Xaigi assists startups design and build AI business ideas
By Team Startupcity | Tuesday, 14 March 2023, 16:22 IST
The majority of entrepreneurs are beginning to incorporate AI into their company ideas. The complexity of AI still remains a key pain point, despite the bright future it holds for the field and its integration into organisations. In 2021, Tarun Tyagi established Xaigi to assist in tackling this widespread problem.
Xaigi is an AI consulting firm that aids start-ups in developing their AI business concepts. It helps entrepreneurs get around the difficulties of AI development and execution by identifying the issues they confront. It assists businesses in defining and designing their AI business idea, creating workable solutions, and scaling their technology through its consulting services.
Tyagi, the company's founder and CEO, stated to Enrackr that "AI is approaching the market as a revolution. It will eventually affect every industry. He chose to combine his experience working on technology platforms with his observation of the business because he saw potential in the kind of change AI can bring about in the marketplace.
The company considers a cash equity business model because consulting services are its sole source of income. As a result, they only charge their clients a fixed amount in cash up front and the remaining amount is considered equity.
By providing such a model, the company aligns its incentives with its client’s success, investing in its work for the longer run. This revenue model is mainly introduced as a cost effective way for startup clients to use the company’s services.
Tyagi went on to say that the company does not require stock from every client as part of its revenue model. This is only given to businesses that they have worked with for a considerable amount of time and who have remained loyal to them. Companies that are acquired through modest fixes are not subject to equity charges. Its services are concentrated in the European, Middle Eastern, and North American markets, and it is now collaborating with three startups to expand its business.
Xaigi’s financial revenue for FY23 was $650K and it hit $350K in FY22. The company has a current run rate of $50K per month. Claiming to see a revenue close of $1 million, Tyagi denies the need to raise funds. “We are bootstrapped and are running profitably right now. Even if we are looking at expansion, we don’t feel the need to raise funds as of now.” Tyagi said.
The Delhi-based business intends to focus on both enterprises and startups as part of its commercial expansion. To expand the business, it also seeks to strengthen its sales personnel. Its expansion objectives include creating and introducing its own products into the Indian market. These goods will be focused on addressing ongoing issues in India's manufacturing and agriculture sectors.
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