Opinion
Viktoroff: Many document automation competitors sell software that doesn't work
“We've got a lot of competitors in our space. They're selling a lot of stuff that doesn't work.”
Opinion
Most founders leave their companies by the Series B stage
“I think most founders at this stage aren't at the company anymore is my honest answer, right?”
Insight
Letting poor-fit customers churn beats wasting resources to save them
“That customer, you know, if we, you know, bend over backwards, we'd probably save them. It's not worth it. We've got better stuff to do, right? Like we would much rather let them go than the way we think about it and why we really focus on net revenues. Look, …”
Assertion Not checkable as stated
Indico grew bookings 10x and quadrupled its ARR in 2020
“Yeah, exactly. And, you know, like a lot of really, really awesome metrics, you know, we grew bookings by 10 X, you know, we quadrupled our ARR, right.”
Insight
First-time founders should expect 30% dilution per funding round
“My fundamental view is that as a first time founder you're going to get diluted as you go through the rounds, right? You should expect to get diluted, you know, call it 30%, you know, with each round”
Insight
Victoroff: Legacy contracts legally mandate on-premises data retention for enterprises
“What we found is, is almost a bigger requirement for a lot of these people is that they've got old contracts back before sort of cloud infrastructure was a big thing that required them to keep all of their data on premises. So they actually have legal obligati…”
Assertion Not checkable as stated
Victoroff: Indico builds custom classification models from 10 to 20 examples
“The really cool thing about transfer learning is that we can actually, you know, if a user gives us 10 or 20 Any examples, then we've got a totally performing classification algorithm that's personalized to them. That doesn't, you know, kill the servers becaus…”
Insight
AI algorithms naturally create echo chambers without intentional context design
“Unless you very intentionally Build a product and a system that avoids that and is geared towards presenting the widest possible context then an echo chamber is going to be the end result.”
Assertion Partly supported
MetLife saved over 11,000 hours in four weeks using Indico
“MetLife. And they did a case study publicly with us pretty recently. And they actually managed to use Indico to save over 11,000 hours of effort in in You know, end to end, it was about four weeks of time a couple of folks to save 11,000 hours.”
Assertion Not checkable as stated
Indico processes 50M mortgage documents across 3,000 US counties
“And we actually have another customer that we are processing over fifty million mortgage titles and deed documents for all 3000 counties across the United States.”
Assertion Not checkable as stated
Indico's largest customer processes one billion items annually
“What I will say is our largest customer in terms of raw volume, right, is processing a billion items a year with us.”
Assertion Not checkable as stated
Viktoroff: Indico ACV is above $120,000
“Exactly. It's actually, it's creeping a bit north of that even, you know, it's above one 20, but yeah, exactly.”
Prediction Not checkable as stated
Viktoroff: Indico aims for $10M ARR by mid-to-late 2022
“So, and then, so our goal really, you know, a series C company, we want to be around ten million in ARR, right? To really get that metric. Right. And our timing on that is, you know, 18 to 24 months, you know, after that, that last December. Right. And, you kn…”
Assertion Not checkable as stated
Indico founders drove all enterprise sales until early 2021
“Until, you know, three months ago, we did not have a sales team, right? It was me and Tom, and we drove all of that, right?”
Disclosure
Viktoroff: Indico targets 125% 12-month net revenue retention
“What I will say is, like, our, you know, high-performing target there, right, and what we've got, you know, good historic evidence that we can hit is sort of this a 125%, like, net on a 12 months”
Disclosure
Indico generates mid-to-upper six figures in annual revenue
“So I won't share the exact number, but I will say we're sort of in this mid progressing into upper six figures revenue.”
Prediction Not checkable as stated
Indico aims to reach $1M in annual recurring revenue in 2017
“So we're hoping to hit a sort of a million dollar recurring revenue in 2017.”
Disclosure
Indico serves 20 customers, including three major financial institutions
“So we're working with about 20 customers overall, but I would say that, you know, sort of the more important metric for us is how many really big financial services companies we're working with. And that's about three.”
Assertion Not checkable as stated
Indico spends zero dollars per month on marketing
“Zero.”
Disclosure
Indico raised $3M seed and $1.2M bridge round for financial vertical
“So we sort of did this big seed round when we first started about three million dollars. And then more recently we raised for this bridge capital about 1.2 to really help us attack this financial services vertical.”
