Practica identified cost as a major barrier to mentoring services and thus explored AI-powered coaching. The company combines AI technology with various coaching tools and resources to develop skills in many topics. The AI coach encourages users to interact with the information and can recall users' histories. After extensive private testing, Practica is now available to individual students for a $10-$20 monthly membership fee. The company also successfully obtained $1.5 million in external investment in 2021 and 2022.
Key takeaways:
- Practica, a progressive startup, has developed an AI-powered chatbot that offers individualized advice on a range of topics, aiming to redefine workplace mentorship.
- The chatbot was created based on knowledge acquired through interactions with human coaches and uses the Retrieval Augmented Generation (RAG) approach to provide professional users with guidance.
- Practica's services are now available to individual students for a monthly membership fee of $10-$20, and the company is also testing a "teams" version targeted towards employers.
- The company successfully obtained $1.5 million in external investment via two rounds in 2021 and 2022 before moving to AI-based coaching.