Post Series A: Words From Our CEO
DeepStream has been committed to a product-driven strategy (rather than sales-driven) from the very beginning. The aim is, and has always been, to be the best product application on the market solving B2B communication problems. With our recent Series-A funding we will continue to stay true to this company philosophy - with our superior technology winning us business, rather than relying on sales and marketing efforts. With this funding, we will focus on further developing a number of DeepStream features, as well as boosting our product and development teams.
As a best-in-class point solution, DeepStream will now expand its open integration capabilities so that it more seamlessly integrates into our clients’ overall “tech stack”. As the mindset of businesses evolves from one single provider for everything to one where the best point solutions are deployed together, integration with other best-of-breed providers becomes crucial.
These new integrations will allow DeepStream to leverage technology providers for its clients in a scalable way, for example by connecting into third party providers that evaluate suppliers' ESG credentials. These can then be taken into account at the point of RFx - creating a dynamic ESG evaluation process - rather than a static end-of-year one. Another soon to be released integration will focus on ERP systems, with DeepStream working as a complement to already existing tech structures, crucial when a company is already locked into long-term contracts.
Strategic Sourcing (incl. AI-driven Sourcing)
Finding suppliers, and using market intelligence to source the right businesses for new products & services required, is a vast area of opportunity for DeepStream and something that we know takes up a huge amount of time to do manually.
As a network-based company, able to plug into third party market data providers, DeepStream will be increasing the ability to leverage technology available to its client base, removing much of the pain from procurement officers in sourcing suppliers.
We have already invested heavily on a proprietary AI driven matching engine, released in Beta for selected clients, and this will now be rolled out more widely to further reduce information asymmetries present in the procurement market.
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Continued agile product development
Whilst some of the additional and more innovative product verticals that we will be adding often steal the limelight, the core agile product that has so far allowed DeepStream to punch hugely above its weight, relies solely on a continual and puritanical development of our core RFx product application. We firmly believe that adding extra “bells and whistles” does not necessarily create a better product. DeepStream continually receives feedback from its users and bases new product releases on this information - whilst these releases are often subtle, they accumulate in delivering the best user experience possible in our journey to deliver a frictionless RFx experience in one single digital workspace. Following the funding round we will therefore be accelerating the ability to receive more feedback from those using the product on a day-to-day basis - and incorporating these into our release cycle.
With new funding comes more capabilities to grow our product properties and accelerate new features such as our AI sourcing. This will all fall under our new venture DeepStream Labs - focusing on our product growth feature.
Growing the team
In the next few months, we will be looking to expand our product-and-engineering team. We believe that a focus on quality rather than quantity will lead to a highly skilled team that can ultimately deliver far superior results to clients. We are also committed to diversity and to creating an ambitious culture, encompassing different ways of thinking. We want to foster a work environment where we creatively collaborate and use different perspectives in working towards a common goal.
By mid 2022 we expect to have a team of 30 ambitious and motivated individuals who all believe in driving the company forward - disrupting the status quo and ultimately revolutionising business-to-business commercial behaviour.
We are delighted to be welcoming Carrie Babcock from Beringea to the board of directors, who will sit alongside me and other board member Johan Schiller - and we expect to increase the board with one extra person within the next six months.
2022 and beyond looks bright for DeepStream, and this latest funding round gives us the opportunity to double down even further to deliver on our mission - creating frictionless RFx for both existing and new business users.