Stuut raises $52.5M Series B and 8x's its customer base in under 10 months with AI-powered revenue collection

Speaker 3: the show. Well said.

Speaker 10: Yeah. Thanks for having me.

Speaker 3: All good to see you.

Speaker 1: We'll talk to you

Speaker 3: Good luck. With the rest of q four.

Speaker 6: Talk soon....

Speaker 1: Goodbye. Let me tell you about the New York Stock Exchange. Wanna change the world? Raise capital at the New York Stock Exchange. Our next guest is is Tarek from Stute, co founder and CEO, here with a massive series b. So the thing about this show is we only care about what? How much money you raise. So tell us about the round and let's start there. And then we can...

Speaker 8: I can't believe I made it on. It's not enough. $52,500,000.

Speaker 1: Great. Woah.

Speaker 3: Woah. I saw the video and I didn't get that information. That's that's the information I wanted.

Speaker 1: If you haven't seen the pitch for the video, the pitch in the video is you talking to someone at a convenience store and you say we raised $52,000,000 series b and the guy is

Speaker 3: like, care.

Speaker 1: Let's and it's a good encapsulation of like, you know, you wanna focus on the actual value that you're bringing. But when when when people peel back the onion, they go a layer deeper. How are you actually pitching the business these days?

Speaker 8: Yeah. So there's two things. One, everybody's video looks like a hostage video. They're sitting in like a turtleneck Yeah. Just like this.

Speaker 1: Yeah. And then

Speaker 8: it's an old school eastbound and now where you got fireworks, people are hitting samurai swords. It's just you don't even understand what they do.

Speaker 3: Yeah. Can we start this over and get some audio? Because it's just too good.

Speaker 1: Yeah. This is the astute launch video. Hey, boss. What's up?

Speaker 11: We just raised $52,500,000 for my company, Stew.

Speaker 3: Big sigh. So good. So good. Big

Speaker 8: shout out to the guys at Day Job, by the way, for putting that together.

Speaker 3: Our dear friends. I needed this. I'm so Yeah, you would call least favorite format for a launch video is like, you know, mashing together a bunch of like inspirational historical scenes and calling it a brand asset. You know, it's just been done like thousands of times now. It's time to move on. There's certain people who will not move on. They're just going to keep hammering it. But this was good and I think it speaks to your entire approach. Why do you still have a .ai domain? Someone sitting on stute? I feel like, oh yeah, they are. Sitting there. Want... I'm not

Speaker 8: gonna get secrets out, but we don't have enough money to buy the .com, so I'm praying praying nobody buys that .com.

Speaker 3: I think you might I think you might be safe. They they they have it listed here for $888,000.

Speaker 8: Also, if somebody buys it, best marketing ever. To just change the company name to be like, yo, how desperate are you to try to compete with us? You gotta buy our domain? That's insane.

Speaker 3: Yeah. Yeah. No. I think I think you're safe. It's a very it's a very unique domain. What what kind of progress have you guys made since the last time you were on?

Speaker 8: Yeah. Appreciate you asking. We we've pretty much eight x ed our customer base in less than ten months. Wow. Do you guys remember Stu? Yeah. Stu, 5% of companies leak revenue by not being able to collect what they sold. Sure. We fixed that problem with the digital coworker. So, you know, you can think companies like Honeywell, ZoomInfo, PerkinElmer, Wells Fargo, Medtronic, like big businesses. We reduce their DSO or overdue invoices by 45... 47%, and we just help match your cash, collect your cash, and handle any type of issues.

Speaker 1: Yeah. What's been the tight funnel? Like, where... How do you actually onboard customers? Is all outbound? Do you have a big Salesforce?

Speaker 8: I mean, nothing beats a cold call. So that's probably 50%.

Speaker 1: Sure.

Speaker 8: The other thing is, you know, I I was listening to the AG one speaker. Right? Like, customer success tools stink, and so we're bringing customer success to Financial Works.

Speaker 1: Sure.

Speaker 8: And so we have to earn a little bit of trust. So a big part of our distribution is partnerships.

Speaker 1: Yep.

Speaker 8: So Fiserv, Microsoft, Ernst and Young, people like that have been really helpful in distributing this out to their customer base.

Speaker 1: Fantastic. Well Very cool. You can get started at astute.ai, correct?

Speaker 3: Yeah,

Speaker 1: yeah, That's stuut. Go check

Speaker 3: that I hate to say it. You gotta just... You gotta do it. You gotta get the domain. Gotta get

Speaker 1: Jordan is a big.com guy.

Speaker 3: I'm a big.com guy and I just think you guys are trying to sell the outcome, not the AI.

Speaker 1: Yeah. That's true.... When we saw the day job, we saw some of the early work Ryan was working on and the team over there was doing. And I loved that they had positioned the whole brand to not be like AI focused because the customer ultimately doesn't care about that. They want the outcome. And so the.com, you deserve the .com.

Speaker 8: I'll give anybody a finder's speed who helps us get the .com, by the way.

Speaker 1: Oh, okay. I think you got a

Speaker 8: buddy Put a out bounty out Yeah.

Speaker 1: Let's put the put the bat signal up

Speaker 3: for your buddy. Great to see you, dude.

Speaker 1: Have a great rest your day....

Speaker 3: All the progress.

Speaker 1: We'll talk to you soon. Goodbye. Let me tell you about MongoDB. What's the only thing faster than the AI market? Your business on MongoDB. Don't just build AI, own the data platform that powers

Speaker 3: We are running Oh, yeah. So behind.

Speaker 1: I think you might have missed

Speaker 3: I might

Speaker 1: have been schedule. I might

Speaker 3: have been a part of

Speaker 1: that. I was texting you like...

Speaker 3: We got four more guests, folks.

Speaker 1: We got a bunch. We got Scott Morton from Revel.

Speaker 3: Scott Morton ready to break his silence.

Speaker 1: Is coming on too. Do we have anybody? We can just let it... Whoever everybody's here. Anybody here. Anybody who's been invited to TBPN, if you're in the Zoom waiting room, just hop in. Put them all in at once. I want people pitching each other. I wanna see, I wanna see Tarek from Stute pitch cat coal his product for AI invoicing. The the the lights red, green, what do we got?