Artificial intelligence in venture investments
"Let's talk a little about venture investment trends. I'll tell you about our portfolio company Prisma. In 2016, they processed photos in the style of famous authors like Van Gogh, Dali, Picasso. The app worked like this: you took a photo, the photo was sent to the cloud, where it was processed on serious machines and sent back to the user device. It was expensive, but it was free for users, and the main part of the expenses was on the investors, that is, on us. This processing became a trend, and the company took off. Then they became the app of the year and raised more than $100,000,000. However, after that, everyone forgot about the company, and at that time it earned nothing. We hoped someone would buy it, but they didn't for a number of reasons, and we, as investors, spent a lot of money in vain on maintaining the server.
In 2018, we made another attempt to launch the Lensa app, whose feature was the generation of digital avatars. In November last year, they almost ran out of money, but in December alone, the company earned $70,000,000. The difference is that the app became paid: users paid only $5, but the company was able to earn."