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Jul 5, 2022 · 19m · top-founders

Professor launches new Security SaaS, Breaks $30k MRR Fast

Emery Coxell · 11m spoken Nathan Latka · 5m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In an interview with Nathan Latka, Dr. Emery Coxell breaks down how Data Anchor transitioned from academic cybersecurity research to a commercial SaaS platform reaching over $30k MRR with zero churn across 3,300 seats. He details the company's file-level zero-trust architecture, MSP channel partnerships, and $4.5M fundraising journey.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 33.6% of the talking time here. How this is scored →

Nathan as informed peer 4.6 Guest teaching 2.3 Guest disagreement 1.3 Nathan pushing back 2.7
05100:0010:000:47–4:04 · Nathan as informed peer 5/10 Introducing Dr. Emery Coxell and Data Anchor Latka introduces Dr. Coxell and presses him to narrow down his customer persona and average seat count from vague generalities down to a specific sweet spot of 100-200 seats.4:04–6:24 · Nathan as informed peer 5/10 Pre-Seed Funding and Open Seed Plus Round Latka unpacks the funding timeline, noting the 2019 pre-seed of $1.5M and the current $3M seed plus round with $250k remaining allocation.6:24–8:51 · Nathan as informed peer 4/10 Building an Engineering Heavy Team from Academia Coxell describes recruiting his Ohio State students into Data Anchor and securing their first $2,000 quarterly pilot with an electric vehicle charging company.8:51–10:52 · Nathan as informed peer 5/10 Channel Distribution Model via MSPs and Resellers Coxell explains their channel strategy across 20+ MSP and reseller partners, detailing the 30-40% ongoing rev-share structure.10:55–14:03 · Nathan as informed peer 6/10 Founderpath Valuation Tool Promotional Feature Latka calculates expected revenue at $50k MRR based on 3,300 seats, but Coxell clarifies that reseller cuts and legacy pricing put actual monthly revenue closer to $30k.14:03–18:33 · Nathan as informed peer 7/10 Convertible Note Terms, Cap, and Equity Structure Latka challenges Coxell on severe dilution after discovering the $3M round is on an $8M cap convertible note, before concluding with the Famous Five.18:33–19:15 · Nathan as informed peer 0/10 Nathan Latka's Company Summary and Conclusion Latka delivers his closing solo recap summarizing Data Anchor's key metrics, funding history, and revenue trajectory.0:47–4:04 · Guest teaching 3/10 Introducing Dr. Emery Coxell and Data Anchor Latka introduces Dr. Coxell and presses him to narrow down his customer persona and average seat count from vague generalities down to a specific sweet spot of 100-200 seats.4:04–6:24 · Guest teaching 2/10 Pre-Seed Funding and Open Seed Plus Round Latka unpacks the funding timeline, noting the 2019 pre-seed of $1.5M and the current $3M seed plus round with $250k remaining allocation.6:24–8:51 · Guest teaching 2/10 Building an Engineering Heavy Team from Academia Coxell describes recruiting his Ohio State students into Data Anchor and securing their first $2,000 quarterly pilot with an electric vehicle charging company.8:51–10:52 · Guest teaching 3/10 Channel Distribution Model via MSPs and Resellers Coxell explains their channel strategy across 20+ MSP and reseller partners, detailing the 30-40% ongoing rev-share structure.10:55–14:03 · Guest teaching 4/10 Founderpath Valuation Tool Promotional Feature Latka calculates expected revenue at $50k MRR based on 3,300 seats, but Coxell clarifies that reseller cuts and legacy pricing put actual monthly revenue closer to $30k.14:03–18:33 · Guest teaching 2/10 Convertible Note Terms, Cap, and Equity Structure Latka challenges Coxell on severe dilution after discovering the $3M round is on an $8M cap convertible note, before concluding with the Famous Five.18:33–19:15 · Guest teaching 0/10 Nathan Latka's Company Summary and Conclusion Latka delivers