2024-06-17 20:26 For CFOs

Why We Founded Octopus AI?

Welcome to the future of finance management, where artificial intelligence is paving the way for a more accurate, efficient, and cost-effective approach. In an era where innovation is key and tech-savvy entrepreneurs are continuously seeking out the next big thing, the traditional methods of finance management are rapidly becoming obsolete. Now, there's Octopus AI, the first dialog-based product specifically tailored for early-stage startup companies.

Octopus AI is a product of the digital age, a solution that understands the need for precision, speed, and real-time data. Users can simply input their assumptions, and a budget is instantly created for them to share with their investors. Startups can connect their data sources to obtain precise, real-time metrics essential for tracking. In a challenging fundraising environment where time is money, the need for a product like Octopus AI is increasingly critical.

But why we founded it?

The Problem

After interviewing or working with hundreds of early stage startups, we’ve observed three major problems:

Majority of startup founders lack a financial background.
Even when they understand finance, the metrics and the forecasts often contain errors.
Even when the financial data, predictions and metrics are accurate, they aren't available on a real-time basis.

The process of creating forecasts has traditionally been a manual and time-intensive process. It's a relic of the past that's ripe for disruption.

The Solution

Octopus AI is here to revolutionize this process. A founder can create a forecast in just 5 minutes, even before connecting Quickbooks and banks. Upon connecting data sources, the founder gains immediate access to necessary metrics. This data can be instantly shared with potential investors, making the process of securing funding more streamlined than ever.

Our team's shared experience as three-time founders, AI experts, and finance professionals, including a CPA and CFO, has enabled us to simplify complex financial calculations for non-financial founders.

With Octopus AI, companies can:

Create a three-year forecast for investors in five minutes based on the dialogue.
Prep and share the numbers needed for board meetings in minutes
See cash burn and cash in real-time
Track budget vs actual
Understand their top expenses and drill down them just by asking
Know exactly how much runway is left and run assumptions on it.

So, are you still struggling with budgeting and preparing a KPI report for investors? It's time to say goodbye to those cumbersome spreadsheets and embrace the future. Save your time and get back to doing what you do best - building your startup. Let Octopus AI handle the finances.