Mark Hay and Ethan Ding, co-founders of TextQL, are on a mission to revolutionize the way companies make decisions by leveraging data-driven insights. Their ambitious goal is to empower business teams to ask questions of their data on-demand, using large language models like OpenAI’s ChatGPT and GPT-4.
The Problem with Current Data Solutions
Hay, who previously worked as an engineer on Facebook’s machine learning team, points out that data leaders have been sold a "false promise" for the past 15 years. Despite the abundance of data at their disposal, many companies struggle to extract meaningful insights from their databases. This is largely due to the fact that business teams often use words and terminology that are not properly represented in their databases, leading to months of lost productivity arguing over numbers.
The TextQL Solution
Hay and Ding met during the pandemic and realized that they could devise a better solution for integrating data with large language models. In 2022, they launched TextQL, which uses a data model to map a company’s database to the "nouns" representing their business in natural language. This enables users to ask questions like "Can you show me a list of orders that were very late?" and receive accurate answers.
How TextQL Works
TextQL connects to business intelligence tools and points users to existing dashboards when a question has already been asked. It can also reference documentation from enterprise data catalogs, such as Alation, as well as notes in platforms like Confluence or Google Drive. This enables users to ask questions and receive answers in context.
Benefits of TextQL
Hay emphasizes that TextQL is not just about answering questions, but also about taking actions based on the insights provided. For example, TextQL can send an email to managers with specified data. "In an economic environment where everyone’s trying to do more with less, we’re able to give enterprise operators superpowers in one platform," Hay notes.
Competition and Funding
TextQL is competing against vendors like Palantir and C3.ai, but Hay believes that their platform has a unique value proposition. "Our entire team consists of previously venture-backed veteran founders — which is talent that’d be pretty hard to pick up outside of this environment," he says.
Financial Performance
TextQL has raised $4.1 million in funding across pre-seed and seed rounds, sco-led by Neo and DCM with participation from Unshackled Ventures, Worklife Ventures, PageOne Ventures, FirstHand Ventures, and Indicator Fund. The company has a ~10-person team and is experiencing growth, with annual recurring revenue in the "six figures."
The Future of TextQL
Despite the economic slowdown, Hay notes that companies are excited about TextQL’s software because it can help them do more with their lower headcounts. "Our customers are healthcare, bio and life sciences, financial services, manufacturing, and media," he says. "We have several years’ runway and a strong team behind us."
Conclusion
Mark Hay and Ethan Ding are on a mission to revolutionize the way companies make decisions by leveraging data-driven insights. With TextQL, they aim to empower business teams to ask questions of their data on-demand, using large language models like OpenAI’s ChatGPT and GPT-4. As the company continues to grow and expand its capabilities, it will be interesting to see how TextQL changes the way companies approach decision-making.
About TextQL
TextQL is a platform that integrates data with large language models to empower business teams to ask questions of their data on-demand. With its unique value proposition and strong team behind it, TextQL is poised to revolutionize the way companies make decisions.
Contact Us
If you would like to learn more about TextQL or have any questions, please feel free to contact us at info@textql.com. We look forward to hearing from you.