<p>Sign-up here to get weekly episodes + transcripts in your inbox: https://www.thespl.it/</p><p><br /></p><p>Adit Abraham is the Co-founder and CEO of Reducto. Reducto’s product takes PDFs and physical documents, and extracts all the data, just like a human would if they were reading it.</p><p><br /></p><p>At the time of recording, they’ve processed over 1 billion pages, grew 6x over the past five months, and are fresh off a $75 million Series B led by a16z. And Adit told me they’ve only burned $1 million of capital so far to get here.</p><p><br /></p><p>And the craziest part, Adit told me they’ve only burned $1 million of capital so far to get here.</p><p><br /></p><p>Anyone building an AI product probably sees Reducto as essential infrastructure. Our conversation gets into how they built the best product in the space, landing a Fortune 10 customer as a two-person startup, getting to $1 million in ARR within a few months, lessons doing founder led sales to over $5 million in ARR, and what the future of PDF’s, and human / computer data looks like.</p><p><br /></p><p>Thank you to Liz Wessel at First Round, Chetan Puttagunta at Benchmark, and Adel Wu at Reducto for helping brainstorm topics for Adit.</p><p><br /></p><p>Thank you to Numeral and Hanover Park for sponsoring this episode.</p><p><br /></p><p>Numeral: The end-to-end platform for sales tax and compliance. Try it here: https://bit.ly/NumeralThePeel</p><p><br /></p><p>Hanover Park: Modern, AI-native fund admin at https://www.hanoverpark.com/Turner</p><p><br /></p><p>Timestamps:</p><p>(3:35) Reading unstructured human data</p><p>(10:44) Growing 5x in four moths</p><p>(12:38) Insurance, healthcare, legal, logistics</p><p>(19:13) Where LLM’s still struggle</p><p>(28:23) Starting Reducto from a blog post during YC</p><p>(32:01) Landing a Fortune 10 customer with two people</p><p>(35:48) Limiting the product and growth early on</p><p>(40:57) Getting an MIT professor fired</p><p>(43:50) How to avoid pivot hell</p><p>(49:00) $108M from First Round, Benchmark, a16z</p><p>(51:48) Chetan convincing them to raise a Series A</p><p>(55:50) Raising a Series B in 48 hours</p><p>(59:36) Redeye flight to hire the 1st AI researcher</p><p>(1:05:42) Lessons hitting $5m ARR with founder-led sales</p><p>(1:13:09) Staying on top of changes in AI models</p><p><br /></p><p>Referenced:</p><p>https://reducto.ai</p><p>https://reducto.ai/careers</p><p><br /></p><p>Follow Adit</p><p>Twitter: https://x.com/aditabrm</p><p>LinkedIn: https://www.linkedin.com/in/aditabraham</p><p><br /></p><p>Follow Turner</p><p>Twitter: https://twitter.com/TurnerNovak</p><p>LinkedIn: https://www.linkedin.com/in/turnernovak</p><p><br /></p><p>Sign-up here to get weekly episodes + transcripts in your inbox: https://www.thespl.it/</p>