WEBVTT - Bloomberg Businessweek Weekend - June 6th, 2025 0:00:02.759 --> 0:00:07.240 Bloomberg Audio Studios, Podcasts, Radio News. 0:00:08.640 --> 0:00:12.920 This is Bloomberg Business Week Daily recording from the magazine 0:00:13.000 --> 0:00:16.840 that helps global leaders stay ahead with insight on the people. 0:00:18.800 --> 0:00:22.959 Today's complex economy brings together business, finance. 0:00:23.040 --> 0:00:24.520 Business as it insights. 0:00:24.600 --> 0:00:28.680 The Bloomberg Business Week Daily Comcast with Carol Mass and 0:00:28.840 --> 0:00:31.280 Tim Sten Events Business Bloomberg Radio. 0:00:31.360 --> 0:00:33.000 Today, we're going to bring you some of our favorite 0:00:33.000 --> 0:00:36.440 conversations from the event. We'll hear from leaders across the 0:00:36.520 --> 0:00:40.879 tech sector, including CEOs, podcasters, and even a Nobel laureate. 0:00:41.080 --> 0:00:43.840 First up this hour, we spoke with Anne Romandi. She's 0:00:43.880 --> 0:00:46.080 the chief operating officer of Asauna. 0:00:46.400 --> 0:00:47.919 I want to bring in Anne Rimondi. 0:00:48.120 --> 0:00:52.560 She is COO of Asauna, the productivity platform. She joins 0:00:52.600 --> 0:00:56.200 us here on set at the Bloomberg at the Bloomberg 0:00:56.240 --> 0:01:00.840 Technology Summit. Shares of asanafel by twenty percent on Wednesday. 0:01:01.040 --> 0:01:04.160 The company's first quarter results prompted a downgrade by HSBC, 0:01:04.400 --> 0:01:07.760 despite the fact that revenue came in right on the 0:01:07.800 --> 0:01:10.800 average analiss estimate. The company also Carol raised its full 0:01:10.880 --> 0:01:14.520 year non gap operating margin guidance as it was reflecting 0:01:14.520 --> 0:01:18.080 our confidence and our ability to drive durable, profitable growth 0:01:18.120 --> 0:01:20.360 even in the face of macroeconomic uncertainty. 0:01:20.400 --> 0:01:22.560 There's a lot coming at companies. And Ramandi is COO 0:01:22.640 --> 0:01:24.760 and head of business at Asana. Company has a three 0:01:24.800 --> 0:01:26.640 and a half billion dollar market cap and she's here 0:01:26.680 --> 0:01:27.080 on site. 0:01:27.280 --> 0:01:28.600 Nice to have you here with us. 0:01:28.600 --> 0:01:30.720 Great to be here. Good, it's so great to see 0:01:30.760 --> 0:01:33.000 both of you. And excited to be here at the conference. 0:01:33.080 --> 0:01:35.000 It's great to have you here. We love the energy. 0:01:35.240 --> 0:01:38.600 Tell us though, about this macro environment and the macro uncertainty. 0:01:38.120 --> 0:01:38.920 That's still out there. 0:01:39.000 --> 0:01:41.280 Yeah, I think a lot of it is just slowing 0:01:41.280 --> 0:01:44.240 down some of the bigger decisions that customers are making, 0:01:44.360 --> 0:01:48.520 whether that's site full spail transformation or a lot of 0:01:48.640 --> 0:01:52.680 larger consolidation initiatives. But the bright spots we're seeing is 0:01:52.840 --> 0:01:56.280 companies are leaning really heavily into AI and so that's 0:01:56.360 --> 0:02:00.640 where we are also really excited. We launched AI, which 0:02:00.680 --> 0:02:03.520 is an add on to the Asana platform, and that 0:02:03.600 --> 0:02:05.880 performed really well in Q one, and it didn't fully 0:02:05.920 --> 0:02:08.320 launch until sort of the second half of Q one, 0:02:08.360 --> 0:02:10.679 but that's where we're seeing a lot of customer excitement. 