Product

ChatGPT has amassed over 100 million users - probably the best display of product-led growth ever. However, there is room for significant improvement in the user interface and a player who can bundle the vast number of new models into a beautiful experience.

There is a real fear of value not accruing to the mainstream user due to a high barrier to adoption. Whilst the experience of typing into a chat interface is pragmatic, we need to think of new user experience designs better suited to LLM use cases.

Just to give an example of a cool consumer use case, you could have the app integrate with your calendar/maps/messages and be the solution to all your scheduling needs.

Nack is the AI super app for the everyday user, a one-stop shop for the latest use cases.

Bundle - Access all the new AI models and use cases in one place

Privacy - Enhanced privacy for consumer use cases, which is unlikely to be built into new primitive models

Simple - Provides the most intuitive and simplistic ways to access the technology

Founders

Dexter Awoyemi, Co-Founder - Previously senior sales engineer at Tink and founding engineer at Yapily. BSc, Biomedical Science - Kings College London

Richard Awoyemi, Co-Founder - Previously software engineer at Pension Insurance Co and financial modeller at Pacific Life. BSc, Actuarial Science - University of East Anglia

…and yes, they are brothers - Collison 2.0?

Spotlight Analysis

Strengths

• Strong traction: since launch in May 2023, they have over 1,400 users, with some on paid subscriptions

• Early entrants: can develop robust customer feedback loops which later act as a moat

• B2B2C potential: best placed to provide white-label solutions to large businesses

Weaknesses

• Platform risk: changes in the foundational models or API pricing could have significant knock-on effects

• Market timing: potentially too early for bundling, early adopters are more likely to use verticalised apps

Market

Inflection - Raised $265m Series A from Polaris Partners and others in April 2022

Self - Currently raising £2m Seed

And of course, ChatGPT and Bard can look to go down a similar route.

Key Details

Year founded: 2023

Summary: Nack is the AI super app for the everyday user, a one-stop shop for the latest use cases.

Raised to date: Bootstrapped

Currently raising: Yes, £1m

Business model: Freemium (with a subscription for premium features)

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