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Companies have lengthy struggled with inefficient, time-consuming processes for managing telecom providers and bills. Telecom administration has historically been beleaguered with handbook workflows, fragmented info, and vital administrative overhead for firms. Lightyear is a complete software program platform that automates the complete telecom lifecycle for companies. By offering a digital workflow and system of file, Lightyear permits enterprises to dramatically scale back the time and assets spent on telecom administration whereas concurrently slicing telecom prices. The corporate’s modern method not solely streamlines procurement, community stock, and invoice consolidation but in addition represents a elementary reimagining of how enterprises work together with and handle their telecommunications infrastructure. Lightyear is at the moment working with 300+ enterprises together with Alo Yoga, Palo Alto Networks, 5 Guys, and Pandora Jewellery.
AlleyWatch caught up with Lightyear CEO and Cofounder Dennis Thankachan to be taught extra in regards to the inspiration for the enterprise, the corporate’s strategic plans, newest spherical of funding, which brings the corporate’s whole funding raised to $48.6M, and far, way more…
Who have been your traders and the way a lot did you elevate?
Lightyear, the main supplier of enterprise telecom administration software program, immediately pronounces the completion of its $31M Sequence B fundraising led by Altos Ventures, with significant participation from present traders Ridge Ventures, Amplo, Zigg Capital, and Susa Ventures.
Inform us in regards to the services or products that Lightyear affords.
Lightyear gives enterprises with software program that acts as a digital workflow and system of file platform to automate the total enterprise telecom lifecycle, revolutionizing the enterprise telecom expertise. Enterprises that leverage Lightyear throughout the total telecom lifecycle spend exponentially much less time on telecom administration whereas lowering telecom prices considerably.
What impressed the beginning of Lightyear?
I constructed a thesis round telecom whereas working as a public fairness investor at a big hedge fund. Upon leaving the agency and investigating a number of startup concepts within the area, I started to understand how giant and impactful enterprise telecom is, whereas additionally noting how arcane enterprise telecom procurement processes are. I had the concept to disrupt this area with software program, which spawned Lightyear.
How is Lightyear totally different?
Lightyear is the one software program product that automates the enterprise telecom lifecycle. Previous to Lightyear, enterprises must use spreadsheets, cellphone calls, and emails with in-house labor to handle telecom, or leverage exterior consultants to take action.
What market does Lightyear goal and the way huge is it?
The worldwide enterprise telecom market instructions about ~$1tn of annual spend
What’s your enterprise mannequin?
Lightyear prices SaaS subscription charges for its Community Stock Supervisor and Invoice Consolidation merchandise and earns commissions for providers bought through its Procurement software program.
How are you making ready for a possible financial slowdown?
Telecom is a noncyclical sector that doesn’t see main spending drawdowns in an financial slowdown, which advantages Lightyear. Regardless, Lightyear operates a financially lean operation and maintains a wholesome money cushion to make sure it’s protected from exterior threats.
What was the funding course of like?
We have been lucky to have exterior VC curiosity in Lightyear which made the method simpler. We weren’t actively working a course of to lift capital on the time of our Sequence B.
What are the largest challenges that you just confronted whereas elevating capital?
Early on (our pre-seed and seed rounds) we confronted difficulties convincing VCs that telecom software program was a gorgeous enterprise market to assault. At present, with proof factors to validate this thesis, elevating capital has been simpler.
What components about your enterprise led your traders to write down the examine?
Lightyear’s enterprise is noncyclical, recurring, and high-margin alongside a gifted workforce and true limitations to entry.
What are the milestones you propose to realize within the subsequent six months?
We hope so as to add considerably to our core three product traces (Procurement, Community Stock, Invoice Consolidation) and to enhance our assist and operations expertise for patrons.
What recommendation are you able to provide firms in New York that should not have a contemporary injection of capital within the financial institution?
Attempt to construct a enterprise that may succeed with or with out the necessity for exterior capital. Elevating capital is best whenever you’re not reliant on doing so.
The place do you see the corporate going within the close to time period?
We hope to change into the market chief in telecom procurement software program.
What’s your favourite fall vacation spot in and across the metropolis?
Central Park within the fall, proper because the leaves are altering, makes me grateful to reside in NYC yearly!
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