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May 7, 2020 · 21m · top-founders

1748 "Wouldn't Be Surprise If We Hit $50M This Year" says 3d Home Modeling CEO

AJ Altman · 13m spoken Nathan Latka · 6m 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 this interview, Hover founder and CEO AJ Altman explains how his startup transforms smartphone photos into precise 3D property models for tens of thousands of contractors, detailing the company's transactional business model, deep R&D focus, and rapid path toward $50 million in annual revenue.

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 32.2% of the talking time here. How this is scored →

Nathan as informed peer 5.5 Guest teaching 3.2 Guest disagreement 2.3 Nathan pushing back 4.3
05100:0010:0020:000:51–4:00 · Nathan as informed peer 4/10 Hover Core Product and Business Model Latka inquires about Hover's product mechanisms and monetization model. Altman explains how deep learning turns smartphone photos into 3D models and charges contractors a flat per-scan fee.4:00–7:52 · Nathan as informed peer 5/10 Transactional Predictability and Market Scale Latka challenges the claim that transactional customers 'never leave,' prompting Altman to detail how replacing manual tape measures creates quasi-SaaS retention habits among exterior contractors.7:53–12:41 · Nathan as informed peer 7/10 Venture Capital Fundraising and Public Filing Discrepancy Latka aggressively presses Altman on regulatory SEC filings indicating $42M raised versus Altman's evasive disclosure of only a $25M Series B. Altman deflects, asserting the $42M total is inaccurate.12:41–15:57 · Nathan as informed peer 6/10 Market Share and Cohort Retention Dynamics Latka explores valuation multiples for transactional revenue and customer segmentation. Altman outlines the dual model of self-serve SMB contractors alongside direct-sales enterprise accounts.15:57–19:34 · Nathan as informed peer 7/10 Onboarding Friction and Customer Drop-Off Points Latka builds a live revenue run-rate model on air to test whether Hover can hit $50M in 2019. Altman acknowledges the viability while playfully calling it a 'Boston Consulting Group exercise.'19:34–21:20 · Nathan as informed peer 4/10 Departmental Allocation and R&D Focus Latka quickly touches on headcount distribution before moving cleanly through the standard rapid-fire questions to close the episode.0:51–4:00 · Guest teaching 3/10 Hover Core Product and Business Model Latka inquires about Hover's product mechanisms and monetization model. Altman explains how deep learning turns smartphone photos into 3D models and charges contractors a flat per-scan fee.4:00–7:52 · Guest teaching 5/10 Transactional Predictability and Market Scale Latka challenges the claim that transactional customers 'never leave,' prompting Altman to detail how replacing manual tape measures creates quasi-SaaS retention habits among exterior contractors.7:53–12:41 · Guest teaching 3/10 Venture Capital Fundraising and Public Filing Discrepancy Latka aggressively presses Altman on regulatory SEC filings indicating $42M raised versus Altman's evasive disclosure of only a $25M Series B. Altman deflects, asserting the $42M total is inaccurate.12:41–15:57 · Guest teaching 3/10 Market Share and Cohort Retention Dynamics Latka explores valuation multiples for transactional revenue and customer segmentation. Altman outlines the dual model of self-serve SMB contractors alongside direct-sales enterprise accounts.15:57–19:34 · Guest teaching 4/10 Onboarding Friction and Customer Drop-Off Points Latka builds a live revenue run-rate model on air to test whether Hover can hit $50M in 2019. Altman acknowledges the viability while playfully calling it a 'Boston Consulting Group exercise.'19:34–21:20 · Guest teaching 1/10 Departmental Allocation and R&D Focus Latka quickly touches on headcount distribution before moving cleanly through the standard rapid-fire questions to close the episode.0:51–4:00 · Guest disagreement 1/10 Hover Core Product and Business Model Latka inquires about Hover's product mechanisms and monetization model. Altman explains how deep learning turns smartphone photos into 3D models and charges contractors a flat per-scan fee.4:00–7:52 · Guest disagreement 2/10 Transactional Predictability and Market Scale Latka challenges the claim that transactional customers 'never leave,' prompting Altman to detail how replacing manual tape measures creates quasi-SaaS retention habits among exterior contractors.7:53–12:41 · Guest disagreement 5/10 Venture Capital Fundraising and Public Filing Discrepancy Latka aggressively presses Altman on regulatory SEC filings indicating $42M raised versus Altman's evasive disclosure of only a $25M Series B. Altman deflects, asserting the $42M total is inaccurate.12:41–15:57 · Guest disagreement 2/10 Market Share and Cohort Retention Dynamics Latka explores valuation multiples for transactional revenue and customer segmentation. Altman outlines the dual model of self-serve SMB contractors alongside direct-sales enterprise accounts.15:57–19:34 · Guest disagreement 3/10 Onboarding Friction and Customer Drop-Off Points Latka builds a live revenue run-rate model on air to test whether Hover can hit $50M in 2019. Altman acknowledges the viability while playfully calling it a 'Boston Consulting Group exercise.'19:34–21:20 · Guest disagreement 1/10 Departmental Allocation and R&D Focus Latka quickly touches on headcount distribution before moving cleanly through the standard rapid-fire questions to close the episode.0:51–4:00 · Nathan pushing back 2/10 Hover Core Product and Business Model Latka inquires about Hover's product mechanisms and monetization model. Altman explains how deep learning turns smartphone photos into 3D models and charges contractors a flat per-scan fee.4:00–7:52 · Nathan pushing back 5/10 Transactional Predictability and Market Scale Latka challenges the claim that transactional customers 'never leave,' prompting Altman to detail how replacing manual tape measures creates quasi-SaaS retention habits among exterior contractors.7:53–12:41 · Nathan pushing back 8/10 Venture Capital Fundraising and Public Filing Discrepancy Latka aggressively presses Altman on regulatory SEC filings indicating $42M raised versus Altman's evasive disclosure of only a $25M Series B. Altman deflects, asserting the $42M total is inaccurate.12:41–15:57 · Nathan pushing back 4/10 Market Share and Cohort Retention Dynamics Latka explores valuation multiples for transactional revenue and customer segmentation. Altman outlines the dual model of self-serve SMB contractors alongside direct-sales enterprise accounts.15:57–19:34 · Nathan pushing back 6/10 Onboarding Friction and Customer Drop-Off Points Latka builds a live revenue run-rate model on air to test whether Hover can hit $50M in 2019. Altman acknowledges the viability while playfully calling it a 'Boston Consulting Group exercise.'19:34–21:20 · Nathan pushing back 1/10 Departmental Allocation and R&D Focus Latka quickly touches on headcount distribution before moving cleanly through the standard rapid-fire questions to close the episode.

