual contract model, charging approximately $90,000 per client, which is considered competitive within the industry. Chinar discussed her established relationships with three pilot customers in the financial sector, leveraging her co-founder's experience selling to financial institutions. The company is also witnessing growing interest, with ten additional customers on a waitlist, indicating a strong market demand for their solutions. By aiming for a projected annual recurring revenue (ARR) of $1.5 million in the upcoming year, Feedback Intelligence is positioning itself well within the burgeoning generative AI market.
Funding and Future Prospects
Chinar revealed her plans to raise $2 million in funding to further develop Feedback Intelligence, having already secured $1 million in a previous round. During the pitch, she outlined a cautious approach to scaling by only increasing her team's size modestly while focusing on conducting pilot programs to refine their offering. The ongoing negotiations suggest potential future investments, though some investors express concerns regarding the company's previous burn rate and plans for the new funding. Chinar appears confident in her business plan, and if successful, this funding could help her capitalize on the current AI market momentum.
*Disclaimer: No offer to invest in Feedback Intelligence is being made to or solicited from the listening audience on today’s show. The information provided on this show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the business presented. Those opinions should not be considered professional investment advice.