Maluuba: Where are they now?
VeloCity: What has Maluuba been doing since the Venture Fund Finals?
G: We went forward and closed our first round of funding. As a result we have expanded and we’re now on our way to creating our first product. And our product is going to release soon.
V: Did you spend all of the money?
G: Yes we did. For machine learning, the most important aspect of the product is the training data. And that is the core value of the product – the more training data, the more accurate we are with respect to machine learning. So we spent the $25,000 from the VeloCity Venture Fund on training data.
V: What do you consider your biggest achievement since winning the VeloCity Venture Fund?
G: Closing our first round of funding.
V: What have you learned in the past 8 months?
G: Entrepreneurship is quite difficult. There are so many aspects of business that we have to deal with and handle. The difference between working with some friends on some project and running a company of 30 people with employees and managing them is very big. Management is probably my primary takeaway over the past months – how to motivate people and how to push a product through. And having achieving buy-in when every person, even though they’re focussing on the same goal, are on different pages with respect to what we’re thinking about as a company.
V: What do you think you’d be doing if you didn’t win the VeloCity Venture Fund?
G: Our first initial prototype and garnering our first round of funding would have been delayed – we’d have to get training data from somewhere else. And that would be a bit more difficult.
V: What’s next for Maluuba?
G: We’re on our way to becoming a billion dollar company [laughs]. We want to release very soon.
Thanks G! We look forward to Maluuba’s release and are excited for them & their expansion!