Summary of Business:
LeadCrunch: Intelligent Targeted Demand Generation. AI-Powered. Human Verified.
LeadCrunch.ai accelerates business sales in a new way: We combine artificial intelligence with human professionals to engage prospects. Our AI platform targets accounts as it models buying behavior. Then we engage the right buyer with marketing professionals who create and verify interest. Our customers have experienced sales conversion rates as high as 300%. Currently we sell on-demand AI-enabled services as we build a subscription product.
September 2016 was our first full month of production after more than 18 months of testing our private alpha- and beta- versions.
- $142K in monthly bookings in April (8 months into product launch). $58K in 1st week of May.
- $1.7M annual run-rate with 36% average monthly growth rate. We are on track to exceed $2.1M of revenue in 2017.
- $242K of backlog orders (unearned revenue) as we sell longer-term contracts.
- Subscription product on-track to launch in August. It features what we believe to be many “firsts” for the outbound marketing industry.
Traction Since Launch:
Our success is driven by making our customers grow faster by making their sales and marketing more efficient.
- We have 83 lifetime customers including fast growing companies like NetSuite, Looker, Intacct.
- 62% of customers re-book within 3 months. This rate increases every month as many customers order on a quarterly basis.
- Customers report we deliver higher ROI and than incumbents.
Steady stream of media attention. Here are the top 3 articles for views in the past 2 months.
- Forbes: “Top 11 Sales Tools Every Business Owner Needs” (more than 2,100 social media shares!)
- Entrepreneur: “10 Sales Platforms to Help You Boost Revenue in 2017”
- The Next Web: “How AI Is Going To Change Lead Generation Forever”
We now have 12 full-time employees with 6 interns. Highlights:
- We now have a VP of Sales! Uky Chong (2nd from left) joins us from our largest competitor, Ziff-Davis eMedia, where he ran a $16M book of business. Uky will lead our sales team that includes Jeff Cleasby who has been exceeding quotas since joining our team late last year.
- Engineers Greg Lawrence and Eli Bravo joined our team after a remarkably rigorous selection process. Only 1 out of 72 engineering candidates pass our code and whiteboard tests. Data scientist Alex Quintero is still the only to get a perfect score.
- Natalie O’Donnell (also an engineer) has been promoted to start and run our customer success team. She was previously on our sales team.
- We are hiring more interns: Send us candidates for sales and marketing positions!
Patents Filed to Protect Subscription Product
We filed 5 provisional patents in Q1 and we are preparing 5 more to ensure that we can protect the unique AI technology that powers our subscription product. The product is in stealth-mode with several game-changing features that we have been testing with our existing customers. We expect to release the private beta in July with a production version in August. Stay tuned!
We have $275,000 left on our convertible note offering (having already received $525,000). This convertible note offering will expire on May 31, 2017 and then we will move to our next round of financing in September 2017.
For more, please check out this video update from LeadCrunch’s founders.