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Just six weeks post launch we’ve officially sold our first Braintrust AIR subscription, and have a pipeline valued at over $2M. I’ve been personally pitching a number of high value enterprise customers; from luxury retailers to pool supply stores to healthcare networks and everything in between.
The pitch: Braintrust AIR is the world’s first end-to-end AI Recruiter. It writes the job description, posts it, analyzes every applicant, then actually conducts the first screen for you. You feed it tens of thousands of applicants and AIR returns you the ~10-25 that are almost positively good fits. Fully integrated with your ATS.
We also continue to produce original content and pump Braintrust AIR in PR and on social. Check out (and SHARE!) these user demos and testimonials on YouTube: What people are saying about Braintrust AIR, Tough Questions, Real Time Feedback.
I’ve been busy telling the AIR story publicly as well. Podcasts: Bank on It, Talent & Growth, Transform Work, Around the Coin, and featured in recent articles in Vogue Business, Forbes, The Street, and Employee Benefit News. Again, anything you can do to share these out/ spread the word helps immensely.
Business updates:
Sales: In addition to selling our first AIR subscription, we closed six new enterprise logos in May, and have 14 more in late stages that we expect to close in June/ July – a significant improvement QoQ. These new logos will impact our GCV/GSV in H2 and beyond. That said, our GCV was flat MoM, as we’re still experiencing lingering effects of the enterprise recession on existing accounts.
I also wanted to address a question that came in from an investor about the public dashboard: Why has actual billings (GSV) recently outpaced estimated contract values (GCV)?
These should always be very close to one another, but this is an indicator that talent are billing slightly more than anticipated when the deal is sold. This is great to see (more GSV) and it indicates that our estimated booking value to actual billings are conservative and accurate.
Looking at H2-2024, we should see a good GSV increase, thanks to the new sales reps we added in Q1. Ramp time for new reps is 6-12 months so we should start to see the results from that + AIR in H2-2024 with the larger impact in 2025. We are already seeing a very healthy pipeline of new enterprise logos from the new ramping sales team – forecasting 15+ new enterprise logos in Q2, up 3x from Q1.
Lead Sources: The Connector Program is the number one way we drive customers to Braintrust, with 8 new customers coming into the platform this month from connectors alone. By applying more focus/resources to the program in Q2, we are seeing a 3x increase in new client meetings vs. previous quarters. Given the program’s success, we are applying more focus here with the goal of doubling output again for Q3. A close second for us is partnerships, with adjacent orgs in the HR tech space like Deel, Velocity Global, etc. These partner leads convert at over 20%. In addition to enterprise AIR sales, I am also spending a lot of time on partnerships with adjacent platforms and organizations.
Talent: Another record growth month with over 125k new talent sign ups in May, a 67% increase MoM. Our talent community now tops 980k members.
Product: 100% focused on Braintrust AIR delivery. In the past month we fully automated the screening process, removing human bias and delivering unlimited throughput, not to mention saving the Network over $150K annually.
BTRST Usage: Professional Network users can now buy BTRST using Coinbase Pay to get career help and very soon (still private beta) boost their job applications to clients using BTRST. There are 6-8 more token engagement loops slated for testing in the coming months, all designed to increase demand and utility for BTRST.
A reminder on BTRST unlocks: all BTRST has been unlocked except one block of 2.53M tokens which unlocks 11/15/2024 - that is the final unlock.
Check out the latest Variant Newsletter which includes Braintrust as an example of Web3 Marketplaces with existing Supply + Demand.
Thank you, as always, for your support, and please don’t hesitate to reach out with any questions.
All the best,
Adam
Join Braintrust: https://app.usebraintrust.com/r/adam3/
Braintrust dashboard: https://info.braintrust.com
Podcast: www.adamjacksonshow.xyz