Hey, it’s Bryan from Oxide back with another FAQ Friday, here with my co-founder Steve Tuck. Steve, a question we were getting, especially this week, is:
You all just announced that you raised a big round of venture capital. You also, didn’t you just raise venture capital last summer? And if so, how much did we raise and why did we raise it?
Steve: Good question, 'cause we did just raise a hundred million dollars in the summer, and we announced yesterday, a couple days ago, that we raised $200 million in our Series C. So why did we raise, and what are we gonna do with the money? Questions abound. We are certainly gonna continue investing in expanding manufacturing and the markets that we are serving.
We will continue building the team. But the biggest reason that we raised is because the question customers want us to be able to definitively answer is that we will be there for them for the long haul. As they are thinking about longstanding large projects that measure five, ten years, Oxide will be there to help them and support them.
Bryan: But Steve, aren’t we just gonna be acquired by one of the companies that we’re seeking to disrupt? I mean, they’ve seen it before. They’ve seen it. They’ve got a right to be cynical.
Steve: And that maybe is the biggest reason and the most important aspect of this raise, is that we can convincingly say, no, we have financial independence and we know that we’re gonna be able to run this company for decades to come.
Bryan: You know, Steve, over the six years of the company, you and I have both said at every juncture, hey, we might actually pull it off. We might pull it off. We actually got the full rack built, got the sled built, we got it brought up. We might actually pull it off. Actually, I wasn’t convinced then, but we got the full rack together, got the software on it.
We might actually pull it off, went out to our first customers. We might actually pull it off, raised the Series B, like, wow, we actually might pull it off. Now, with a Series C, I think we’re gonna pull it off.
Steve: We’re gonna pull it off.
Bryan: All right. Well, here’s to building the generational company we aspire to build.
And thanks to you who have been supporting us every step of the way. Thanks everyone. See you next time.