𝐒𝐭𝐚𝐭𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐥𝐨𝐮𝐝 𝟐𝟎𝟐𝟒 serves as both a eulogy for the legacy cloud and a celebration of the current AI Cloud moment. ☁️ In this report, we focus entirely on the 𝐭𝐨𝐩 𝐟𝐢𝐯𝐞 𝐭𝐫𝐞𝐧𝐝𝐬 deemed most relevant to the AI Cloud by our global team of investors and the implications for the thrilling years we predict are headed our way. 𝐖𝐡𝐲? AI is all we can think about. In 2023, our enthusiasm for AI was underscored by our committed $1 billion in funding. A year later, we have total conviction in the promise of AI — we’ve backed multiple new investments in AI startups and the broad adoption of LLM technology in nearly every portfolio company roadmap. It’s rare to find a cloud company these days that isn’t, at some level, an AI company. Dive into this year's report, where we share our deep dive analysis, top predictions, spicy takes, and behind-the-scenes conversations with our investors. ☁️ 📈 🎥 https://lnkd.in/gTS4-kKX
Bessemer Venture Partners
Venture Capital and Private Equity Principals
San Francisco, California 173,520 followers
For the entrepreneurs who want to build revolutions of their own.
About us
Bessemer Venture Partners helps entrepreneurs lay strong foundations to build and forge long-standing companies. With more than 145 IPOs and 300 portfolio companies in the enterprise, consumer and healthcare spaces, Bessemer supports founders and CEOs from their early days through every stage of growth. Bessemer’s global portfolio has included Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr, and Toast and has more than $18 billion of assets under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Hong Kong, Boston, and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s storied history has afforded its partners the opportunity to celebrate and scrutinize its best investment decisions (see Memos) and also learn from its mistakes (see Anti-Portfolio).
- Website
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http://www.bvp.com
External link for Bessemer Venture Partners
- Industry
- Venture Capital and Private Equity Principals
- Company size
- 11-50 employees
- Headquarters
- San Francisco, California
- Type
- Partnership
- Founded
- 1911
- Specialties
- Seed Stage, Early Stage, Growth Stage, Venture Capital, Consumer, Enterprise, Healthcare, and SaaS
Locations
Employees at Bessemer Venture Partners
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Sameer Dholakia
Partner at Bessemer Venture Partners. Investor, Board Member, Former CEO. Passionate about building great companies with great people.
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Jeremy Levine
Partner at Bessemer Venture Partners
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Jeff Epstein
Bessemer Venture Partners
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Robin Joy
Advisor | Board Director | Stanford DCI Fellow | former DocuSign SVP
Updates
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🔮 Preview this weekend's Atlas Newsletter: 🤖 How AI will create 10x developers 🚚 Supply chain workflow automation 🌟 Bessemer news and highlights Read: https://lnkd.in/gxKkZjDZ Subscribe: https://lnkd.in/g7fUBrm7
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Bessemer Venture Partners reposted this
This is a "must listen" for all cloud founders out there! It's a master class + PhD thesis in entrepreneurship, from one of the great Founder/CEOs in all of software (Ara Mahdessian) and one of the great vertical SaaS companies of this generation (ServiceTitan). Great actionable content, wrapped in a very human set of stories and real experiences. I just wish it had gone on 3 more hours to get into more of the stories of this incredible founding team and their journey... honored to be able to see them in action and just carry their bags when needed @ Bessemer Venture Partners !
