The founder of an AI robotics startup in the US has shared that he often had to work 100-hour weeks and almost go bankrupt to keep his business alive. Jake Loosararian, co-founder and CEO of Pennsylvania-based Gecko Robotics, told CNBC Make It he faced immense struggles, but a decade later, his perseverance has paid off, with the company now valued at $1.25 billion.
Loosararian's journey began in 2013, right after graduation. Against the strong advice of his family and professors who told him, "Don’t f---ing do it," he decided to turn a school project into a full-time business. For nearly three years, he bootstrapped Gecko, often sleeping on friends’ couches and battling financial woes.
"I was down to my last dollars. My best friend was living in a crummy basement apartment. There was a section behind his couch and I was like, 'Can I take that?' I laid the mattress down. That was where I slept for, like, two and a half years," the 34-year-old told CNBC Make It.
Moreover, his early prototypes, designed to inspect power plant boilers, frequently malfunctioned, requiring him to work in "dirty and horrible" conditions.
Despite considering giving up multiple times, Loosararian remained convinced that building his own company was preferable to working for others. His resolve was bolstered by direct engagement with customers. "What helped me get through it was spending time with customers and hearing how important the problem was to solve... That gave me the encouragement I needed to feel I wasn’t just fooling myself."
His resilience bore fruit in 2016 when Gecko was accepted into Silicon Valley's prestigious Y Combinator accelerator. This pivotal moment opened doors to crucial seed funding and a network of investors. Today, Gecko Robotics develops advanced AI-powered robots capable of climbing walls, flying, and swimming underwater to inspect critical infrastructure like power plants, bridges, dams, and military equipment.
The company's valuation has nearly doubled since December 2023, reaching $1.25 billion after a $125 million fundraising round led by Cox Enterprises, announced on June 12.
Loosararian credits his early "scars" with solidifying his confidence and courage, stating, "It was only possible through that refinement of going through hell."
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