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

0:00 · Nathan 37.6% · guest 62.4%0:00 · Nathan 37.6% · guest 62.4%3:00 · Nathan 22.6% · guest 77.4%3:00 · Nathan 22.6% · guest 77.4%6:00 · Nathan 30.7% · guest 69.3%6:00 · Nathan 30.7% · guest 69.3%9:00 · Nathan 15.3% · guest 84.7%9:00 · Nathan 15.3% · guest 84.7%12:00 · Nathan 39.2% · guest 60.8%12:00 · Nathan 39.2% · guest 60.8%15:00 · Nathan 16.2% · guest 83.8%15:00 · Nathan 16.2% · guest 83.8%18:00 · Nathan 50.3% · guest 49.7%18:00 · Nathan 50.3% · guest 49.7%21:00 · Nathan 84.9% · guest 15.1%21:00 · Nathan 84.9% · guest 15.1%
Sharpest disagreement ▶ 8:56 Altman disputes SEC filing interpretation

Altman directly rejects Latka's assertions regarding public SEC fundraising totals, insisting the $42M figure is inaccurate and declining to validate Latka's premise.

 Hardest push from Nathan ▶ 8:33 Latka confronts guest on undisclosed capital

Latka refuses to accept Altman's dismissal of third-party numbers, emphasizing that SEC documents are legally binding government filings and asking whether Hover bypassed disclosure requirements.

 Biggest teaching moment ▶ 4:31 Altman clarifies why contractors never churn

Altman reframes Latka's skepticism about transactional usage by explaining that once contractors switch from tape measures to computer-vision 3D pitches at the kitchen table, their behavior becomes permanently recurring.

