Read the pitch deck startup Regie.ai used to raise a $4.8 million seed round for its AI tool to help salespeople close more deals
This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
- Sales automation startup Regie.ai launched for public use on Tuesday.
- It raised $4.8 million from a mix of venture capitalists and angel investors while in stealth mode.
- Cofounders Srinath Sridhar and Matt Millen share the pitch deck it used to land the funds.
Coming out of stealth mode is a big deal for startups. It’s when the firm finally releases a new product for public use, after months or even years of hard work behind the scenes.
So, when Regie.ai, an artificial intelligence-based software that automates sales processes, emerged from stealth mode on Tuesday, it also announced $4.8 million in seed funding. Foundation Capital, South Park Commons, Day One Ventures, and a group of angel investors participated in the round.
And it was able to land investors it had chemistry with by showcasing leadership’s combined experience in sales and development, cofounders Srinath Sridhar and Matt Millen told Insider.
“If you’re convinced that there is something here that shows, that confidence makes other people want to jump on board,” Sridhar said. “If you don’t have that confidence in yourself then I think it’s very often a huge uphill battle.”
Sridhar and Millen founded the startup in 2020. Their partnership started when they came together over similar ideas. They found a way to combine Sridhar’s technical and engineering experience with Millen’s background in sales as CEO of automated sales forecasting tool Outreach.io, according to the cofounders. Regie.ai declined to share its valuation, but said that telecommunications firms like AT&T and Charter Spectrum use the AI copywriting platform.
“We joined not just companies, but talents,” Millen said.
That combination of sales and technology knowledge helped the cofounders hone their approach with investors, they told Insider. It was a balance between staying focused on the product and conveying a broad sense of growth, Sridhar said.
It’s also helped that AI software is hot with investors. There has been a proliferation of AI copywriting software companies like Lavender.ai, Writesonic, and Copy.ai which all offer similar services. Copy.ai, for example, raised an $11 million Series A round in 2021 with backing from big VC firms like Sequoia Capital.
Eventually, Regie.ai plans to expand its service for consumers. The next iteration will use its software to craft copy for services like LinkedIn messages and recruiter outreach messages, Sridhar said.
With its latest funding, the firm plans to hire more members of its executive suite and invest in product development by hiring more engineers, according to the cofounders.
“I don’t believe in building something that somebody else is building and just being off to the races in one way or another,” Sridhar said. “We would love to continue to build to make sure there’s distance between ourselves and anybody.”