his closing solo recap summarizing Data Anchor's key metrics, funding history, and revenue trajectory.0:47–4:04 · Guest disagreement 1/10 Introducing Dr. Emery Coxell and Data Anchor Latka introduces Dr. Coxell and presses him to narrow down his customer persona and average seat count from vague generalities down to a specific sweet spot of 100-200 seats.4:04–6:24 · Guest disagreement 1/10 Pre-Seed Funding and Open Seed Plus Round Latka unpacks the funding timeline, noting the 2019 pre-seed of $1.5M and the current $3M seed plus round with $250k remaining allocation.6:24–8:51 · Guest disagreement 1/10 Building an Engineering Heavy Team from Academia Coxell describes recruiting his Ohio State students into Data Anchor and securing their first $2,000 quarterly pilot with an electric vehicle charging company.8:51–10:52 · Guest disagreement 1/10 Channel Distribution Model via MSPs and Resellers Coxell explains their channel strategy across 20+ MSP and reseller partners, detailing the 30-40% ongoing rev-share structure.10:55–14:03 · Guest disagreement 2/10 Founderpath Valuation Tool Promotional Feature Latka calculates expected revenue at $50k MRR based on 3,300 seats, but Coxell clarifies that reseller cuts and legacy pricing put actual monthly revenue closer to $30k.14:03–18:33 · Guest disagreement 3/10 Convertible Note Terms, Cap, and Equity Structure Latka challenges Coxell on severe dilution after discovering the $3M round is on an $8M cap convertible note, before concluding with the Famous Five.18:33–19:15 · Guest disagreement 0/10 Nathan Latka's Company Summary and Conclusion Latka delivers his closing solo recap summarizing Data Anchor's key metrics, funding history, and revenue trajectory.0:47–4:04 · Nathan pushing back 3/10 Introducing Dr. Emery Coxell and Data Anchor Latka introduces Dr. Coxell and presses him to narrow down his customer persona and average seat count from vague generalities down to a specific sweet spot of 100-200 seats.4:04–6:24 · Nathan pushing back 2/10 Pre-Seed Funding and Open Seed Plus Round Latka unpacks the funding timeline, noting the 2019 pre-seed of $1.5M and the current $3M seed plus round with $250k remaining allocation.6:24–8:51 · Nathan pushing back 2/10 Building an Engineering Heavy Team from Academia Coxell describes recruiting his Ohio State students into Data Anchor and securing their first $2,000 quarterly pilot with an electric vehicle charging company.8:51–10:52 · Nathan pushing back 2/10 Channel Distribution Model via MSPs and Resellers Coxell explains their channel strategy across 20+ MSP and reseller partners, detailing the 30-40% ongoing rev-share structure.10:55–14:03 · Nathan pushing back 4/10 Founderpath Valuation Tool Promotional Feature Latka calculates expected revenue at $50k MRR based on 3,300 seats, but Coxell clarifies that reseller cuts and legacy pricing put actual monthly revenue closer to $30k.14:03–18:33 · Nathan pushing back 6/10 Convertible Note Terms, Cap, and Equity Structure Latka challenges Coxell on severe dilution after discovering the $3M round is on an $8M cap convertible note, before concluding with the Famous Five.18:33–19:15 · Nathan pushing back 0/10 Nathan Latka's Company Summary and Conclusion Latka delivers his closing solo recap summarizing Data Anchor's key metrics, funding history, and revenue trajectory.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 43.8% · guest 56.2%0:00 · Nathan 43.8% · guest 56.2%3:00 · Nathan 25.9% · guest 74.1%3:00 · Nathan 25.9% · guest 74.1%6:00 · Nathan 23.7% · guest 76.3%6:00 · Nathan 23.7% · guest 76.3%9:00 · Nathan 44.4% · guest 55.6%9:00 · Nathan 44.4% · guest 55.6%12:00 · Nathan 30.6% · guest 69.4%12:00 · Nathan 30.6% · guest 69.4%15:00 · Nathan 20.5% · guest 79.5%15:00 · Nathan 20.5% · guest 79.5%18:00 · Nathan 63% · guest 37%18:00 · Nathan 63% · guest 37%
Sharpest disagreement ▶ 14:46 Defending high equity dilution for strategic capital

