Israeli startup SPIRITT, which enables the development of complex applications by describing the concept to a computer without the need to write code, announces a $ 5.5 million seed fundraiser.
The round was led by the Disruptive AI Foundation, which specializes in artificial intelligence-based startups. Silicon Valley Bank joined the round.
SPIRITT is an artificial intelligence-based platform that allows you to develop complex applications such as Tinder, Instagram, or Wolt. This is done by their literal description only, with the help of a conversation with a chatbot reminiscent of a conversation about the idea with a professional.
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At this point, the SPIRITT platform is developing the app automatically, free of charge or commitment on the part of users, who pay only if they like the result. The payment is a monthly subscription that includes servers, a payment system, mobile and desktop versions, and the option to make unlimited changes to the product. The price of the monthly subscription goes up based on how much you use the app.
SPIRITT was founded in June 2020 by two 24-year-old serial entrepreneurs, Tamir Magen (CEO) and Or Kliger (President and Chief Technology Officer), joined by Lidor Cohen (VP of Research), a former Google software architect. The company employs 9 people in its offices on Rothschild Boulevard.
The investment will be used to meet demand from the growing customer base, expand R&D and marketing teams, and support ventures that are set up under SPIRITT and become large companies themselves.
The idea for the establishment of SPIRITT, and the vision to make the world of start-ups and entrepreneurship accessible to all, began with the entrepreneurs during their work on a previous venture, where they were exposed to the enormous difficulty involved in setting up a technology venture. They decided to use their tech skills to their advantage and set up a platform that works like a “traditional” software house, focusing on entrepreneurs and new businesses.
Nowadays, there is a conflict of interest between the developers and the software houses. The software studio has no choice but to charge quite a bit of money for every little job, simply because the manpower and cost of running its business are expensive.
On the other hand, the entrepreneurs’ needs are reversed, they have to make frequent changes and they do not have the capital required in advance. It was clear to us that the ideal on the part of the developers is to work with a body that allows them to pay for the use of the app in a model adapted to the development of the venture and the number of users they serve. So we decided to develop a solution that will enable this,” says Tamir Magen.
According to Yizhar Shai, a partner in the DisruptiveAI fund, “We believe that SPIRITT can grow rapidly and be a global company serving millions of customers around the world.” Raise money from investors. “
Disruptive AI was founded by Tal Barnuah and Yurai Feinmesser and partners Yizhar Shai, Ilit Geller, and Gadi Tirosh. This is the first Israeli venture capital fund, specializing in artificial intelligence-based start-ups (AI), from its early stages and is home to the Israeli innovation community in artificial intelligence. DAI collaborates with leading Israeli entrepreneurs who bring industry expertise and a strong technological vision of AI to build large and significant companies and influential global brands. The fund is backed by more than 30 of Israel’s most successful and active high-tech entrepreneurs. It also works with global companies that have made artificial intelligence their main focus.