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Throwback to when Valar Atomics revealed that we had built a complete thermal prototype in 10 months on a seed round, at a knock-out black tie event inside our factory. We even designed cocktails for it. This one is called the Fizzion

16,728 просмотров • 11 месяцев назад •via X (Twitter)

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Today I'm excited to announce that Opal has raised a $6M Seed round in just 4 hours. Our first angel, Ian Crosby, made one call on my behalf when I moved to San Francisco. That call changed everything. I moved to SF on October 17th. The next morning, my phone rang. Lan Xuezhao from Basis Set was on the other end. I’d never met her before. She said: "Ian tells me I need to meet you immediately. Can we go for a walk tomorrow?" We lived five blocks apart. The walk was supposed to be one hour. We ended up walking for four. She was asking questions to get to know me as a person. Feeling me out for one thing: Am I the kind of founder crazy enough to build a credit card company with no finance degree and no banking connections? By the end of the walk, we had agreed on terms. Today, Opal is announcing our $6M seed round, led by Basis Set, with participation from Founders Co-op, Ian Crosby, and Adam Orser. We didn't start as a credit card company. But our customers told us we had to be. Here's what we've built: - A Visa credit card built exclusively for ad agencies and the brands they manage - Credit limits that reach seven figures - underwritten on managed ad spend, not agency revenue - 1%+ cash back on all ad spend - A fraud system that actually understands ad spend, so Google and Meta charges never get flagged and kill your campaigns Traditional banks look at an agency's revenue and give them a $50K limit. We look at the millions they manage for clients and give them what they actually need. To Lan Xuezhao and the team at Basis Set - thank you for betting on this on day two. To Ian Crosby - you opened a door I didn't even know existed. None of this happens without you. To the Opal team - you're building something that doesn't exist anywhere else. That takes a specific kind of crazy. I'm grateful for every one of you. If you run an ad agency and your credit limits are costing you - reach out. We built this for you.

Alex Steele

25,182 просмотров • 5 месяцев назад

Just two months ago, we were on the verge of letting go of a customer that we had been serving for more than two years. The prices were super competitive as they were procuring these springs from China. According to our cost calculations, we would have to sell them these springs at our breakeven price point. We would not be making any profit from their orders. The volumes were huge and we decided to take up the challenge. In manufacturing, one of the very important metric that your product cost depends on is cycle time. The speed at which we are able to process that part within the desired tolerance. Higher the speed at which you can manufacture, lower the cost of making that component. We could only manage 150 pcs/minute on our imported machines. At this speed, it was unviable for us. It would only make sense for us to continue if we were somehow able to manufacture this spring at a minimum of 200 pcs/minute. We were far apart and it seemed we wouldn’t be able to reach that goal. We were on the verge of giving up after two years of persistent effort in increasing our speed. Today, we manufactured that same spring on the CNC machines that we built in-house at a whopping 220 pcs/minute! We went from almost letting go off that customer to now asking that very same customer to increase our order volumes! First video is our imported machine at 150 pcs/minute. The second video is our in-house machine at 220 pcs/minute.

Vishakh Ranotra

19,933 просмотров • 11 месяцев назад