Well…Hello again. After a long absence, I can finally share what we as a company have been busy with within the last 3–4 months. I guess it is a no-brainer and the title speaks for itself (We have been growing up series of As… Not funny? Ignore it then), we raised 14.5 MOTHERFREAKING million dollars in Series A (If you haven’t heard the news yet, then Forbes covered it the best).
After hearing this, you might be thinking:
“OMG, they probably drink and eat cash by working from strip clubs every single day”
Weeelllll… NO. Don’t get me wrong, I would love for you to be right (Don’t tell my wife though), but as a wise Marvel character Ben Parker once said:
“With great power comes great responsibility”
What does it mean? Let’s deep dive into the small universe of a computer vision company.
Before Series A
As you probably know I like to brag that we are a company with a clear product strategy, vision, metrics, analytics, and last but not least the best coffee machine in the world. Seriously, the best…I mean, you can put a setting to get an 8-inch/20 cm long latte and cherry on top of it.
In case you are not aware of what I am talking about, then… Hello my first-time reader, please click here and get into the world of product management satisfaction with some minor notes of amusement and Bangalore nightlife.
There was I… Oh, yes, so we were operating on a daily basis, moving in some blurry direction (Why blurry? Because you can never have 100% clear product vision especially at the 2-year startup stage), and had approximately 20 to 30 % month-over-month revenue growth. We were in talks or closed the deals with such companies as Company A, B, and even X (Sorry can’t give you the names, because of some legal reasons, but you can name the industry Fortune 10 companies yourself and I guarantee it’s there).
At this very same time, there was only one thing we were not happy with. Every single one of us was equal to 2 to 5 employees. Meaning that sometimes you as a product designer will have to work on the product, the other day on an investment presentation, and one day design the website for the company. I know it is not the best, but as bad as it sounds that was the case for us.
The bright side in all of this is, that we, with approximately 50 employees in the company, got through blood, sweat, Dunkin Donuts, shawarma, and impossible machine learning tasks, to raise the Series A in less than 2 weeks.
After Series A
So you are probably saying:
“Cool, I guess there are bigger things to come?”
Well, you are right, but let’s define what are those “bigger things”.
Before, moving forward I would like to highlight, that we are still in Series A and post-Series A phases. Therefore, there are lots of things to be done, but we at least know what are our next steps.
So…What needs to be done. First of all, we need to review our GTM strategy. Why is that? Because we need to focus on growth and have it as an everyday thing and not the way described above, there we had 1 employee working for 5 persons.
As soon as, that’s done we need to review the product strategy, company team structures, crucial metrics and…start the hiring (That sounded too simple, but sometimes it may take weeks or months to figure out the GTM only). If you go to our career site right now, you will notice that we have more than 20 positions opened, and every single position targets up to 10 employees. That’s enormous growth from our side because we plan to have 100% more employees by the end of the year.
As you can understand this has its challenges, starting from the hiring strategy and the process ending with office space(Some may argue that you probably don’t need the office space because remote is the new standard now, but trust me you still do need the space) and defining some new policies in the workspace environment.
Also, let’s not forget, the GTM will change the product strategy, and that, therefore, will impact the things we prioritized before…May drop or raise some priorities, may need to change the analytics structure setup before, may need to change some processes, as mentioned above the teams' structure, and so on. Hopefully, that’s not the case but just wanted all of us to understand that there is a cost of the investment.
To sum up, you can understand every single department has its challenges after Series A and the investment helps the companies grow or fail. It is with the right strategy and actions, that one should move forward and figure out the perfect formula for oneself as a company.
That’s all folks. If the article does not cover everything that you would love me to cover please press 1, if you loved the article just smile in front of the screen.
Series A investment impact on the company was originally published in Noteworthy – The Journal Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.