Fraction, a leading platform for fractional software engineering services, have achieved a monumental milestone–reaching an annual recurring revenue (ARR) of $2 million just three months after they hit the $1 million ARR milestone in January of 2021. This impressive accomplishment was attained through the high demand for fractional developers that have expertise in generative AI technology.
Praveen Ghanta, CEO of Fraction, elaborated on the growing demand for AI skills. He remarked, “We’ve seen growing demand for AI skills from our clients”. The emergence of generative AI tools such as ChatGPT and Stable Diffusion has advanced the market for engineers with specialized AI abilities.
As Head of Developer Relations at Fraction, Alyssia Maluda explained how utilization of great engineers is able to drive AI engagements and directly add value. Fraction has experts in integrating with LLMs (large language models like ChatGPT), and thus “immediately deliver value”, according to Maluda.
The incredible success that Fraction had may be attributed to the unique approach it took. Fraction paired the experience of 100% US-based senior developers with its project management, product management, and software architecture guidance. This combination has allowed Fraction to be a more capital efficient option than offshore, nearshore, or domestic outsourcing plans, leading them to reap the rewards.
Founded in July 2022, Fraction helps startups and scaling companies acquire seasoned developers in part-time or “fractional” positions. Jeffrey Baker, Head of Sales at Fraction, commented on the breaking of the $2 million in ARR, saying that “it has reinforced that fractional work is not only possible, but it’s the best talent solution for companies looking to use ChatGPT and ML while staying capital efficient”.
About Fraction:
Fraction is a leading platform for fractional software developer services that help startups and growing companies access the best developers in the United States by hiring them in long-term, part-time (“fractional”) positions. Fraction ensures success of their clients by including project management, product management, and software architecture guidance as part of every single engagement.
About Praveen Ghanta:
Praveen Ghanta is the CEO of the company Fraction. He has great expertise in the area of generative AI and is able to leverage the AI talent at Fraction to benefit the company and its clients. Ghanta was the one who noted the growing demand for AI skills from the company’s customers.
About Alyssia Maluda:
Alyssia Maluda is the Head of Developer Relations at Fraction and is very experienced in integrating with LLMs (large language models like ChatGPT). She has contributed to the success of Fraction by helping the company leverage AI talent to satisfy the needs of its clients.
