Basepair cuts genomic analysis costs from millions annually to roughly $100,000 with a cloud platform where scientists upload data directly. The company hit $1 million in revenue in 2023, projects $2.1 million in 2024, and has 100% enterprise retention. AWS partnership brings co-selling and technical integration.
Who's out there competing with you and what are your benefits over them?
Most often we compete with in-house groups. So companies like this, they'll hire 5 to 10 people, build that infrastructure in-house. So not just that's more expensive, we are talking a few million dollars a year versus $100,000 for Basepair. But in that experience, you have an informatics group doing the analysis. So the scientists are now disconnected from the data. With our approach, they upload the data, they see these nice dashboards themselves. There's no gap.
You did a little over $1 million in 2023. How does 2024 look?
We are looking to close at $2.1. We have 2 big deals lined up.
And are these customers coming back?
Our enterprise retention is 100% because it truly becomes a platform they use on a daily basis. So very sticky product.
Co-selling partnership with AWS. Yes. Fascinating. Tell us more.
It is nice to see that the value connected because I was so afraid that the pitch got derailed with all those questions. So we run the software on top of AWS to use their infrastructure, and we are the only provider. Our SaaS runs in our AWS account, but the actual genetic storage and computation compute happens in the customer's own cloud account. So because of this model, AWS is also getting that market share. They bring us into deals, we sell together, we drive their revenue, they bring us customers.
