Genspark on Funding Update, Business Outlook

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00:00Tell us a little bit about your business right now because we're hearing about these millions

00:03of dollars being raised in funding. Absolutely, Sherry. Excited to be here and thank you.

00:08So yeah, we are a Palo Alto-based technology company. We build AI agents for knowledge

00:12workers. We believe one billion plus knowledge workers around the globe deserve, everybody

00:17deserves more freedom, greater freedom. So we launched our super agent suite back in April

00:22this year and within five months we've broken 50 million dollars of ARR. And with that we've

00:28raised up until this February two rounds of funding, 60 million dollars of seed round

00:33and 100 million dollars of ARR. Now we have raised more money. We're officially announcing

00:39that on November 20th in San Francisco. We're doing a big launch event at the Dogpatch studio

00:44and yeah, super excited. But what I could say today is LG is one of our ambassadors now.

00:52What's the partnership looking like there then? So they put money into our business

00:57business and we are seeing a lot of great demand in Seoul from Korea. I was just at the AI summit

01:04in Seoul yesterday and wow, the enthusiasm of AI adoption here in Seoul is through the roof.

01:10And we have individual users, you know, bankers, analysts, entrepreneurs, you know, consultants.

01:17We are also hearing a lot from household names in corporate world. I wanted to adopt our super

01:23agent suite and make their day-to-day a lot easier. May come to, you know, slides, spreadsheets,

01:29financial models, documents. We wanted to automate everything for you with our agent, AI agents.

01:36So what are the suite of products that you're looking at building out? What would the priorities

01:41be? I guess this would be informed by what enterprise users want to see.

01:46Absolutely. 100%. So when we first launched, our initial version had, you know, a few things,

01:54AI slides, AI spreadsheets, AI documents. So in the past, we human beings, we were the production

02:00engine. We have to craft our work word by word, pixel by pixel. Now with Gensburg super agent,

02:05you don't have to do that anymore. You command your super agent, basically say, hey, research

02:10Nvidia stock and gather me all the sentiment from Wall Street in the past three months, lay it all

02:16out in a five-page slide deck, give me the full investment memo in consideration for buying it for,

02:20you know, buying $10 million worth of stock and, you know, give me the full analysis on a spreadsheet.

02:27All of these things can now be done through our super agent suite. And then we human beings,

02:32we're on the other end of it. We just tell our agent if we, you know, are satisfied with the

02:36results, or we want, you know, the document to be a bit more concise, or we want to see more details

02:41from the financial models. So that's where the world has come to. Yeah.

02:49So all this takes, I guess, a fair bit of investments from firms. What can you tell us about

02:57how that translates into payoffs and when exactly can we see that?

03:01Absolutely. So I wanted to say, when it comes to how we use our investment money,

03:07we are a product and technology company. We're not an AI research company. So we don't put money

03:12into pre-training. Our technology sits on top of 30-plus state-of-the-art models. We work with

03:18OpenAI, Anthropic, Google, and all the open source models. And we built this model orchestration layer

03:24to call on these models to do different things within even the same task. So we, of course, pay for

03:30getting access to their APIs. But then our agent really leverages the greatest model capabilities

03:37to accomplish the real-world, you know, work. Because today, we're seeing so many, let's say,

03:43chatbots in the market, right? A lot of these AI models, you can go back and forth with them.

03:47They don't do real work. They don't accomplish real things for you. They don't create real values

03:51for you. But when it comes to the JetSpark superagent, we focus on getting the work done.

03:56So some of you may know that when we launched the company, our first product was about search.

04:03Then we came to the revelation kind of that, you know, when it comes to information and knowledge,

04:08it's just going to be so accessible. The future of our world is not just going to be about getting

04:13access to information. It's about, if you ask a question, why do we need information at all?

04:18Well, we wanted to get the job done. So the future of the world is going to work in a way that,

04:22you know, AI agents would run around to get the grunt work done for us and elevate all human

04:29beings to work like a Jamie Dimon from JP Morgan. You know, you don't see Jamie typing hard and trying

04:34to get work done. He would make a phone call and the analysts would be running around to get stuff

04:39done. That's how we wanted everybody to feel about it. That's interesting because you're basically

04:43developing your strategy as you go. But this seems to be really buying the confidence of investors.

04:48Tencent is investing in you too? We are announcing that on November 20th.

04:54How much? I can't say that right now, Sherry. Sorry. But yeah, we'll share about, you know,

05:01our big round. How big of an investor are they compared to say the likes of LG?

05:05Uh, I can't even, yeah, probably similar. Yeah. Yeah. I'd say our, our major investors are

05:14some of our investors. So yeah, I would say more on the 20th. Um, but yeah, we, we've raised a good

05:21amount of money for really great investors. Just let us know. But, uh, I just wonder about when it

05:27comes to tech funding, because we're seeing such geopolitical bifurcation out there, does that

05:31matter where you get your capital from? Look, since they want, we're a global company. Uh,

05:37today we have offices in our global headquarters in Palo Alto, California in the USA or Delaware

05:43C Corp. Uh, but we do have offices in Singapore. We just opened up our office in Japan because we're

05:49seeing the demand from around the globe and we're trying to serve, you know, the, uh, customers around

05:55the globe. And when it comes to the corporate side of the world, we initially launched our product

06:00as a, you know, just for individuals, um, solopreneurs, consultants, you name it. But

06:06then coming to July timeframe, a lot of the corporate folks reached out. PE firms in Japan,

06:11investment banks from London, uh, government agencies from, uh, UAE, from Dubai, uh, oil

06:16gas companies from Bogota, Colombia, consumer electronics companies, telecom companies from

06:21Korea. Wow. I mean, the, uh, the world has entered into this token economy.

06:26Does it matter, for example, the difference in the language base from all of these different

06:32customers? Who are your biggest markets and how do you adjust to not just a local differences in

06:37language, but also regulations? It absolutely matters, Sherry. Now, um, we are seeing demand

06:43from all of these markets. And when it comes to how people access our product now, the great thing

06:49about LLMs is that language is no longer a barrier. So we are an AI native company. The moment our product

06:57was born, it serves all languages to all markets. Uh, if you're in Dubai, you're going to see Arabic

07:04words from right to left. That's how our UI is going to look like. Very different. And the great thing is

07:10this technology is scalable across, you know, uh, all industries, all countries around the globe. So yeah.

07:18What about regulations? Oh, yeah, of course. I mean, uh, things are done very differently in

07:23different regions. Um, you know, some of the clients, uh, they may have, you know, needs for

07:29on-prem deployment. Now we're a startup in the making still. So, um, for, you know, uh, deployments

07:38like that, we would work with great partners like NVIDIA, uh, like AWS, Microsoft Azure, uh, GCP, all of

07:45these amazing cloud, uh, partners, uh, to enable deployments like that. But yeah, it is absolutely

07:51different, uh, different. So, uh, since we've entered into, uh, uh, you know, interactions

07:57and collaborations with corporates all over the world, yeah, people care about security

08:01and privacy, right? So we've since contracted with good partners to get through the certification

08:06of SOC 2 Type 2, which is more of the kind of golden standard in North America.

08:11And, you know, uh, in, in Europe, in Asia, people care about ISO 2701, 4201. We've started the

08:18certification process for those as well. And also in, in Europe, GDPR. Yeah, we've, we've started

08:23doing, you know, yeah, yeah, yeah. So all of these things matter 100%.

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