Rajeev Madhavan: You have IoT devices like headphones where you do not need to replace the batteries. First, it untethers the device from all the electrical connections that you need. Second, it gives you the ability and the freedom of not being tied to a bunch of battery replacements that you have to go through.
It’s almost like painting the Golden Gate Bridge. Once you are done with one end, you have to start from the opposite end. Here, you don’t need to do that. You have a self-charging environment. That is on one side.
They launched their product just weeks before COVID and they have done okay during the stage. They have raised a lot of finances during COVID. They had incoming financing interests from suppliers who wanted to invest in the company.
They have gone through that process as they are building their sales force as we speak to go and channel these products into the sales and market side. That is one side, an extreme case of a hardware scenario.
On the other side, the last company that launched a product is a company called Opsera. They are on the opposite end of the spectrum from Atmosic. They are a DevOps product. Most of the new products are created with a very CI/CD [Continuous integration/continuous delivery] pipeline and products that people need to maintain and manage.
As we looked at our own companies, we found that not all of them had great development shops and the ability to manage them. We figured out that we never had the right testing framework. They have to redo their product because of that. Opsera completely eliminates that. It is an entire set of CI/CD DevOps tools.
In remote scenarios, it allows me to manage remote employees. I can pinpoint where they need help and where I can improve their performance. All of those can be done systematically in an organized fashion. They launched their product last October. They had their first quarter and they reached a $1 million quota range.
I am proud of the team. They were founded just weeks before COVID. They launched their product during COVID and now one quarter in, they have been doing well as a team in delivering on the DevOps missions that they are on. We don’t do AI as a platform, we do AI use cases as one of the things that we fund.
In between a lot of AI companies and applications, we have all the can of worms that you can get including bio-engineering where you have biology applications with AI. That is the kind of range that we have. We have done everything except healthcare that requires FDA approval. We find that difficult to do because being in the path of Uncle Sam is not something that we want to be involved with.