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Nov 29, 2021 · 15m · top-founders

Jiva burning $50k/mo after raising $1.3m Seed, Plan to Turn POC's into Paid Accounts

Manish Patel · 8m spoken Nathan Latka · 4m spoken
0:00 / 0:00

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

Jiva.ai founder and CEO Manish Patel joins Nathan Latka to discuss building a multimodal AI platform for healthcare diagnostics, detailing his transition from algorithmic trading to entrepreneurship, his capital strategy after raising a £1.3 million seed round, and the roadmap for converting 12 enterprise pilot programs into paying accounts.

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 36.5% of the talking time here. How this is scored →

Nathan as informed peer 4.6 Guest teaching 2.6 Guest disagreement 1.2 Nathan pushing back 3.2
05100:0010:001:17–4:03 · Nathan as informed peer 4/10 Demystifying Multimodal AI and Healthcare Applications Manish explains the concept and practical clinical applications of multimodal AI, educating Nathan on how diagnostic models operate across various medical verticals. Nathan pushes Manish to define a specific average subscription price point.4:03–7:58 · Nathan as informed peer 6/10 From PhD Project to Startup: Manish's Journey to Full-Time Founder Nathan digs into the cap table and venture funding history, rapidly computing the pre-money valuation and dilution percentages. Manish is collaborative and transparent about their equity distribution and UK grant funding.8:02–10:32 · Nathan as informed peer 6/10 Sponsor Message: Streamlining Data Onboarding with Flatfile Following the sponsor read, Nathan puts high pressure on Manish regarding actual paying customer count, refusing vague approximations until Manish concedes they currently have zero paying customers.10:33–13:00 · Nathan as informed peer 4/10 Pitch Deck Mastery, Monthly Burn Rate, and Team Structure Manish openly admits to being a reluctant CEO and practicing his pitch over video calls during COVID lockdown. Nathan clarifies the company's monthly burn rate, runway, and team composition.13:00–14:19 · Nathan as informed peer 3/10 The Famous Five Rapid-Fire Questions with Manish Patel Standard amicable Famous Five rapid-fire closing sequence covering Manish's reading habits, sleep schedule, and founder reflections.1:17–4:03 · Guest teaching 5/10 Demystifying Multimodal AI and Healthcare Applications Manish explains the concept and practical clinical applications of multimodal AI, educating Nathan on how diagnostic models operate across various medical verticals. Nathan pushes Manish to define a specific average subscription price point.4:03–7:58 · Guest teaching 2/10 From PhD Project to Startup: Manish's Journey to Full-Time Founder Nathan digs into the cap table and venture funding history, rapidly computing the pre-money valuation and dilution percentages. Manish is collaborative and transparent about their equity distribution and UK grant funding.8:02–10:32 · Guest teaching 3/10 Sponsor Message: Streamlining Data Onboarding with Flatfile Following the sponsor read, Nathan puts high pressure on Manish regarding actual paying customer count, refusing vague approximations until Manish concedes they currently have zero paying customers.10:33–13:00 · Guest teaching 2/10 Pitch Deck Mastery, Monthly Burn Rate, and Team Structure Manish openly admits to being a reluctant CEO and practicing his pitch over video calls during COVID lockdown. Nathan clarifies the company's monthly burn rate, runway, and team composition.13:00–14:19 · Guest teaching 1/10 The Famous Five Rapid-Fire Questions with Manish Patel Standard amicable Famous Five rapid-fire closing sequence covering Manish's reading habits, sleep schedule, and founder reflections.1:17–4:03 · Guest disagreement 1/10 Demystifying Multimodal AI and Healthcare Applications Manish explains the concept and practical clinical applications of multimodal AI, educating Nathan on how diagnostic models operate across various medical verticals. Nathan pushes Manish to define a specific average subscription price point.4:03–7:58 · Guest disagreement 1/10 From PhD Project to Startup: Manish's Journey to Full-Time Founder Nathan digs into the cap table and venture funding history, rapidly computing the pre-money valuation and dilution percentages. Manish is collaborative and transparent about their equity distribution and UK grant funding.8:02–10:32 · Guest disagreement 2/10 Sponsor Message: Streamlining Data Onboarding with Flatfile Following the sponsor read, Nathan puts high pressure on Manish regarding actual paying customer count, refusing vague approximations until Manish concedes they currently have zero paying customers.10:33–13:00 · Guest disagreement 1/10 Pitch Deck Mastery, Monthly Burn Rate, and Team Structure Manish openly admits to being a reluctant CEO and practicing his pitch over video calls during COVID lockdown. Nathan clarifies the company's monthly burn rate, runway, and team composition.13:00–14:19 · Guest disagreement 1/10 The Famous Five Rapid-Fire Questions with Manish Patel Standard amicable Famous Five rapid-fire closing sequence covering Manish's reading habits, sleep schedule, and founder reflections.1:17–4:03 · Nathan pushing back 3/10 Demystifying Multimodal AI and Healthcare Applications Manish explains the concept and practical clinical applications of multimodal AI, educating Nathan on how diagnostic models operate across various medical verticals. Nathan pushes Manish to define a specific average subscription price point.4:03–7:58 · Nathan pushing back 3/10 From PhD Project to Startup: Manish's Journey to Full-Time Founder Nathan digs into the cap table and venture funding history, rapidly computing the pre-money valuation and dilution percentages. Manish is collaborative and transparent about their equity distribution and UK grant funding.8:02–10:32 · Nathan pushing back 7/10 Sponsor Message: Streamlining Data Onboarding with Flatfile Following the sponsor read, Nathan puts high pressure on Manish regarding actual paying customer count, refusing vague approximations until Manish concedes they currently have zero paying customers.10:33–13:00 · Nathan pushing back 2/10 Pitch Deck Mastery, Monthly Burn Rate, and Team Structure Manish openly admits to being a reluctant CEO and practicing his pitch over video calls during COVID lockdown. Nathan clarifies the company's monthly burn rate, runway, and team composition.13:00–14:19 · Nathan pushing back 1/10 The Famous Five Rapid-Fire Questions with Manish Patel Standard amicable Famous Five rapid-fire closing sequence covering Manish's reading habits, sleep schedule, and founder reflections.

