The Ledger
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TrueFace refuses to sell its technology in China or Russia
“You know, we have our internal protocols there, and everyone knows that we don't do work in China internally, so we just blanket say no to it. Russia's the same way. We won't do work in Russia. And so, you know, we've got our policy about using this, using com…”
Fortune 500s lack engineering talent to deploy computer vision
“One of the interesting things to note about computer vision right now is it's still very early on in the industry's adoption, and so a lot of these Fortune 500 companies or governments that we work with don't have the capacity or engineering talent To take thi…”
Moore: Pure SaaS fails for computer vision due to on-premise privacy requirements
“A lot of the times we're deploying this technology on local infrastructure to our clients to ensure data and privacy, you know, that is upheld by our clients. And so the SAS model just doesn't always work for them. They would prefer to buy an annual license or…”
Selling enterprise computer vision is hard without established budgets
“I think that the hardest part about the enterprise sales cycle, especially with computer vision is it's a new purchase. It's a new line item and it's either going to marketing, it's going to security.”
TrueFace won a second contract with the US Air Force
“They are. Yes. So gotten our second contract with them. Everything's, is going well. So we're very excited about working with the DoD.”
TrueFace reached a 70% recurring revenue split in 2019
“When you had asked me this six months ago, it was probably 80% one time. That's now flipped. It's probably about 70% recurring now.”
TrueFace scaled revenue from $200k to over $1M in 2019
“This year we've booked just over seven figures, and so going from about 200,000 dollars in revenue last year to over seven figures this year, you know, we're starting to understand that, that cycle a bit better.”
Moore: TrueFace has raised just over $5 million since inception
“The total amount raised to date from inception is just over five million. But the seed round is 3.7.”
TrueFace burns slightly over $150,000 per month
“Yeah, it's about that though. On average, just a little bit higher than that.”