0:02:10.919 --> 0:02:13.080 I'm glad you brought up AID because that's exactly where 0:02:13.080 --> 0:02:14.720 I want to go. I've been thinking a lot about 0:02:14.760 --> 0:02:17.400 what I heard from Dario amade over at Endthropic. I 0:02:17.440 --> 0:02:19.519 think it was just last week he told Axios that 0:02:19.880 --> 0:02:23.239 we could see some real workforce destruction in the next one. 0:02:23.040 --> 0:02:24.000 To five years. 0:02:24.320 --> 0:02:28.919 AI could lead to ten or twenty percent unemployment if 0:02:29.000 --> 0:02:31.079 and he could destroy about half of all entry level 0:02:31.120 --> 0:02:34.200 white collar jobs. If that happens, that would be really 0:02:34.200 --> 0:02:36.880 bad for companies that make productivity software like Asana. 0:02:37.000 --> 0:02:41.960 Now, what we're seeing is, and you know, Anthropic is 0:02:42.000 --> 0:02:45.480 a very important partner of ours, Dustin, our founder and CEO, 0:02:45.600 --> 0:02:50.480 is quite involved there. There's the bigger concern of disruption 0:02:50.560 --> 0:02:51.080 of jobs. 0:02:51.160 --> 0:02:52.400 I think what we're seeing. 0:02:52.160 --> 0:02:56.639 With our customers though, is the ones that are kind 0:02:56.639 --> 0:03:00.520 of staying ahead. They see the opportunity right right now 0:03:00.680 --> 0:03:04.600 is human and AI collaboration. Because as far as you know, 0:03:04.680 --> 0:03:09.000 we're seeing, AI is not fully replacing entire jobs. I 0:03:09.000 --> 0:03:13.040 think what AI is really good at is automating a 0:03:13.080 --> 0:03:16.400 lot of tasks that right now could allow people to 0:03:16.440 --> 0:03:17.240 be more productive. 0:03:17.360 --> 0:03:20.640 So we're right, do you c AI fully replacing jobs 0:03:20.639 --> 0:03:23.600 in the next one to five years, Like Dario Amide says, 0:03:24.800 --> 0:03:25.200 I don't. 0:03:25.080 --> 0:03:28.079 Think I'm in the physician to predict quite as well 0:03:28.080 --> 0:03:32.480 as Doris. But I do think we see, you know, 0:03:32.520 --> 0:03:35.280 with our customers. What we see is they're very intentional 0:03:35.360 --> 0:03:38.240 of there are some jobs that are likely the most 0:03:38.280 --> 0:03:41.080 likely to go away, the ones that are tasks that 0:03:41.200 --> 0:03:43.960 can be and in some ways you want to be 0:03:44.040 --> 0:03:46.480 replaced by AI so people can be doing things that 0:03:46.480 --> 0:03:48.960 are more creative and more productive. I think there are 0:03:48.960 --> 0:03:51.920 some jobs that will be changed with AI where A 0:03:52.120 --> 0:03:54.000 is going to be an integral part of how people 0:03:54.040 --> 0:03:56.760 do their jobs. And then what we're hopeful for is 0:03:56.760 --> 0:04:00.120 that there's a whole set of new jobs that are 0:04:00.440 --> 0:04:01.640 that only people can do. 0:04:02.480 --> 0:04:03.600 So I do think. 0:04:03.440 --> 0:04:07.040 We're right in the midst of uh, you know, transformation 0:04:07.560 --> 0:04:10.200 at a rate that we probably haven't seen before. 0:04:10.800 --> 0:04:12.360 But what we're really focused. 0:04:11.960 --> 0:04:17.360 On is like helping companies manage through that transition by 0:04:17.520 --> 0:04:22.120 enabling their existing employees to embrace AI in their workflows. 0:04:22.360 --> 0:04:23.839 And one thing I want to ask you about is 0:04:23.920 --> 0:04:25.360 I think all of a sudden, tim and I think 0:04:25.400 --> 0:04:27.560 feel it in terms of the use of AI, where 0:04:27.560 --> 0:04:29.440 it was kind of like, ohyeah, everybody else is using it, 0:04:29.480 --> 0:04:31.720 and all of a sudden, we're really leaning in big Yeah, 0:04:32.279 --> 0:04:36.800 finding it super productive, but that innovation or innovative. 