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Singhal says pure AI homework solving has not been figured out yet
“This is a human assisted by code. So, yeah. Okay. So, yeah, because to make something which their own, The code answers the question. Will take a lot of time. Nobody has figured out as yet.”
Experienced software engineers in India cost $80,000 to $90,000 annually
“It's 30,000 dollars a year. Yeah. So that's a good engineer salary at a starting point with three to four years of experience. But as you move higher up the ladder, that's seven, eight years of experience, you have to pay about 80 to 90,000 dollars a year.”
Singhal's goal is 24/7 automated teaching without human tutors
“I want to have a system where, which teaches students day in day out, 24 by seven, automatically. It doesn't need a human tutor. That's my main goal.”
Singhal claims US college students make 2B monthly Google searches for homework
“There are about 21 million college students in the United States, and these students, when they get a homework or assignment or a quiz, they make about two billion searches on Google every month.”
TransTutors surpassed $1 million in total revenue in 2015
“In, we did a little more than a million dollars.”
TransTutors targeted approximately $2.5 million in 2016 revenue
“Probably around 2.5 million dollars.”
TransTutors is raising a $500,000 round from 500 Startups
“Still now, self-funded completely, but we are raising a small round from 500 startups and a couple of other investors, so probably a half a million round.”
TransTutors' 500 Startups investment carries a $2.5 million post-money cap
“This is as per the 500 terms, which is 2.5 million post money.”
TransTutors had 3,000 subscribers and $60,000 MRR in February 2016
“In February of 2016, as I said, we did about 60 grand a month, and this includes about, ah, 3000 paid customers, that's it, 3000 paid customers, because it's a subscription, so people come and go, it's a rolling model.”
TransTutors subscribers average four to six months before canceling
“Typically a user gives us about four to six months, which is ideally a semester and then they cancel. And then they, ah, come back in next semester. So because it has been only a year and a half, so we haven't tracked a lot of it, but yeah. Typically they stay…”