Overview
InstaText, co-founded by Matej Guid, is an AI-based online writing assistant designed for non-native English speakers. It enhances the readability and quality of texts beyond traditional grammar checking. Launched in early 2020, InstaText quickly expanded its user base to over half a million active users worldwide and was named Slovenian Startup of the Year 2020. The company has achieved significant growth, bootstrapping from $0 to over $50k monthly revenue.
Unique Aspect
InstaText stands out by not just correcting grammatical errors but also enriching content, making it more readable and understandable, especially for non-native English speakers.
Approach to kick off
The idea originated from the challenges faced in academic writing and the need for real-time writing improvement tools. The founders leveraged advancements in AI and deep learning to develop this innovative solution.
Scoop
Business Model ViabilityThe business model, focusing on AI-driven language improvement for a global audience, has proven successful, offering a viable approach for similar AI-driven communication tools.
Future Projections
Plans include expanding into web applications, developing browser extensions for various platforms, and growing the user base to millions worldwide.
Startup Stats
📊 ARR: $600,000
📈 MRR: $50,000
🚀 Startup Costs: $50,000
👥 Team Size: 4
🌍 Market: Global, with customers in over 150 countries
👨💻 Users: Over half a million active users
💰 Funding: Bootstrapped with an initial grant of 50,000 € and later self-funded to more than $50k monthly revenue
👨💼 Founders: Matej Guid
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