# INCYMO AI Financial Model AI-generated video ad creative scenarios for mobile game user acquisition teams, delivered as a B2B SaaS subscription. - Canonical: https://finamodel.com/startups/incymo-ai - Excel download: https://finamodel.com/startup-models/incymo-ai.xlsx - Category: AI/ML - Model type: SaaS ARR / Valuation - Funding round: Seed - Funding: $850K - Founded: 2023 - Geography: EMEA focus for 2023 scale; EU/USA/Asia advisers; global long-term ambition [DECK slides 11, 12]. - Customer: B2B ## About the company Incymo AI provides sales intelligence and workflow tooling for revenue teams. It gives sellers account context and repeatable guidance, positioning AI as a way to improve commercial execution rather than relying solely on individual research and manual sales-process management. The B2B product is suited to a recurring SaaS motion: land a revenue team, establish usage in its daily workflow, then expand across users, accounts, and use cases. Subscription value depends on adoption, sales-team scale, retained engagement, and the cost of AI-enabled delivery. The model builds ARR from customer logos, seats, price, expansion, and churn. It tracks activation and ongoing usage as leading indicators, then incorporates LLM and infrastructure costs, gross margin, sales efficiency, customer-success and product headcount, monthly burn, and funding runway. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Product: **smartUA** - AI tool that generates video ad creative scenarios for mobile games. - 5 years of algorithm development behind the product. - Key outcome claim: x10 ROAS improvement from AI-generated creatives. - Addresses a validated pain point: 100% of 20 surveyed UA leads (some with $20M marketing budgets) rate finding the right creative idea as "10/10 painful". - 100% successful cases on record, asterisked as based on only 4 clients. ## Market - **Current mobile games market:** $75.6B. - **TAM (Incymo.AI framing, 2023):** $71.5B - calculated as (477,998 Google Play games + 1,012,065 App Store games) × $4k/game/month × 12. Note: this uses total app store catalogue as denominator, which is extremely aggressive. - **SOM (2023):** $28.8M - 600 addressable games (per Incymo CRM) × $4k/month × 12. - **Incymo addressable cut of current market:** $7.5B. - **Future mobile games market (2028):** $235.1B; CAGR 54% to 2028. - **Incymo addressable market in 2028:** $23.5B. ## Revenue model - **Pricing:** $199 per scenario. Bundled to ~$4k per game per month - implying roughly 20 scenarios/game/month at list price, or a flat game-level subscription of $4k/month. - **Billing cadence:** Monthly subscription per game. - **Channel:** Direct sales (UA leads/managers at game studios); content marketing via monetization blog (>20k visitors). - **Unit:** One "game" = one paying subscription unit. ## Traction & metrics - **Paying clients:** 4. - **Pipeline:** 15+ more in process. - **Named clients:** SAYGAMES, EIDOLON, AdQuantum. - **MRR (Jul–Dec 2022, at time of deck):** $3.5k. - **MRR target end-2023:** $160k. - **Client target end-2023:** 40 games. - **Partners considering investment/partnership:** AppsFlyer, Xsolla (since December). - **Implied ARPU at target:** $160k MRR / 40 clients = $4k/game/month - consistent with stated pricing. ## Unit economics - Implied ACV per game: $4k/month × 12 = $48k/year. ## Competition / moat - Moat claims: 5 years of algorithm development; proprietary creative scenario generation trained on gaming performance data. ## Team & funding ask / use of funds - **Anna Zdorenko - Founder & CEO:** 2× founder, 7 years in startups; ex-Deloitte, ex-Tinkoff, ex-partner Startech.vc; mentored 100+ startups; mentor at TechStars, Global Pilots (Microsoft and E&Y). - **Alex - Co-founder, Head of ML:** 10 years in industrial high-load, big data, data science; ex-EPAM, Grid Dynamics (Kohl's, Amazon); Head of R&D at largest CIS bank. - **Vic - Co-founder, CPO:** 7 years in video creatives for games; 7k+ creatives produced; founded creative agency of 70 professionals; 10× customer metrics improvement track record. - **Advisers:** Dima (founder, Green Grey publisher), Sergey (Director of Marketing, Plarium), Michael (ex-Product Owner, Nexters). - **Total team size:** 12 additional members unlockable upon investment commitment. - **Prior funding:** Angels round $500k (Jun–Dec 2021). - **Current ask:** $300k to hit KPI required by a16z and close Series A in 2023. - **Use of funds:** Not explicitly broken down in deck. - **Valuation target (2023 goal):** $40M. --- ## Recommended financial model - **Archetype + why:** B2B SaaS MRR/ARR model with a client × ARPU driver. Revenue is purely subscription (per-game per-month), making MRR the natural north-star metric. No marketplace or usage complexity; straightforward seat/unit-based SaaS. - **Forecast horizon & granularity:** Monthly, Jan 2023 – Dec 2024 (24 months). Extend to annual 2025–2026 for roadmap targets. Monthly granularity needed because the deck anchors on MRR milestones and the trajectory from $3.5k (Dec 2022) to $160k (Dec 2023) must be modelled month by month. - **Key drivers & assumptions:** | Driver | Value | | -- | -- | | Starting MRR (Jan 2023) | $3.5k (~4 clients × ~$875 blended, or partial $4k pricing) | | ARPU per game per month | $4,000 | | Target clients end-2023 | 40 | | Target MRR end-2023 | $160k | | Implied net new clients/month 2023 | ~3 per month (linear ramp from 4 to 40) | | Target annual revenue 2024 | $24M | | Implied clients end-2024 at $4k ARPU | 500 games ($24M / $4k / 12) | | Monthly churn rate | 2–3% | | Sales cycle | 1–2 months | | Gross margin | 70–80% | | Headcount / opex growth | needs budget; use of $300k raise not broken out | | CAC | needs estimate; blog (>20k visitors) is organic channel | - **Scenarios (Base / Bull / Bear - which variables flex):** - **Base:** Linear client ramp to 40 by Dec 2023; $4k ARPU flat; 2% monthly churn; → $160k MRR exit rate. - **Bull:** Faster ramp (AppsFlyer/Xsolla partnership converts pipeline faster); 50 clients by Dec 2023; ARPU holds or expands to $5k with upsells. - **Bear:** Pipeline conversion slower (5–6 month sales cycles); 20 clients by Dec 2023; $80k MRR; Series A delayed. - **Key flex variables:** new clients/month, conversion rate of 15+ pipeline, churn, ARPU. - **Required sheets / outputs:** 1. **Assumptions** - all drivers with / tags, toggleable for scenarios. 2. **MRR Build** - monthly: opening clients, new adds, churned, closing clients × ARPU = MRR → ARR. 3. **P&L** - revenue, COGS (estimated hosting/AI compute), gross profit, S&M, R&D, G&A, EBITDA. Monthly 2023–2024. 4. **Cash** - starting cash (post $300k raise), monthly burn, runway to Series A. 5. **KPI Dashboard** - MRR, client count, ARPU, gross margin %, burn, runway; milestone flags vs. deck targets. 6. **Scenario toggle** - Base / Bull / Bear switcher driving all sheets. ## Frequently asked questions ### Is the INCYMO AI financial model free? Yes. The INCYMO AI model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.