Last year, agent-based AI approaches, such as AutoGPT, garnered significant interest. In 2023, startups are rolling out various applications of the concept of "letting AI handle your tasks," with Mindy emerging as a prominent example. Positioned as your email-based executive assistant, Mindy simplifies how users interact with AI.
Using Mindy is straightforward. Simply send an email to [email protected] with a request like, “What events are happening in my area [specify the area] this weekend, along with ticket booking links?” or “Can you provide a table of Apple’s revenue figures for the last eight quarters?”
Mindy proactively scours the web for the requested information and responds via email.
Currently, Mindy is free to use as the company fine-tunes its pricing strategy.
Why Did the Founders Launch Mindy?
Founded by Yu Pan, Cuong Do, and Benoit Berthoux, Mindy became a reality last year. Pan was a founding engineer at both PayPal and YouTube, while Do joined PayPal in 2002 and was also a founding engineer at YouTube. Berthoux brings experience from consulting firms such as Capgemini and Accenture. The company successfully raised $6 million in a seed round led by Sequoia Capital, with Roelof Botha as the lead partner.
“The idea for Mindy emerged in 2022, as I was wrapping up my work in the crypto space while Benoit was concluding his initiative. The increasing popularity of AI models like GPT-3.5 made us realize that users often struggle with prompt engineering to leverage these tools effectively. We envisioned creating a solution that simplifies user interactions with AI, making it accessible without unnecessary complexity,” Pan shared during a conversation about the company's inception.
Differentiating Through Email
Mindy’s team chose to build their service around email, recognizing its higher signal-to-noise ratio and concentrated focus on specific topics.
“Given that email is text-based and our large language models (LLMs) are also text-centric, we saw a perfect fit. We’re essentially merging the oldest communication method with cutting-edge AI technology,” he explained.
The startup caters to a diverse user base—from financial analysts to students and defense contractors—who utilize the bot primarily for research. Since it operates through email instead of a web interface, users don’t anticipate instant responses, which aligns well with their workflows.
The asynchronous nature of email allows Mindy to act autonomously, optimizing results without interrupting users’ busy schedules. Moreover, the familiar conversational style of email means users don’t have to overhaul their existing processes. It’s also possible for teams to collaborate using Mindy, enhancing collaborative planning and ideation.
While email remains the key focus, Mindy is exploring other distribution channels to cater to various needs.
Currently, the company comprises a team of ten and aims to accelerate its growth by expanding its engineering capacity. They are also considering different monetization models—subscriptions, query limits, or fees from completed purchases—but no decisions have been finalized yet.
Sequoia's Perspective
Roelof Botha of Sequoia Capital believes Mindy holds a significant advantage as a user-friendly AI tool due to its simplicity and the use of email as a communication medium.
“Mindy eliminates the complexity typical of prompt engineering, empowering users to leverage generative AI effortlessly through a simple email. What Yu Pan and the Mindy team have developed is both compelling and accessible, making it appealing to a wide audience,” he stated.
The Rise of Agent-Based AI
As highlighted by industry commentators, many startups are beginning to adopt agent-based AI models. The Browser Company, known for its Arc Browser, recently announced it's developing an AI agent designed to browse the web on users’ behalf.
An industry insider, who chose to remain anonymous, cautioned that startups like Mindy need to carve out distinct offerings to avoid being overshadowed by major players like ChatGPT. Delivering high value to customers while securing cost-effective user acquisition will be critical.
Hemant Mohapatra, a partner at Lightspeed, emphasized that AI assistant startups must prioritize user satisfaction and reliability.
“Consumer apps that delight users often experience rapid growth early on, driven by positive word-of-mouth. However, for these assistants to manage comprehensive requests, they’ll need access to more user data, which raises compliance and security concerns,” he noted.
Conclusion
With a clear focus on enhancing user experience and simplifying AI interactions, Mindy represents an exciting trend in the evolving landscape of AI tools. As the industry progresses into 2024, the potential for agent-based AI solutions continues to expand.
Ranking
