|1||30+ beta customers including 3 fortune 500 companies.|
|2||Co-founders worked at startups with exits to Oracle, Cisco, TransUnion.|
|3||Integrated with (Google Calendar, Google Hangouts and Zoom)|
|4||We have 55M meetings daily — but note-taking remains manual, inefficient.|
|5||Infrastructure Support by Google Cloud|
I'm been in meetings for 30 years, my career has been in High Tech & Cyber Security in Silicon Valley for 25 years. Analytics is the power of today's world. Combining this platform, with the fast pace of business today could not be more relevant! It also provides accountability and transparency to meeting discussions and action items. I just love it. This will be a game changer and winner.
In fact, we have 55M meetings daily— each 45min long on average. Collectively, this represents 15% of an organization's time. The problem is that meeting notes are usually taken manually. As a result, they are distracting, inconsistent, and often incomplete.
There was no smart personal assistant that removed the tedious task of capturing and summarizing meeting notes, while capturing action items to share with the team.
Albi uses natural language processing and artificial intelligence to automate excellent meeting minutes. This both improves the fidelity of documentation and frees up meeting attendees to actively participate in the meeting.Albi never misses an important moment, allowing you and your team to focus, create, and deliver. Capture every idea.
The enterprise software market has experienced high levels of growth in recent years, with market revenues more than doubling in the decade between 2009 and 2019. Recent forecasts expect market revenues to reach $556 billion by 2021.
We've had over 30 beta customers including Nike, TransUnion, Verizon, Chase by J.P. Morgan, and many more (as follows). Currently, we're focusing on product managers and scrum masters to adopt Albi to their teams.
Sync Albi with your calendar. Albi then listens in, captures your meeting notes, and identifies key decisions and action items to be shared with the team via many integrations — email, Slack, Asana, Jira, and more. Edit notes together. Albi gets smarter with each edit.
Note: these milestones contain forward looking events, which cannot be guaranteed.
We want to help each person become their best self. Albi is also a personal coach to help us become better communicators and team players. This industry is huge too — it is estimated that the business coaching industry revenue increased to $15 billion in 2019 at an annualized rate of 5.6%.
Let's rethink the way we approach meetings and help every team to focus on collaboration and performance — all while driving towards actionable outcomes. Together, we can drive innovation and change forward more effectively.
ALBI has financial statements ending December 31 2019. Our cash in hand is $30,653, as of April 2020. Over the three months prior, revenues averaged $1,100/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $7,000/month.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Albi is a smart personal assistant — freeing your teams to be creative and engaged in meetings by removing the tedious task of capturing and summarizing meeting notes. Using advanced natural language processing and artificial intelligence, Albi never misses an important moment, allowing you and your team to focus, create, and deliver.
We want every person at every company to have their oven version of Albi. We see Albi joining millions of meetings a day and helping people discover insights about themselves that make them a better co-worker. We want the name Albi to be synonymous with productivity software like Zoom, Slack and Microsoft Teams.
Speak Technologies Inc. was incorporated in the State of Oregon in July 2018.
Since then, we have:
Historical Results of Operations
Our company was organized in July 2018 and has limited operations upon which prospective investors may base an evaluation of its performance.
Related Party Transaction
Refer to Question 26 of this Form C for disclosure of all related party transactions.
Liquidity & Capital Resources
To date, we have been financed with $150,000 of contributed capital from the founders.
After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 18 months before we need to raise further capital.
We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don’t have any other sources of capital in the immediate future.
We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 12 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.
Runway & Short/Mid Term Expenses
Speak Technologies Inc. cash in hand is $30,653, as of April 2020. Over the last three months, revenues have averaged $1,100/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $7,000/month, for an average burn rate of $5,900 per month. Our intent is to be profitable in 3 months.
We've been signing up customers and are beginning to get revenue. We have a customer pipeline of over 30+ accounts where 1 enterprise deal with any could move us to revenue positive.
Beyond additional customer revenue, we have additional interested angel investors who plan to participate. We expect expenses will increase as we expand engineering and sales. Six months following the raise, we expect (although cannot guarantee) to have 20k-25k of monthly revenues, and for expenses to stay within 15-20% of revenue until we've proven our CAC.
The Market May Reject the Concept. The success of the Company depends in large part on the market reacting positively to the Company’s products. The market may reject the concept of
The Company may be unsuccessful in protecting its intellectual property rights. The Company’s ability to compete effectively against other companies in its industry may depend, in part, on its ability to protect its current and future business brand under copyright, trademark, patent and other intellectual property laws. The Company will likely seek to patent its intellectual property, but the Company cannot guarantee that its means of protecting its intellectual property rights in the U.S. or abroad will be adequate, or that others will not develop branding and business models similar or superior to its intellectual property.
Competition. There is widespread competition in productivity software. Such competition may result in the Company being unable to acquire qualified personnel on acceptable terms. Increased competition could likely result in reduced gross margins and inability to gain significant market share, either of which could seriously harm the Company’s results of operations and financial condition. If the Company is unable to compete effectively,the Company may not be able to generate meaningful revenue or continue its operations.
In order to compete, the Company must attract, retain and motivate key employees, and its failure to do so could have an adverse effect on its results of operations. In order to compete, the Company must attract, retain and motivate key employees, including those in managerial, operations, service, sales, marketing, and support positions. As the Company grows, hiring and retaining qualified employees in all areas of the Company will be critical to its business. The Company’s current team may terminate their involvement without notice and without cause or good reason.
Managing Future Growth and Expansion. The Company anticipates undergoing growth in the number of its employees and the scope of its operations. Such expansion could place a strain on the Company’s management and operational and financial resources. To manage the expected growth of the operations and personnel, the Company will need to: 1. Continue to upgrade its technology, business processes and controls; 2. Continue to develop new and unique ideas; 3. Expand, train, and manage a growing employee base; and 4. Expand its finance, administrative and operations staff.
The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company’s assets or profits and have no voting rights or ability to direct the Company or its actions.
Difficulties in effectively managing the budgeting, forecasting and other process control issues presented by such a rapid expansion could have a material adverse effect on the Company’s business, results of operations and financial condition by leading to increased costs, reduced margins and lower revenue. If the Company is unable to undertake new business due to a shortage of staff or technology resources, its growth may be impeded. Therefore, there may be times when the Company’s opportunities for revenue growth may be limited by the capacity of its internal resources rather than by the absence of market demand.
Limited Operating History. Speak Technologies Inc (“the Company”) has not yet commenced sales of products and its scope of operations has been limited, and includes the formation of the Company, some product and business model development, some work to develop appropriate contracts to use with certain contracting partners, and other preparations for the commencement of business. Because of the lack of long-term operating history, there is little operating and financial data about the business upon which to base an evaluation of its current or future performance. It would be prudent to consider the risks, expenses, and difficulties faced by a company seeking to establish a new business. The Company may not be able to: 1. Develop a viable product to bring to market; 2. Attract and retain a critical mass of customers; 3. Attract and retain sales and other qualified personnel; or 4.Raise additional capital if and when needed. If the Company cannot achieve these goals it may be unable to develop or sustain the business.
Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
In March 2020, COVID-19 was declared a worldwide health pandemic and has hd a significant impact on the national and global economy. The ultimate impact of COVID-19 on the Company's financial statements is unknown at this time.
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