Mintlify raises $45M Series B as AI agents now account for 70% of its developer docs traffic

what a $10 million company, $20 million company yesterday, and now it is over a hundred million dollar company. That is a massive gain. Uh so we'll see where Allirds goes. They have a lot to prove, but we're rooting for them. Uh and we're also rooting for Minty. Let's bring in Han from Mintify. How are you doing? Welcome to the show.

I'm doing really, really well. Hey, thanks so much guys for having me on today.

Thanks so much for coming on.

Love the energy. Are you fired up? You seem fired up.

Oh, all birds uh proved to the rest of us that you can just do things. Yes.

And uh that's the energy that we aspire for.

Indeed. Yeah. It was a it was a wild story. But we're not here to talk about Alberts anymore. Tell us about you. Uh give us your backstory and then tell us about the company and then we'll get into the news.

Yeah. Yeah. Absolutely. Uh so my name is Fawn. Uh one of the co-founders of Militifi. We founded the company uh in 2022. uh really off of the simple idea that we wanted to

thank you uh to help enable other builders.

Sure.

Right. I've been a programmer since I was 11 years old and it's just basically been defining elements of my

success.

There you go. Um

I'm so curious by all the I know I love it. um and uh basically wanted to build a company enabling other developers because it was you know who I was and who I fundamentally am

and now cut forward a few years now powers you know the docs for companies like anthropic Microsoft Coinbase uh Open Claw Perplexity and now well over 20,000 others

uh you know that now reaches over a 100 million people uh every single year which is uh you know something that we're you know incredibly proud of and you know uh of the impact that we have.

Yeah. So I mean fundamentally developer docs are text on an HTML website essentially but uh what's usually unique is the the harness and the environment that that you know migrates any changes to the code or API endpoints onto those docs. What was the first approach to actually deliver something uh unique or more uh enterprise ready than say some of just like the open-source like reverse engineering the URLs and just statically serving it which is what I think most people would be familiar with. Uh what was what was like the V1 like okay we have product market fit this is better than the status quo and then we'll go into the AI era.

Absolutely. Uh initially when we started it was off a very simple idea that anything on the market wasn't fundamentally uh built for developers

right which is so ironic because it's the developers who are often maintaining the content. It was developers who are often reading the content and everything that was out there was just kind of like static site builders that were, you know, often adhering to like a different audience. It felt like

and having personally, you know, suffered from so many bad docs out there, I was like, "Hey, look, like if we're going to go build one, let's go build the one that we always wish we had."

And let's make that great.

Yeah. And it turns out those opinions uh that we kind of made into building this platform really resonated with a lot of the industry

right it started initially with you know like a few of our YC batchmates then grew to about a quarter of the entire YC batches

and then it grew eventually now to serving with some of the largest companies uh you know including Microsoft uh and others.

So how do you think about integrating AI? I imagine that there's there's more docs than ever that need to be written. Those docs need to be read by AI. But then also whenever a new endpoint is created, even if it's created very quickly, it needs to be documented equally as quickly. Uh how have you uh integrated AI into the product?

Yeah, uh many different ways, but I think it's really important to first take a step back and understand the changing role of all of this.

Right. And when we started the company in 22, it was a very simple idea. Hey, like docs are almost like, you know, you can think of them almost like, you know, an instruction manual.

Yeah.

Right. Like, you know, when you assemble like, let's say, you know, Lego bricks and like, you know, Lego kit, uh, you know, you have to read the assembly manual in order to figure out how these things work. It's written by people.

You don't have to.

You can do the oldfashioned way.

There you go. Uh,

but I get your point.

Yeah. But now it's really important to understand that 50% of the viewers for the content is actually not humans anymore. It's actually AI.

So we basically took a look uh across all of our data uh you know a few months back and we're like look you know we felt the change in AI agents being the end users. What did that actually look like?

So we went through proxied our viewers identified what are agents and what are humans? And out of curiosity, um, uh, John Jord, I'm curious if you guys had a guess, like what percentage of traffic do you think now comes from agents versus humans?

Didn't you just say 50%.

Oh, I just said 50%.

I was think trick question.

I was like, trick question. It's actually 500%.

50/50 is an interesting place to be because I feel like it'll like it was probably 0% a couple years ago and it'll probably be 99.999% very quickly. Yeah, I would have I would have

50% is the weirdass higher if you hadn't said.

Yeah, totally.

Yeah, literally it went from 15% about 12 months ago

to about 50%.

Wow.

Uh a few months ago, and I would say now it's like closer to 60 70%.

Sure.

Uh and so we have a very strong opinion that by the end of the year, to your point, it's going to start to look like 90 plus%.

Yeah. Yeah. And if for no if for no other reason than a a developer will just be using a chat app to interface and ask the questions that they want and have the chat app go to the particular website pull everything in contextualize it at their level based on their memories based on those particular questions they asked instead of opening up 12 tabs and scrolling through a bunch of different endpoints.