0:04:36.279 --> 0:04:38.159 Cycle is moving really quickly. 0:04:38.240 --> 0:04:39.760 Yeah, and I do wonder what it means for a 0:04:39.760 --> 0:04:42.360 company like you where you are kind of facing that 0:04:43.000 --> 0:04:46.400 speed and then hoping to continue to differentiate yourself from 0:04:46.440 --> 0:04:47.800 everybody else who's also. 0:04:47.600 --> 0:04:49.119 Moving really fastest. Yeah. 0:04:49.200 --> 0:04:51.279 Well, one of the things that we're saying is like, 0:04:51.480 --> 0:04:55.160 at least for our business, why we're investing so heavily 0:04:55.160 --> 0:04:58.400 in AI is that we do see a shift ultimately 0:04:58.440 --> 0:05:02.120 from seat based in so to consumption base and so 0:05:02.360 --> 0:05:05.360 wanting to be ahead of that. I think the other 0:05:05.400 --> 0:05:08.440 thing that we're really seeing that's important to sort of 0:05:08.480 --> 0:05:12.440 focus on is like, how can the companies enable employees 0:05:12.560 --> 0:05:17.240 to understand how the LMS work be proactive in where 0:05:17.240 --> 0:05:19.920 they're applying and deploying AIG education. 0:05:19.600 --> 0:05:21.600 Side there really there, really really is. 0:05:22.240 --> 0:05:24.440 The other thing that we're seeing is you were mentioned 0:05:24.440 --> 0:05:27.839 like now everyone's using it, but what we're also finding 0:05:28.000 --> 0:05:31.080 is that when it is very bottoms up and in 0:05:31.160 --> 0:05:35.400 every single tool and everybody's got a chat bop, companies 0:05:35.440 --> 0:05:40.880 actually aren't realizing the either the productivity gains or the acceleration. 0:05:41.520 --> 0:05:45.159 The companies that are moving ahead are doing it in 0:05:45.200 --> 0:05:49.240 the very tops down coordinated way, which isn't always how 0:05:49.279 --> 0:05:51.040 technology has been adopted in the past. 0:05:51.080 --> 0:05:52.480 But with AI, I think that. 0:05:52.560 --> 0:05:55.680 Strategic view on where you're going to deploy AI is 0:05:55.760 --> 0:05:58.679 really critical to actually realize the gains. 0:05:59.200 --> 0:06:01.760 Let's talk a little bit of the macro economic environment. 0:06:01.839 --> 0:06:04.800 You've got a great view of the global economy. Where 0:06:04.800 --> 0:06:06.400 are you seeing strength where you're seeing weakness? 0:06:06.839 --> 0:06:10.320 Yeah, geographically for us, we're actually seeing quite a bit 0:06:10.360 --> 0:06:13.480 of strength internationally in emia in Japan. 0:06:14.720 --> 0:06:16.720 Does that surprise us that? 0:06:17.080 --> 0:06:19.680 You know, that doesn't be given all the things in 0:06:19.720 --> 0:06:22.320 the macro But I think for us in particular the 0:06:22.360 --> 0:06:26.320 segments and the verticals that we're in outside of tech, 0:06:26.760 --> 0:06:30.080 a lot of companies are continuing to you know, invest 0:06:30.080 --> 0:06:35.560 in technology, invest intentionally in AI. We see that in manufacturing, energy, 0:06:35.760 --> 0:06:37.880 financial services, healthcare. 0:06:38.200 --> 0:06:40.960 But is this is this a function of actual strength 0:06:41.000 --> 0:06:43.400 in those economies or is it a function of these 0:06:43.440 --> 0:06:44.680 are the sectors. 0:06:44.200 --> 0:06:46.200 That are finally adopting this technology. 