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Jetson

Jetson

Early Stage

Voice-first marketplace provider for voice assistants and smart speakers

Voice-first marketplace provider for voice assistants and smart speakers

Overview

Raised this Round: Raised: $1,070,000

Total Commitments ($USD)

Platform

Microventures

Start Date

07/25/2019

Close Date

09/30/2019

Min. Goal
$25,000
Max. Goal
$1,070,000
Min. Investment

$100

Security Type

Convertible Note

SEC Filing Type

RegCF    Open SEC Filing

Valuation Cap

$8,000,000

Discount

20%

Year Founded

2017

Industry

Business Services, Software, & Applications

Tech Sector

MarketplaceTech

Location

New York, New York

Jetson AI, the provider of smart speakers and voice assistants, is raising funds on MicroVentures. The company has a valuation cap of $8 million and is a voice-first SaaS platform. It uses artificial intelligence to upgrade smart speakers like Amazon Alexa and Google Home for businesses and allows them to process voice ordering. Jetson AI was founded by Peter Peng in 2017 and has already raised $1.3 million in angel investing. The current crowdfunding round has a minimum goal of $25,000 and a maximum goal of $107,000, and the proceeds will be used for the salaries of the personnel, sales & marketing, and general working capital. Jetson AI has signed partnerships with Amazon Pay and delivery.com, has a contract with GolfPay, and has signed a letter of intent with Volara, the hospitality software used by Marriott.
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
Jetson 09/29/2021 StartEngine $20,000,000 $409,208 Convertible Note Funded RegCF
Jetson 11/10/2020 Microventures $20,000,000 $0 Equity - Preferred Not Funded RegA+
Jetson 09/29/2019 Microventures $8,000,000 $1,070,000 Convertible Note Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Summary

The Jetson AI team has been selected as a “Top Deal” by KingsCrowd. This distinction is reserved for deals selected into the top 10% of our due diligence funnel. If you have questions regarding our deal diligence and selection methodology, please reach out to hello@kingscrowd.com.

Next Section: Problem

Problem

Retail ecommerce sales in the U.S. amount to billions of dollars each year, and the market is steadily growing. Specifically, “in 2018, online sales of physical goods amounted to 504.6 billion US dollars and are projected to surpass 735 billion US dollars in 2023.”

In tandem with growth in the ecommerce industry is the increase in smart speakers present in American households.  “U.S. smart speaker owners rose 40% in 2018 to reach 66.4 million with total smart speakers in use rising to 133 million.”  

In short, more and more Americans are relying on smart speakers to make day-to-day tasks more efficient—shopping included.  But this technology is still in its infancy, and shopping via smart speakers is generally restricted to reordering, as most smart speaker technology is not equipped to respond, and respond correctly, to more niche demands.  

A few concerns seem to ground customer hesitance in shopping via smart speaker.  These include fear of ordering the wrong product, ordering duplicates, as well as security threats.

Implementing artificially intelligent technologies that are more readily responsive to a diverse set of voice commands could remedy these fears.

Next Section: Solution

Solution

Jetson AI integrates artificial intelligence into a voice-first SaaS platform through which outside businesses can integrate their ecommerce platforms, allowing for a seamless voice-first shopping experience. The technology is compatible with common smart speakers, including Amazon Alexa and Google Home.

Customers can order products, food for example, through their home smart speaker. As the customer orders, Jetson’s AI technology allows for a flexible dialogue beyond that of a traditional voice assistant. For example, the software can answer questions regarding the products or make recommendations.  

This allows for a more natural conversation flow unrestricted by technological limitations. Additionally, like most machine learning algorithms, Jetson continually self-improves with each use.

Jetson also integrates payment into the software with Jetson Pay, making it a comprehensive solution for voice-enabled shopping. In addition, Jetson Pay aims to unify the payment process and can link payment accounts across devices with a secure dual-authentication system.

Jetson’s target customer base currently includes ecommerce retail companies and restaurants. It operates on a recurring SaaS and licensing fee model. Merchant fees are also charged to vendors at points-of-sale. Add-ons, such as developer API access can be purchased for an additional cost.

Next Section: Other

The Team

CEO, Peter Peng, has previous entrepreneurial experience as founder of Web Elements, where he aided small businesses in web design, graphic design, etc. He also has past experience in hardware and software as Partner and COO of Dyverse, a marketing analytics platform, and as the head of marketing and design at UniKey Technologies.

COO, Fong Wa Mui, has extensive experience in fundraising and investor relations.  She has previously acted as Vice President at Advantage Capital and as Vice President of Private Capital Markets at Barclays.

Next Section: Other

Competition

Orderscape, another voice-enabled software, allows for users to order takeout from one of the 50,000 restaurants in its marketplace. Though well-established, Orderscape appears to not be using AI technology and is adhering strictly to food ordering, rather than general ecommerce.  

Clinc is offering AI integration with enterprises to build conversational virtual assistants that communicate across channels used by clients. The team aims to penetrate the banking, drive-thru, gaming, and healthcare markets, only partially overlapping with Jetson’s customer base.

GoParrot, another AI technology, has established an online ordering platform for restaurant operators. Though GoParrot integrates AI technologies, it operates entirely on an app, absent of a conversational element.

Collectively, no one competitor integrates AI, focuses on conversational technologies, and operates in the identical space as Jetson AI, though there are tangential established competitors.

Next Section: Why We Like it

Why We Like it

 

  • Prime Market Opportunity: The rise in the ecommerce market paired with the increasing number of smart speakers in American homes makes for an ideal time to enter the market.  

 

 

  • Strategic, Notable, Partnerships:  Though still in its infancy, Jetson “has secured a contract with GolfPay to process voice orders for tee-time reservations and has several letters of intent (LOI’s) with companies such as Blue Chip Marketing (on behalf of a large consumer goods company) and Volara (a hospitality software solution used by Marriottii). Jetson has also partnered with Amazon Pay through its Global Partner Program as well as Delivery.com, an online platform for on-demand food delivery from local restaurants.” These partnerships not only aid in credibility, but allow for ease of adoption by enterprises, already familiar with one or more of these partners.

 

 

  • Comprehensive Product Features: By integrating Jetson Pay, Jetson AI guides the customer throughout the entire ordering process, from answering questions, to calculating tax, even asking the user clarifying questions about their commands. The comprehensive nature of the technology remains one of Jetson’s key differentiators.

 

 

  • Broad Use Cases: As previously mentioned, one of Jetson’s initial use cases is voice ordering for food pickup and delivery. Other initial use cases include retail ordering, through which customers can order delivery and pickup, manage out-of-stock inventory, and calculate the shipping and tax expenses associated with their orders. Finally, Jetson hopes to enter the hospitality space with voice-enabled room service and other hospitality features, so guests have a personal concierge throughout their stay. 

 

 

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Jetson AI on Microventures
Platform: Microventures
Security Type: Convertible Note
Valuation: $8,000,000

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