Exactly. Exactly it. Um, and also if you think about even like what the like the developer work like cycle is nowadays, right? It's like I'm getting here to ask cloud code to go, you know, v code my product, v code my app.

And if for instance, I'm like, hey, let's go and use, you know, let's figure out how to implement stripe or a new feature.

Sure.

Uh or an integration, it's going to the first thing it needs to do is actually crawl through the content to figure out how it's done.

Yeah.

Right. And so to kind of tie it back into the, you know, Lego kit assembly manual, well, if you task any to go do it, the first thing it's going to need to do is to read that instruction manual.

Yeah.

And so we view the change of content out there not so much like a platform or like a website like it used to be,

but like a crucial part of infrastructure for agents to understand how to implement, how to understand the world, and how to even maybe even surface like uh you know uh whether or not should use your product. Yeah.

Because of what it knows. Uh h how do you think about that? I mean you have some huge customers like the biggest companies in the world at the same time like random like people that don't even have a business are like vibe coding software and do they need to be releasing developer documentation? Will they be your customers in the future? Like is the long tail going to get longer or fatter or or or do you think this is is you're going to stay focused on enterprise consolidation like the really really high traffic the important endpoints that get pulled off the shelf from agents consistently.

Yeah, that's a really good question. What we're seeing is a bit of both. Mhm.

So, while it's more important to optimize for like the heavy hitters because those products are getting more usage than ever before

and to make sure that they're really well optimized for agents, it is also equally important for like your next twoerson uh you know YC startup or your billion dollar oneperson company to make sure their product is also out there

because in the age of AI where agents are making the decision

how well it understands how your product works right, is what informs of it of like whether or not should use your product at all.

And so discoverability,

right, making sure that your content is out there uh available um is just more important than ever, especially in the age of where software is, you know, starting to get commoditized as well.

Yeah. Tell us about the round. What happened?

Yes. Uh we raised uh series B.

How much?

How much? Uh, $45 million and a $500 million valuation.

Congratulations.

Fantastic.

I'm honored. I'm honored. I got the gong.

Of course. Of course.

Of course. Uh, la last question for me. Uh, how how did you answer the SAS apocalypse question? Obviously, you guys are using a bunch of AI. You're building agents,

but I feel like that must have come up during the round, and I'm sure you had a good answer because you put it together.

Yeah, of course. Um, so what we fundamentally view is that the SAS apocalypse is fundamentally more of an enabler for us than anything else.

As more products gets built because software is actually, you know, the cost of barriers is is cheaper these days, things like discoverability, how well you expose your content out there is just far more important than ever, right? And this influx of companies being created, companies being out there and making sure that they expose their information out to the world and agents, uh, has kind of what we've seen in our data, this massive tailwind of adoption for our product. And now if we're here saying that like you know most of the viewers of your product or how to use your product or agents um you know like having every company enable that

uh is uh you know what we've seen as kind of just this big tailwind and explosion of of of use across the board and especially since MITFI as a company have taken this developer first approach into building docs it actually was really beneficial for agents in actually spinning these things up faster than ever before as well.

Yeah.

Yeah.

So more more companies pulling it off the shelf and not uh and and not

Yeah. There's more software companies and then also

an agent can just use Mintify to build

docs. Very cool.

And I think the really important thing to note is like even from the ground level uh we've only seen the adoption of our product go up

significantly in the age of agents. Interesting. And I think as more companies uh you know have more competing priorities and just more things to do in the SAS apocalypse, I actually think the build argument is actually stronger than ever before to preserve focus what really matters.

Yeah.

Um

yeah. Yeah, that makes sense.

Your uh I got to say your customer page is absolutely stacked. Got Coinbase, AT&T, Cognition, Browserbased, Anthropic, Fidelity, Koshi, Decagon,

Lovable.

Yeah, it's everybody.

PayPal, Perplexity.

Yeah. And this is a good definition of like, you know, you're an if you're accelerating revenue now in the revolution. Yeah.

X.

Wow. Amazing.

You're going to run out of companies soon. That's the bare case. You're going to run out of customers.

Yeah. I like the design language there where the logos we'll have to pull it up, but the the the logos have uh like these generated images behind them that have this like very cohesive style, but they all have slightly different flavors to each uh each logo. I I really like the design. I thought it stuck out.

Awesome. Well, great to meet you, Han. Chat loves you, too. Thanks for putting up uh with our sound effects.

All right. Thanks so much, guys.

We'll talk to you later.

See you soon.

Have a good day.

All right. We got to close with the farm people who are doing skitso edits now.

It's in the timeline. 4,000 people liked it.

Uh,

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Enough of that. Enough of that.

Uh, but TVPN is going to wrap for today. Yes.

But our friend Marsh Yes.

has Jensen on his show.

Yes.

And I'm going to listen to that.

Yeah.

On my way home.

Go over there and listen to that. Uh, thank you for tuning in. We will see you tomorrow at 11 a.m. sharp.

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