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

0:00 · Nathan 42% · guest 58%0:00 · Nathan 42% · guest 58%3:00 · Nathan 18% · guest 82%3:00 · Nathan 18% · guest 82%6:00 · Nathan 47.7% · guest 52.3%6:00 · Nathan 47.7% · guest 52.3%9:00 · Nathan 27.7% · guest 72.3%9:00 · Nathan 27.7% · guest 72.3%12:00 · Nathan 48.7% · guest 51.3%12:00 · Nathan 48.7% · guest 51.3%15:00 · Nathan 0% · guest 0%15:00 · Nathan 0% · guest 0%
Sharpest disagreement ▶ 10:13 Manish acknowledges pricing was finger in the air

When Nathan challenges the validity of the contract values given the lack of revenue, Manish bluntly and dismissively admits the figure was just a finger in the air.

 Hardest push from Nathan ▶ 9:18 Nathan demands real paying customer metrics

Nathan rejects Manish's vague answer about having a dozen potential payers and demands an exact figure for actual paying customers.

 Biggest teaching moment ▶ 2:16 Manish educates Nathan on clinical multimodal models

Manish explains how Jiva works as a platform tool across multiple specialties like respiratory CT scans and prostate MRIs rather than a single point diagnostic.

 Nathan holds their own ▶ 6:58 Nathan calculates seed valuation math instantly

Nathan demonstrates financial mastery by instantly calculating the pre-money valuation and exact dilution figures from Manish's funding overview.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Demystifying Multimodal AI and Healthcare Applications 4513 Manish explains the concept and practical clinical applications of multimodal AI, educating Nathan on how diagnostic models operate across various medical verticals. Nathan pushes Manish to define a specific average subscription price point.
From PhD Project to Startup: Manish's Journey to Full-Time Founder 6213 Nathan digs into the cap table and venture funding history, rapidly computing the pre-money valuation and dilution percentages. Manish is collaborative and transparent about their equity distribution and UK grant funding.
Sponsor Message: Streamlining Data Onboarding with Flatfile 6327 Following the sponsor read, Nathan puts high pressure on Manish regarding actual paying customer count, refusing vague approximations until Manish concedes they currently have zero paying customers.
Pitch Deck Mastery, Monthly Burn Rate, and Team Structure 4212 Manish openly admits to being a reluctant CEO and practicing his pitch over video calls during COVID lockdown. Nathan clarifies the company's monthly burn rate, runway, and team composition.
The Famous Five Rapid-Fire Questions with Manish Patel 3111 Standard amicable Famous Five rapid-fire closing sequence covering Manish's reading habits, sleep schedule, and founder reflections.

Statements from this episode (9)

Assertion Supported
Patel: Jiva.ai built prostate cancer, liver disease, and bone fracture diagnostics
“We've got a prostate cancer diagnostic We've got our liver disease diagnostic. we've previously created bone fracture diagnostics as well.”
Manish Patel Nov 29, 2021 ▶ 3:12
Assertion Not checkable as stated
Patel: Jiva.ai average subscription price is £3,000 to £4,000 monthly
“More three to 4000 would be a good average.”
Manish Patel Nov 29, 2021 ▶ 4:00
Disclosure
Patel: Jiva.ai won £400k in UK government grant funding
“We incorporated February, 2019, six months later, our funding won around 400,000 pounds in grant funding. So as you know, the UK has a really great funding program from the government which is non-equity raising.”
Manish Patel Nov 29, 2021 ▶ 6:30
Disclosure
Patel: Jiva.ai closed a £1.3M seed round with institutional investors
“Then just recently closed a 1.3 million round with institutional investors.”
Manish Patel Nov 29, 2021 ▶ 6:45
Assertion Not checkable as stated
Patel: Jiva.ai currently has zero paying customers
“So zero right now.”
Manish Patel Nov 29, 2021 ▶ 9:24
Prediction Not checkable as stated
Patel: Jiva.ai will convert three paying customers next month
“Next month, three.”
Manish Patel Nov 29, 2021 ▶ 9:26
Assertion Not checkable as stated
Patel: Jiva.ai's monthly burn rate does not exceed £100k
“It varies because we have some regulatory work that we're doing and that's quite sporadic, but it won't go over a hundred K put it that way.”
Manish Patel Nov 29, 2021 ▶ 11:56
Assertion Not checkable as stated
Patel: Jiva.ai has six full-time and six part-time staff
“So there are six people full-time, six more that are part-time. Some of those are actually consultants and or who actually sit on our board.”
Manish Patel Nov 29, 2021 ▶ 12:18
Opinion
Patel: Hiring experienced staff over junior people turned Jiva.ai's fortunes
“And as an early stage business, I think that was a really important decision to get experience rather than junior people at the beginning. And I think that's what's actually turned the company's fortunes over the last. 18 months over COVID”
Manish Patel Nov 29, 2021 ▶ 12:27
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