SaaS Interviews with CEOs, Startups, Founders
How this SaaS Raised $2.4m Crowdfunding at $10m Valuation
20 Nov 2021
Chapter 1: What is the background of the guest, Charles Yeomans?
We have committed investors who are saying that they will continue to support it. If we don't get out of our own way and really get some sales rolling, then we've got to look at all sorts of things.
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Chapter 2: How does the software increase IoT bandwidth by 4x?
Hey, folks. My guest today is Charles Yeomans. He's the CEO of two technology firms and COO at a financial services firm. He was also a key architect of two of the nation's largest insurance brokerages. He was an investment banker and a naval intelligence officer and has an AB from Kenyon College and an MBA from Stanford, now building AdamBeamTech.com. Software increases IoT bandwidth by 4x.
Charles, you ready to take us to the top? I am. All right. So just to be clear, your software helps people increase their bandwidth. Is that accurate?
Yes, that's absolutely right.
How does it work?
So essentially, it's this, that we take a really old idea, which is the use of codebooks, and we combine that with some pretty fancy math that's MIT-level stuff. along with machine learning. And what we do by doing that, we're able to take advantage of the fact that you see a lot of patterns in these little files that machines generate, IoT files.
But we see instead of one, like compression does, we look in thousands. And because of that, and because of our use of code books, we make a piece of software that is small, light, ultra fast, 400 times faster than compression. And it will work on the tiniest little files, as you can imagine, like under 10 bytes. And if you were to try to apply compression to that,
you would find it will make them bigger consequently because we're super fast and we reduce it on an average of 75 we get a an average of four times more bandwidth simply with software so we can take your existing network and quadruple its capacity interesting now what do people pay uh you on average per month to use the technology It varies tremendously because the uses are so varied.
If you were to talk about somebody using it, say, over satellites, they might be, if they're, for example, they were paying $10,000 a month, they might be paying us a couple thousand dollars. But they're also avoiding paying $40,000 that they would be paying if they didn't use our stuff. So it's a pretty good deal.
So your sweet spot, I know you have a big range, but your sweet spot might be 5,000 bucks a month, something like that.
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Chapter 3: What pricing model do you use for the technology?
14. How many engineers? 14. Seven. Seven. Okay, so heavy engineering, which makes sense. Many of you guys listening have built incredible SaaS tools to help other founders, specific industries really get value or make some system easier. The problem is you can't help your clients until they import some portion of their data.
and you've considered on your trello board and your sprint timelines spending weeks building a csv importer for certain data sets you're spying right now because you know i'm right and either you do it and you waste engineering time or you don't do it and your customers have a horrible time getting onboarded and listen let's face the facts your ability to give value to your customers sometimes is very dependent on their ability to get you their data once you have the data everything is really smooth
Well, this exact problem probably explains why Flatfile is growing so quick. They've raised over $44 million and they do exactly this. The data onboarding platform for your marketing teams, your engineering teams, they enable you to get usable data faster so you can focus on what matters most to your business.
And the fastest growing companies like my friend ClickUp, Zeb, multi-billion dollar valuation, they all use Flatfile. Now flat file reached out. They wanted to sponsor. I said, you got a good deal for us. And they do for anyone listening, any, anyone that's part of the top entrepreneurs community or get Latka.
You can get a deal now to get started today at Nathan Latka.com forward slash flat file. And they make it so easy by the way, their onboarding is beautiful. You don't have to commit to a bunch of stuff. You can actually see a demo live instantly right now. Check it out. Nathan Latka.com forward slash flat file. Tell me a little bit more about sort of like next steps, right?
So you raised 2.6 on 10. You mentioned, are you looking at raising equity around now?
We are not officially yet, but we're trying to get a couple of accounts closed and then, yeah, jump into the equity. We're getting a lot of interest from, I get called by venture guys a lot.
Does it make you nervous, though, that you're so diluted already in your pre-revenue?
Of course.
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