10web monetizes by charging fees per website or by traffic and plans to add a payment system to take commission fees. The company is currently generating $5 million in annual recurring revenue and aims to reach $25 million by the end of next year. The founder attributes the company's growth to its location in Armenia, which provides access to affordable AI talent. The company employs a strategy of hiring engineers in Armenia and marketing and business development staff in the U.S., a common approach among Armenian startups.
Key takeaways:
- 10web, an Armenian company, is using generative AI to simplify the process of building websites on WordPress, a platform that is notoriously difficult for beginners but powers around 40% of all websites.
- The company's platform integrates AI models like Llama 2, GPT-4, and Stable Diffusion to make WordPress more intuitive. It currently has around 20,000 paying customers and has generated 1.5 million sites.
- 10web is generating $5 million in annual recurring revenue and is expected to reach $25 million in ARR by the end of next year, according to co-founder Arto Minasyan.
- Armenia's affordable engineering talent and the country's growing tech hub have contributed to 10web's success. The company employs engineers in Armenia while hiring marketing and business development staff in the U.S.