George Avetisov, founder and former CEO of the cybersecurity startup HYPR, dedicated significant time working alongside the company’s sales team. He soon recognised that, irrespective of their proficiency, the sales team frequently needed assistance from other departments to address customer inquiries or complete technical questionnaires.
Avetisov remarked to StartupSuperb that the sales team were often uninformed about the majority of queries directed to them. They frequently required input from product specialists or sales engineers, making the process challenging. He acknowledged the exceptional talent within the sales team but highlighted the challenge of automating knowledge-sharing in this context.
Determined to tackle this issue, Avetisov departed from HYPR in 2021 and took a short hiatus from startups to enjoy the video game Elden Ring, aiming for a brief respite before diving into another venture. He established his new enterprise, 1up, in 2022.
1up is an AI-driven knowledge automation platform designed for sales teams, sourcing information from internal company data and databases. Sales professionals can utilise 1up to quickly locate answers to product or technical queries, fulfil requests for proposals, and assist in completing technical questionnaires.
The company made its public debut in January 2024 and has since acquired nearly 100 clients, ranging from startups to large enterprises such as WalkMe and Deliveroo. A significant portion of these clients was secured through an unconventional marketing tactic: memes.
According to Avetisov, they maintain one of the largest libraries of sales memes within the community, attracting millions of impressions on LinkedIn. He noted that their meme strategy has successfully generated approximately one-third of their leads.
Recently, the company announced a $5 million funding round, spearheaded by Upfront Ventures with contributions from RRE Ventures, 8-Bit Capital, and notable individuals, including Friendster founder Jonathan Adams. Kobie Fuller, a general partner at Upfront, is the principal investor and will join the board of the company.
Fuller disclosed to StartupSuperb that he received a cold email from Avetisov shortly after one of his investment portfolio companies suggested that 1up would align well with his investment strategy concerning AI’s transformative impact on enterprise knowledge management. During their conversation, Fuller indicated that they were resonating on the same wavelength.
Fuller emphasised that investment decisions are largely influenced by the founder’s vision. He commended Avetisov, a second-time entrepreneur, for his firsthand understanding of the identified problem and pain points. He noted that discussions with Avetisov demonstrated his depth of knowledge and commitment, highlighted by Avetisov’s inner wrist tattoo of 1up, reflecting his dedication and resourcefulness.
Since the introduction of ChatGPT in 2022, there has been a surge in AI startups targeting sales departments, particularly focusing on tools to assist in generating sales leads and client outreach. Meanwhile, enterprises looking to create knowledge centres, many of which emerged prior to 2022, have started gaining traction.
Despite the competitive landscape, Avetisov remains undeterred. He stated that 1up delivers a distinctly different service compared to AI sales lead generators and doesn’t coincide with the same budgetary lines within companies. He believes that while companies don’t require all-encompassing knowledge centres, 1up’s solution effectively addresses a specific need.
Avetisov noted that for larger enterprises, knowledge management often isn’t viewed as a significant budget item or an urgent issue. He asserted that for knowledge automation to thrive and develop into a billion-dollar industry, it must be sharply focused on particular personas and departmental requirements.
With the recent funding secured, 1up intends to expand its sales team and implement feature enhancements, although Avetisov was not prepared to disclose specific details at this time.
Avetisov stated that sales teams often receive substantial criticism, noting that they face some of the most challenging roles within a company, equipped with inadequate tools. Despite having numerous options for prospecting and customer relationship management, he observed that knowledge management has been largely overlooked. He underscored this as their primary focus.