0:06:46.240 --> 0:06:48.159 So the tech sector was the first sector to do that, 0:06:48.600 --> 0:06:51.760 obviously your core customer base, but now you're seeing your 0:06:51.760 --> 0:06:55.120 tools being adopted by other types of companies the latter. 0:06:55.279 --> 0:06:58.560 Yeah, that they're really embracing, Hey, how can they be 0:06:59.160 --> 0:07:03.640 intentional and active in not only adopting collaborative work management, 0:07:03.720 --> 0:07:04.920 but AI on top of that. 0:07:05.360 --> 0:07:07.120 I got to ask you just be cast today the 0:07:07.120 --> 0:07:09.840 press conference from the White House, there's a lot said 0:07:09.920 --> 0:07:14.640 about Elon. It was a long one, and it does 0:07:14.680 --> 0:07:19.160 feel like the romance, the big tech romance between President 0:07:19.200 --> 0:07:20.440 Trump and Elon Musk is over. 0:07:20.600 --> 0:07:22.920 Is that a good or bad thing for the tech community? 0:07:23.760 --> 0:07:24.240 Oh? 0:07:26.240 --> 0:07:27.920 I do not know if I am the expert to 0:07:27.960 --> 0:07:28.760 answer that question. 0:07:28.800 --> 0:07:30.880 I wonder he's on there rate, you know, and he's 0:07:31.040 --> 0:07:33.600 he's I think Elon is going out on social I 0:07:33.600 --> 0:07:35.760 mean a little aggressive at this. 0:07:35.760 --> 0:07:37.920 Point after being like this, it seems like I. 0:07:38.760 --> 0:07:42.840 Think underlying what we should all be focusing on as Hey, 0:07:42.960 --> 0:07:47.880 with uncertainty in the global macro, what can we do 0:07:48.080 --> 0:07:51.760 to make sure the most important businesses and companies and 0:07:51.800 --> 0:07:56.840 innovations are being invested in and accelerating, right, or a 0:07:56.840 --> 0:07:58.560 different way to say it, Roumy is like we're trying 0:07:58.560 --> 0:07:59.960 to figure out, like how do we control the good 0:08:00.120 --> 0:08:04.040 roll levels? Yeah, and know that we're in a you know, 0:08:04.120 --> 0:08:06.800 relatively volatile and political environment. 0:08:06.920 --> 0:08:07.840 Yeah, to say the least. 0:08:07.880 --> 0:08:11.120 Yeah, Tim ask you about you know, growth geographically, and 0:08:11.160 --> 0:08:12.720 we talked I feel like we talked a lot about 0:08:12.720 --> 0:08:14.680 what's going on overseas. How do you describe the US 0:08:14.720 --> 0:08:17.320 market right now and willing to do the capital spend, 0:08:17.320 --> 0:08:19.680 whether it's on software, whether it's you know, that's your world. 0:08:20.440 --> 0:08:22.320 But what is kind of your take on that. 0:08:22.480 --> 0:08:25.960 The sentiment we're hearing, especially from our larger customers is 0:08:26.360 --> 0:08:30.520 a lot more intentionality. I would say, and there aware 0:08:30.560 --> 0:08:33.040 there's a bad yard, there is, there is and then 0:08:33.120 --> 0:08:35.760 I think there's you know, again depends on the sector 0:08:36.960 --> 0:08:40.400 they're trying to figure out from a priority standpoint one, 0:08:40.679 --> 0:08:43.679 how much do you invest in AI and where? And 0:08:43.720 --> 0:08:47.520 then everything else technology wise? You know, I do think 0:08:47.559 --> 0:08:51.120 there's we're seeing a lot more movement towards consolidation, which 0:08:51.160 --> 0:08:54.120 is which really was sort of the after effects of 0:08:54.280 --> 0:08:56.800 like the technology bloat during the pandemic. 0:08:57.400 --> 0:08:59.480 Speaking of the tech, we're seeing in prints and costs 0:08:59.520 --> 0:09:03.360 actually down, a gentic workflow is making in roads. Job 0:09:03.400 --> 0:09:07.160 growth particularly and tech has been slow or is trending down. 0:09:07.559 --> 0:09:10.360 What does all this mean to your seat based revenue 0:09:10.760 --> 0:09:13.320 model and where really are we are in that transition? 