Startups are facing a decline in venture capital investment in key markets like the United States. This has raised concerns about the ability of venture firms to raise more capital, leaving founders worried about the future. If private-market investment doesn’t improve soon, there could be another year of declines in total startup investment in 2024.
However, some startups are actively addressing this issue. One such startup is Intently, which is launching a new service called Founder AI. The premise of this service is simple yet innovative. It uses personal data to understand a founder’s network and sorts connections based on their background and achievements. It then recommends the best paths for warm introductions to potential investors within the founder’s existing network.
The goal of Founder AI is to identify the most relevant investors and increase the chances of successful introductions. Since most people are unlikely to make numerous introductions on behalf of a founder, it is crucial to target investors who have the potential to be interested in the startup.
Behind the scenes, Founder AI is a complex service. The Intently team initially built it as a services business to gain a deep understanding of what founders have, need, and want. They later used AI to productize their work. The service utilizes vector search to sort connections based on relevancy. By narrowing their focus to important vectors, the team avoided the prohibitively expensive task of vectorizing all possible data points.
Intently has received single-digit millions in funding to date, including a $3.3 million round last spring. The startup is now looking to raise more capital, potentially in the range of $5 million to $10 million. The success of Founder AI in the hands of founders will play a significant role in determining how much capital Intently can secure.
However, fundraising is not the only goal for Intently. The startup plans to expand its technology into other areas, such as business development. With the size of the sales tooling market, this move seems logical. Intelligent software that can analyze connections and assist with communication choices could also reduce wasted digital communication, benefiting everyone involved.
As a Y Combinator-backed company, Intently may see early adoption of Founder AI among its fellow accelerator startups. The startup plans to charge $99 per month for the tool, with higher prices for additional data sources. This pricing structure aligns with the compute costs associated with processing more data. If Intently’s product proves successful, it could potentially lead to increased venture activity in the market, demonstrating the positive impact of AI from a startup perspective.
