Kannan: Top-tier VC backing provides an essential talent-recruiting edge
PV Kannan · Latka IPO Watch: 24.7 About to File? A look back · Mar 24, 2022 · at 5:32
PV Kannan, co-founder and CEO of [24]7.ai, explains why [24]7.ai raised VC funding from Sequoia despite already being profitable.
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“We were actually profitable when we raised the money. What I think in Silicon Valley especially is whether you like it or not the type of venture firm you partner with kind of sets up your brand, right? So with a thousand companies, startups around, and like you said, now it's even more, you know, frustrating because there were a thousand companies who are all funded, you know, a 100,000,200 1,000,300 million. So when you're competing, it cannot be that you're only competing with you know, salaries and benefits as the only thing. It has to be great, interesting work, and that you belong to, you know you know, a venture community where, you know, you're treated special. So it's picked by it's like having the right producer for a movie, right? So, you know, we viewed that as you know, edge in talent.”
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More from PV Kannan
Kannan: Security breach erased sales pipeline, stalling $400M revenue target
“We missed it because we had a, you know, security breach. So, you know, we have, we had to like pause and you know, our sales pipeline essentially vanished. So it took about a year to recover.”
Kannan: Security breach cost [24]7.ai its $400M revenue target
“We missed it because we had a, you know, security breach. So, you know, we have to like pause and our sales pipeline essentially vanished. So it took about a year to recover.”
Kannan: [24]7.ai plans to pursue an IPO over a PE buyout
“I think, you know, an IPO is more kind of like what the team wants to do and what I would like to do. We've built the company for the long run. So it's not about, you know, get into some stage and get out.”
Kannan: [24]7.ai generates roughly $300M in annual revenue
“And the company is roughly about three hundred million in revenues.”