I think ServiceTitan is one of the generational defining companies of our time. For several years they didn’t want to raise venture capital. Today they are a vertical SaaS monster. This is the insane story and 8 key lessons 👇 1. How a Meeting at SaaStr Led to Multi-Million Investment We spoke with Byron Deeter before but I was hesitant to take institutional capital. A friend told me Byron is the one person I HAVE to partner with & he is the best early stage B2B SaaS investor. I texted Byron immediately after & the partnership began. 2. The Company That Would Not Have Worked if it Had Raised More Money Earlier If we raised $5M on $25M like many in the valley do today, ServiceTitan would not have worked. It is so crucial to be so close to your customer in the early days. Our lack of funding meant we had to do every function as founders. 3. Three Core Tips to Scaling Upmarket 3 Things: - You need a maniac on a mission leading the charge. - There are new customer needs that need to be discovered & solved for really well & quickly. - All business buying decisions are all about ROI. Everything we do on building product is about driving the ROI. 4. Why the Founders Have to Be Product Builders and the Benefits of It Vahe and I are both engineers & we knew how long everything takes to get built. You can calculate which problem & solutions to prioritize quickly. We also hired better since we knew the domain. 5. How to Build a Premium Brand? You can’t be a clothing brand putting shiny logos on cheap materials. Our goal is to make ServiceTitan a no-brainer purchase through unconscionable amounts of ROI. When the ROI makes a life-changing difference to a business, you earn the premium label. 6. Two Reasons Why Customer Success is Crucial Two things: - This business is very personal to me & I will do anything to make sure these businesses are successful. - The financial rewards are insanely high. This is why we get so many inbound leads & our closing rate is so high. 7. If You Wait for Perfect PMF on Your First Product, Your Second Product Will Be Too Late You cannot wait for perfect GTM & implementation before starting your second product. Start building your second product early & invest more as it gains traction. Real PMF is understanding the purchasing process & ROI case, but it doesn’t have to be perfect. 8. What is Great Leadership? It’s about generating great outcomes. These outcomes come from one or two big decisions. Successfully executing them involves hundreds of mini-decisions. (links in comments) #founder #funding #business #investing #vc #venturecapital #entrepreneur #startup #seed #funding #SaaS
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𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧: Vertical AI’s market capitalization will be at least 10x the size of legacy Vertical SaaS. Vertical SaaS proved to be a sleeping giant that transformed industries during the first cloud revolution. Today, the top 20 US publicly traded vertical SaaS companies represent a combined market capitalization of ~$300B. Now, Vertical AI applications are targeting the high-cost, repetitive, language-based tasks that dominate large sectors of the economy. Here are the three new Vertical AI business models to know: ⚙️ 𝐂𝐨𝐩𝐢𝐥𝐨𝐭𝐬 use large language models (LLMs) to automate tasks. ⚙️ 𝐀𝐠𝐞𝐧𝐭𝐬 fully automate workflows on behalf of humans. ⚙️ 𝐀𝐈-𝐞𝐧𝐚𝐛𝐥𝐞𝐝 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 automate traditionally outsourced services, like accounting, billing, and legal writing. Dive into State of the Cloud 2024 to read more about this trend ⤵️ https://lnkd.in/grhwg8C3
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Zero to $1M ARR is among the toughest parts of the startup journey—some founders even argue that the first $1M is a harder milestone to achieve than $10M and beyond. Join us next Monday, July 15th at 10AM PT for a virtual GTM event on this topic: Making your first $1M—Sales strategies and mechanics when driving early-stage SaaS revenue. We're bringing you three SaaS revenue and sales leaders to offer entrepreneurs and early GTM teams strategies and insights on how to get your startup on the right revenue track: Bessemer Operating Partner Tony Rodoni, Anthropic Head of Revenue Kate Jensen, and 4x founder and sales coach Paul Fifield. RSVP today: https://lnkd.in/gEfGpk82
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New The Heart of Healthcare Podcast! Steve Kraus and Halle Tecco, MPH, MBA cover digital health headlines for July 2024: —Digital musculoskeletal treatment outcomes —FDA guidance on diversity in clinical trial enrollment —Economic and legal considerations with GLP-1s —Walgreens' pullback from healthcare and the sustainability of the pharmacy model —Social media and youth mental health Listen: https://lnkd.in/gN29eZem
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🇮🇳 Prediction: AI-first companies from India will lead the productization of services locally and globally. India is well-positioned for growth in AI-enabled B2B service delivery due to: 1️⃣ Its services-heavy economy 2️⃣ Its AI-enthusiastic developer talent pool Read the Rise of SaaS in India 2023: https://lnkd.in/g468RyHm
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𝐏𝐫𝐞𝐝𝐢𝐜𝐭𝐢𝐨𝐧: Voice AI applications will unlock $10B of new software TAM over the next five years. The rise of multimodal models and AI Agents is leading the next wave of innovation in AI, and dramatically expanding AI’s potential applications to far broader use cases than early text-based models achieved. What this means: There’s a greenfield opportunity for AI entrepreneurs to innovate across new modalities, such as voice, image and video, as well as agentic workflows. In the next 12 months, we expect voice AI applications in particular to see breakout growth. In the slide, we show three major waves in voice and communications tech, from interactive voice response (IVR) to automatic speech recognition (ASR) and end-to-end agents. 📈 Dive into State of the Cloud 2024 to read more about this trend ⤵️ https://lnkd.in/grhwg8C3
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✨ New Atlas Newsletter: ☁️ Foundation models & Big Tech 📈 B2B AI product defensibility tactics 💡 Bessemer news and highlights Read: https://lnkd.in/gETPXiwT Subscribe: https://lnkd.in/g7fUBrm7
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Get all five AI trends in State of the Cloud — right in your inbox. Each upcoming Atlas Newsletter issue will unpack a new trend for 2024, plus market research and startup operator advice from Bessemer's investors and network. Subscribe today: https://lnkd.in/giuJ65Sw