Coxell pushes back against Latka's criticism of selling 35% of the company, arguing that giving up substantial equity is a deliberate and necessary tradeoff for onboarding strategic investors.

 Hardest push from Nathan ▶ 14:38 Latka calls out 35% dilution on $8M note cap

Latka immediately challenges the founder's fundraising terms, bluntly pointing out that raising $3M on an $8M cap creates extreme dilution for an early-stage company.

 Biggest teaching moment ▶ 12:36 Coxell corrects naive revenue calculation

Coxell educates Latka on why straightforward seat-times-MSRP math overstates revenue, explaining how channel partner discounts and early contracts lower net MRR to roughly $30,000.

 Nathan holds their own ▶ 12:27 Latka constructs the MRR estimate from seat metrics

Latka demonstrates his financial modeling fluency by multiplying 3,300 paid seats by the $16 price point to accurately corner the founder into revealing true MRR numbers.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Dr. Emery Coxell and Data Anchor 5313 Latka introduces Dr. Coxell and presses him to narrow down his customer persona and average seat count from vague generalities down to a specific sweet spot of 100-200 seats.
Pre-Seed Funding and Open Seed Plus Round 5212 Latka unpacks the funding timeline, noting the 2019 pre-seed of $1.5M and the current $3M seed plus round with $250k remaining allocation.
Building an Engineering Heavy Team from Academia 4212 Coxell describes recruiting his Ohio State students into Data Anchor and securing their first $2,000 quarterly pilot with an electric vehicle charging company.
Channel Distribution Model via MSPs and Resellers 5312 Coxell explains their channel strategy across 20+ MSP and reseller partners, detailing the 30-40% ongoing rev-share structure.
Founderpath Valuation Tool Promotional Feature 6424 Latka calculates expected revenue at $50k MRR based on 3,300 seats, but Coxell clarifies that reseller cuts and legacy pricing put actual monthly revenue closer to $30k.
Convertible Note Terms, Cap, and Equity Structure 7236 Latka challenges Coxell on severe dilution after discovering the $3M round is on an $8M cap convertible note, before concluding with the Famous Five.
Nathan Latka's Company Summary and Conclusion 0000 Latka delivers his closing solo recap summarizing Data Anchor's key metrics, funding history, and revenue trajectory.

Statements from this episode (15)

Insight
Coxell: File-level zero trust enables security to travel with data anywhere
“So what they get is, you know, data security in the form of zero trust integrated down to each file. So once you integrate security into data itself, as opposed to activity around data, what you get is basically security traveling with the data. You don't care…”
Emery Coxell Jul 5, 2022 ▶ 1:50
Disclosure
Coxell: Data Anchor charges $16 per seat monthly for unlimited data
“So they're paying 16 dollars per seat per month right now to get everything. So it's unlimited data. It doesn't limit the amount of data they protect.”
Emery Coxell Jul 5, 2022 ▶ 2:43
Disclosure
Coxell: SMBs are Data Anchor's largest and fastest-growing customer segment
“But right now, the fastest growing customer vertical is small to mid-sized businesses because it's easy for them. You just switch it on within a matter of 90 minutes, including the user training. So I would say our you know, the largest customer segment is sma…”
Emery Coxell Jul 5, 2022 ▶ 3:30
Disclosure
Coxell: Data Anchor's sweet spot is 100 to 200 seats
“I would say a hundred to 200 seats.”
Emery Coxell Jul 5, 2022 ▶ 3:59
Assertion Not publicly verifiable
Coxell: Data Anchor raised nearly $1.5M in 2019 pre-seed
“The pre-seed was close to one and a half million dollars.”
Emery Coxell Jul 5, 2022 ▶ 5:02
Assertion Contradicted
Coxell: Data Anchor raised over $3M in seed plus round
“And after two years we have raised the seed plus round, which is a little north of three million dollars. And we are currently on that round.”
Emery Coxell Jul 5, 2022 ▶ 5:24
Disclosure
Data Anchor operates with 11 engineers and 4 business staff
“So I would say 11 of them are engineers, and four of them on the rest of the business and growth and customer support side.”
Emery Coxell Jul 5, 2022 ▶ 7:28
Disclosure
Coxell: Data Anchor's first customer was a major global EV charging company
“So it is one of the largest basically electric car charging organizations in the world.”
Emery Coxell Jul 5, 2022 ▶ 7:52
Disclosure
Coxell: Data Anchor's first customer check was around $2,000 quarterly
“So they were paying quarterly and they started with like a small number of users. So the first check for that quarter was I believe around 2000 dollars.”
Emery Coxell Jul 5, 2022 ▶ 8:38
Assertion Not checkable as stated
Coxell: Data Anchor has 30 to 33 active customers
“We are over 30 right now. I believe it's 30 to 33 customers right now”
Emery Coxell Jul 5, 2022 ▶ 8:59
Disclosure
Coxell: Data Anchor has over 20 active channel partnership agreements
“And by the way, we also sell through partners. That's our main go-to-market model. These include not just, you know, reseller, MSP, MSSP partners, but also other tech partnerships as well. And we have more than 20 partnership agreements active to the state.”
Emery Coxell Jul 5, 2022 ▶ 9:08
Disclosure
Coxell: Data Anchor pays resellers a 30% to 40% commission
“Between 30 to 40%.”
Emery Coxell Jul 5, 2022 ▶ 10:10
Disclosure
Coxell: Data Anchor pays reseller and MSSP commissions in perpetuity
“So for real, it's in perpetuity. So for resell NMSSPs. So that's an interesting question because we also have here and there some referral partnerships for referral partnerships is like, Hey, meet this guy. I think they solve your problem. And that's it. We ha…”
Emery Coxell Jul 5, 2022 ▶ 10:20
Assertion Not checkable as stated
Coxell: Data Anchor has achieved zero churn to date
“I'm also proudly stating that we have zero turn thus far.”
Emery Coxell Jul 5, 2022 ▶ 13:18
Disclosure
Coxell: Data Anchor is raising on an $8M convertible note cap
“Right now it's eight million.”
Emery Coxell Jul 5, 2022 ▶ 14:36
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