Technology companies want to build an ecosystem around their products or services to help sell or enhance their offerings. But, how does a company know their partners and industry experts are the right match?
Founders of Fyrii.ai discovered with its consulting business starting in 2015 that technology vendors struggled, as CEO Padma Subramanian said, “to develop a mutually beneficial ecosystem of customers, partners, and industry experts.” The tech executives turned consultants found that incentives and rewards must meet the needs of each segment otherwise the collaboration will fall apart.
An API platform to create and maintain an ecosystem
In 2019, the seasoned consultants began Fyrii, built around the Application Programming Interface (API) economy. Subramanian discovered that “the API economy is growing rapidly as tech vendors and customers need external software developers to integrate products and applications.” The complexity of creating products and applications is bringing together developers, product owners, and other specialists to deliver on-demand solutions. With the recent popularity of remote work, it is more difficult to find creators across digital platforms and that’s one area where Fyrii can help.
DevX built on AI and Hyperledger
The company has built an API developer platform, DevX, to create marketplaces for the various partners in an ecosystem. In essence, a software as a service (SaaS) highway is built between partners for technology-enabled businesses in tech, cybersecurity, financial services, and retail industries. DevX uses AI models and Hyperledger to identify who is contributing what in the ecosystem. It identifies prospective partners and helps them monetize their contributions to the partnership. There’s a growing community of currently seven enterprise customers and 400 developers who are creating solutions across verticals.
Seed Funding and Boston Entrepreneurs Network
The first six-figure seed investors in Fyrii were Cachet Ventures and Masters Fund, a women-led venture capital company. A partner at Masters Fund, Karen Cone, recommended that Fyrii CEO, Padma Subramanian, join the Boston Entrepreneurs Network. ENET…affiliated with IEEE…is a 30 year old organization that brings together entrepreneurs, investors, and professionals in the life sciences and tech industries. ENET’s focus is on business issues facing startups and small companies rather than technology bits and bytes. Since Covid, Subramanian has joined online events. “I learned about ways to refine my pitch for investors and interacted with potential funders.”
Fyrii is now seeking a seed round of $2 million. It has a waiting list of companies for its next DevX platform due to be released in the first quarter of 2022.
The Fyrii team
Subramanian is a 25 year tech veteran starting as a software engineer and moving into product management, executive positions, and entrepreneurship with Avaya, Cisco, and Microsoft. She is joined at Fyrii by her brother, Venkatesh Subramanian, CTO and patent holder of the technology behind DevX, has led global engineering organizations.
Karen Cone is a board member with Fyrii, which will release the API development platform for building and maintaining partner ecosystems early in 2022. Fyrii is a Microsoft and AWS partner. Fyrii is also a partner of the Women in Tech organization.
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