Startup Grind
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Startup Grind

Startup Spotlight: AMPLYFI

AMPLYFI’s mission is to deliver a paradigm shift in global business intelligence and research capabilities through a variety of innovative AI-powered platforms. Recently, Startup Grind got the insider scoop from AMPLYFI’s CEO on how he approaches business goals and building a great team. Check out what he had to share!

— In a single sentence, what does AMPLYFI do?

Operating in the Business Intelligence and market research sector, we specialize in Artificial Intelligence (AI) and machine learning platforms that unlock the entire internet to enable unprecedented business insight, across multiple different industries.

— What sets AMPLYFI apart in the market?

Our technology provides a deeper level of insight and analysis than has previously been available. We are fundamentally changing how businesses operate across the globe, helping them to view data and predict future trends in a way which is not accessible through standard search engines or any other AI which currently exists. Our tools enable clients to not only unlock the entire internet but access open source documents, forecast emerging trends or disruptions, establish correlations and related topics, and then make better decisions driven off unbiased machine-driven analysis.

– How did AMPLYFI come to be? What was the problem you found and the ‘aha’ moment?

Founded in 2015, our co-founders recognised that mainstream search engines represent such a small amount of the information available online, therefore aimed to solve this problem by providing businesses with seamless analysis of the entire web. Whilst mining the internet for business intelligence is nothing new, it is the idea that this could be used to improve organisations’ decision-making and spot potential future disruptions if they could access and analyse online data that would otherwise be unavailable that has made our work so groundbreaking.

— What are people most excited by when they first see AMPLYFI?

The fact that users can rapidly uncover new information and learn more about a certain topic and the multi-layered connections that exist, informing their business decisions with an unprecedented level of data access.

— What milestone are you most proud of so far?

Developing AI-driven technology products that are delivering genuine and impactful value to our global customers on a daily basis.

— Have you pursued funding and if so, what steps did you take?

Yes, we have raised 3 rounds of equity funding to date, the most recent being a $5M round which is to fuel our scaling ambitions. We have been very selective about who we take on as our investors, ensuring they align with our values and also bring relevant experience and expertise as well as capital.

We have needed to provide a detailed business plan at each stage of funding, outlining in detail our aims and objectives in addition to our expenditure plans and financial forecasts. We intend to go for a Series B funding round towards the end of 2020 or early 2021, but much will depend on how the markets respond to the current crisis.

Every founder should ask themselves ‘Am I clear what I need this money for?’.

— What KPIs are you currently tracking?

AMPLYFI runs on a SaaS based model, and therefore much of the metrics we track relate to the uptake and engagement with our product suite. The following metrics will enable us to demonstrate our scaling capabilities:

  • Number of new accounts
  • Number of new users
  • Number of active users
  • Average time spent on each application
  • Customer Acquisition Cost
  • In-Year Revenue
  • Total contract value
  • Average deal value

— How do you manage growth vs sustainability?

We don’t consider these two elements to be mutually exclusive, and aim to build a company that is scaling in a highly sustainable way. All of our technology is developed and deployed on the cloud, and is therefore capable of growing on a massive scale. Indeed with the recent crisis, the entire company was able to move to a fully remote operation whilst maintaining all of our business activities at the same high levels.

— How do you build and develop talent?

At AMPLYFI we have a great record of nurturing new talent. Many of our team members came into the company on an internship and have subsequently been taken on as full time employees. We have an excellent blend of highly experienced and skillful team members and also those who are just starting on their career path.

This mix enables us to support and develop our newer members through well defined coaching and mentoring processes. We also invest in our teams through formal training, and conduct regular training needs analysis to ensure we can keep our staff at the cutting edge of our industry.

— What are the biggest challenges for the team?

Scaling as we rapidly grow, as well as the complexity of working across multiple global regions.

— What’s been the biggest success for the team?

Being awarded The Spectator’s Economic Disruptor of the year in 2018. The award is a special recognition given to the UK businesses which are redefining their industries.

— Have you been or are you part of a corporate startup program or accelerator? If so, which ones and what have been the benefits?

We are part of Tech Nation’s Upscale Cohort 5.0 and the Mayor’s International Business Programme, as well as previously being part of the first NatWest Accelerator Program based in Cardiff. These programmes have helped us to understand how to successfully grow both as a team and into new markets and locations.

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