Bootstrap an AI Startup First, Raise Money Later: Sean Minter, Founder CEO of AmplifAI (Part 7)

Sramana Mitra: So where are you now in terms of numbers? You don’t have to share anything that you don’t feel comfortable.

Sean Minter: We’re in the $10-$15 million ARR range today. Our goal is to get to the top end of that by the end of the year. We’ll continue to grow and do not need to raise any money. We’re fairly conservative with our cash, so we have plenty of money still available from our 2021 raise. We have lines of credit, so we’ll continue growing and we’ll see if we want to go raise money. We’ll do it based on what we think is a good time for us to go do it.

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Bootstrap an AI Startup First, Raise Money Later: Sean Minter, Founder CEO of AmplifAI (Part 6)

Sramana Mitra: Let’s talk about the next round of financing now. You went from $1 million to $4 million, and then you raised another $12 million round of financing, where were you expanding? Where were you investing at this point?

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Bootstrap an AI Startup First, Raise Money Later: Sean Minter, Founder CEO of AmplifAI (Part 5)

Sramana Mitra: So, when you raised $3.5 million, what did you determine as the place where you needed to invest? Was it people? Was it a certain go-to-market strategy where you were doing customer acquisition? This is a sales-based business, right? It’s a business where you have to actually do the selling. It’s not a digital marketing kind of business.

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Bootstrap an AI Startup First, Raise Money Later: Sean Minter, Founder CEO of AmplifAI (Part 4)

Sramana Mitra: So it took you four or five years of bootstrapped business building – building the product, getting the POCs going and so forth to get to $1 million ARR. How many POC customers or the $60,000 ARR kind of range customers did you have in the pipeline when you went out to raise that first round of financing?

Sean Minter: We probably had ten to twelve clients at that point of time.