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  "documentTitle": "Eximius Ventures Just an Agent Away An AI Thesis",
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      "text": "promoter scores, and qualitative customer feedback. Glean demonstrates this with enterprise DAU/MAU ratios consistently above 50%. Similarly, Perplexity and Cursor maintain strong retention through engaging user experiences, with Cursor's simple code-diff workflow that developers consistently return to.",
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      "text": "Even robust growth to $10 million or beyond no longer guarantees a path to $100 million. This uncertainty is poised to hit later in a startup's life cycle. In previous SaaS eras, failures clustered before Series A, but now, a greater number of failures may surface after the A or B rounds. Interestingly, seed-stage investors are slightly de-risked—if teams cannot find sustainable PMF, many succeed through talent-driven acquisitions, as larger, legacy players seek AI expertise. Thus, at these stages, it remains wise to back strong, mission-aligned teams that can adapt to this fast-moving environment.",
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      "text": "In healthcare, AI-powered scribes like DeepScribe automate documentation, enabling doctors to focus more on patient care and enhancing productivity. In outsourcing-heavy sectors such as legal e-discovery, companies like Decover AI enable in-house solutions, reducing reliance on expensive legal service providers. Additionally, innovative firms like XBOW are creating new markets with AI-driven penetration testers, making continuous security assessments affordable and businesses of all sizes.",
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      "text": "The transition from cloud computing to AI marks a pivotal shift from Software-as-a-Service (SaaS) to Service-as-a-Software. Initially, software companies leveraged the cloud to become service providers, tapping into a $350 billion market. Today, thanks to agentic applications, AI transforms labour-intensive tasks into software solutions, expanding the addressable market from billions to trillions of dollars. This evolution offers opportunities to bridge labour gaps, replace outsourced roles, and access new markets.",
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      "text": "The rapid rise and fall of companies like InVision highlights the current market volatility. After reaching $50 million in ARR and scaling to $100M+, InVision dropped to $50M as Figma emerged. Similar risks face companies like Eleven Labs, which reached $50M ARR by offering text-to-speech or speech cloning—an area that foundational providers like OpenAI could potentially enter. The lesson for AI startups is that early success doesn't guarantee staying power unless they continuously refine their product to retain relevance.",
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      "text": "SaaS has evolved and extended to the services market. And more.",
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      "text": "Section 10: Broader Themes We are Excited About",
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