 Nathan holds their own ▶ 18:32 Latka back-calculates Hover's revenue run rate

Latka combines Altman's disclosures on contractor counts, monthly scan rates, and unit economics to mathematically prove a $10M-$12M baseline moving toward a $50M target.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Hover Core Product and Business Model 4312 Latka inquires about Hover's product mechanisms and monetization model. Altman explains how deep learning turns smartphone photos into 3D models and charges contractors a flat per-scan fee.
Transactional Predictability and Market Scale 5525 Latka challenges the claim that transactional customers 'never leave,' prompting Altman to detail how replacing manual tape measures creates quasi-SaaS retention habits among exterior contractors.
Venture Capital Fundraising and Public Filing Discrepancy 7358 Latka aggressively presses Altman on regulatory SEC filings indicating $42M raised versus Altman's evasive disclosure of only a $25M Series B. Altman deflects, asserting the $42M total is inaccurate.
Market Share and Cohort Retention Dynamics 6324 Latka explores valuation multiples for transactional revenue and customer segmentation. Altman outlines the dual model of self-serve SMB contractors alongside direct-sales enterprise accounts.
Onboarding Friction and Customer Drop-Off Points 7436 Latka builds a live revenue run-rate model on air to test whether Hover can hit $50M in 2019. Altman acknowledges the viability while playfully calling it a 'Boston Consulting Group exercise.'
Departmental Allocation and R&D Focus 4111 Latka quickly touches on headcount distribution before moving cleanly through the standard rapid-fire questions to close the episode.

Statements from this episode (11)

Assertion Not checkable as stated
Altman: Exterior property services is an untapped $100B to $200B market
“Well, because effectively what it does is it unlocks the hundred to two hundred billion dollar exterior property services business that no one's ever been able to sell online, right? It effectively allows us to create ways to sell products that go on buildings…”
AJ Altman May 7, 2020 ▶ 1:33
Disclosure
Altman: Hover charges a $40 to $50 flat fee per data package
“We get paid transactionally today. We effectively, every time we generate that data set, that data package for our professional customer, someone who's working on a building or selling a service or product to that building, they pay us some flat fee of typical…”
AJ Altman May 7, 2020 ▶ 2:30
Disclosure
Altman: Nearly all paying Hover customers are contractors, not homeowners
“We do have a small number of DIY homeowners that that, that segment is growing rapidly, but the lion's share of our customer base and nearly all of our paying customers are contractors.”
AJ Altman May 7, 2020 ▶ 2:58
Assertion Not checkable as stated
Altman: Contractors almost never churn from Hover after two or three uses
“Nearly anyone who joins our product and starts to generate this data on a, you know, once they've done it two or three times, they are not leaving this product.”
AJ Altman May 7, 2020 ▶ 4:14
Assertion Not checkable as stated
Altman: Hover has grown 4x year-over-year consecutively
“I can tell you we've grown four X Year over year over year, but I, we haven't exposed actual actual numbers there.”
AJ Altman May 7, 2020 ▶ 5:35
Assertion Not checkable as stated
Altman: 20M to 30M exterior project estimates happen annually in North America
“I can tell you how many how many, roughly how many estimates happen across North America every year for these types of projects. It's between 20 and thirty million.”
AJ Altman May 7, 2020 ▶ 5:43
Assertion Not publicly verifiable
Hover's early development was funded by Department of Defense contracts
“It was a number of DOD contracts. Yes, a number of deals we did selling software to help, help the US government in, in, in tough places.”
AJ Altman May 7, 2020 ▶ 7:15
Assertion Partly supported
Hover raised a $25 million Series B led by GV
“We closed our series B last December. You can see that publicly. It's a twenty-five million dollar round led by GV.”
AJ Altman May 7, 2020 ▶ 7:59
Assertion Not checkable as stated
Altman: Hover reached 115 employees after doubling headcount two consecutive years
“Yeah, so the team, we just crossed a 115 employees. We went from 50 to a 110 in the last 12 months. So we're growing rapidly. But yes you know, the number was The number was in the twenties the year before that.”
AJ Altman May 7, 2020 ▶ 9:53
Assertion Not checkable as stated
Altman: Hover works with tens of thousands of US contracting companies
“Hundreds of thousands of contracting companies in the country, and we're dealing with tens of thousands of them today.”
AJ Altman May 7, 2020 ▶ 12:57
Assertion Not checkable as stated
Altman: Hover holds single-digit market share among contractors
“Oh, a single digit percentage.”
AJ Altman May 7, 2020 ▶ 13:22
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