Justin Shum

So it's pre-seed 500,000 USD from Drive Capital, amazing partners.

We're contemplating taking on a little bit more for our pre-seed with, I don't want to name them yet because it's not done, but their resources in AI and we're building an AI space would be invaluable to us.

So

We're considering opening up a little bit more, and then maybe we'll raise either a small A or a larger seed in about six to eight months' time.

So it's convertible note.

Sorry, what was your question?

It's capped, yes.

I don't want to get into too many details, but I will share that we did raise... We're probably in the top 10% in terms of valuations and terms.

We came out of a program called Entrepreneur First.

Not sure if you're familiar with them.

That's where I actually met my co-founders this time around.

And their terms were like...

10% for like 200,000, not the greatest.

And so we actually didn't go through with that term sheet.

We actually decided to hit the market, the open market, and we secured the 500 at 5% instead of the 10%.

So much more favorable.

Yeah.

10 million valuation.

Yes.

So it's 5% at a $10 million valuation.