0:09:13.559 --> 0:09:18.880 Yeah, I mean we're actively looking to you know, sort 0:09:18.920 --> 0:09:22.600 of balance from a fully seat based to a hybrid 0:09:22.640 --> 0:09:24.920 of seat based and consumption based. And we also think 0:09:24.960 --> 0:09:27.839 there's a sub segment of customers ultimately that may be 0:09:27.960 --> 0:09:31.640 spending more on consumption and we're already seeing early signs 0:09:31.640 --> 0:09:34.040 of that, probably in more like our mid market customers 0:09:34.080 --> 0:09:37.480 who are now spending as much on seat as they 0:09:37.520 --> 0:09:41.160 are on AI and the credits. So I think that's 0:09:41.160 --> 0:09:44.400 like good, you know, positive news in terms of a transition, 0:09:45.320 --> 0:09:47.560 and so we're can you know, continue to invest in 0:09:47.720 --> 0:09:49.760 how we might help customers. 0:09:49.360 --> 0:09:50.520 Sort of shift in that direction. 0:09:50.640 --> 0:09:52.560 One of last question is I think something we talked about, 0:09:52.640 --> 0:09:56.080 you know, all of these programs that AI will make 0:09:56.160 --> 0:09:58.240 us more productive, no doubt about it. But going back 0:09:58.280 --> 0:10:00.920 to that idea of like what jobs does it take 0:10:01.000 --> 0:10:03.920 that headcount, like, ultimately does it make us more productive? 0:10:03.960 --> 0:10:06.640 We don't need so many people. And then coming back 0:10:06.640 --> 0:10:08.680 to you, guys, we're not going to need as much 0:10:09.320 --> 0:10:11.800 in terms of demand and product from everybody. 0:10:12.000 --> 0:10:13.640 Here's that cycle going to play out? 0:10:14.600 --> 0:10:18.000 Possibly One of the things you know, Dustin, our CEO 0:10:18.040 --> 0:10:21.400 and founder often talked about is like, hey, what this 0:10:21.480 --> 0:10:25.560 evolution may look like again depending on the kind of company, 0:10:25.880 --> 0:10:27.880 what problems they solve, what products they. 0:10:27.760 --> 0:10:28.439 Bring to market. 0:10:28.760 --> 0:10:31.640 Is that they will start to see a shift from 0:10:31.840 --> 0:10:37.040 payroll spend to sort of AI consumption spend. And you know, Tim, 0:10:37.080 --> 0:10:40.040 you mentioned, hey, we're seeing costs come down. One of 0:10:40.080 --> 0:10:44.480 the things we really provide is choice for customers to 0:10:44.720 --> 0:10:48.960 actually transparently pick the models depending on the workflow, how 0:10:48.960 --> 0:10:52.400 complex it they So there's andy they can choose that 0:10:52.559 --> 0:10:54.760 And so I think that's going to be really critical too, 0:10:54.960 --> 0:10:57.760 is like it's not all models against you know, sort 0:10:57.760 --> 0:11:00.920 of like all problems really being able to pick judiciously. 0:11:01.760 --> 0:11:04.839 That's Ann Ramandi, the chief operating officer of Asana. 0:11:05.000 --> 0:11:07.559 You're listening to a special edition of Bloomberg Business Week, 0:11:07.800 --> 0:11:10.480 coming out more conversations from our trip out west to 0:11:10.520 --> 0:11:13.760 the Bloomberg Tech Summit. I'm Carol Masser with Tim Stenebeck. 0:11:14.040 --> 0:11:15.079 This is Bloomberg. 0:11:22.200 --> 0:11:26.200 You're listening to the Bloomberg Business Weekdaily Podcast. Catch us 0:11:26.280 --> 0:11:29.720 live weekday afternoons from two to five pm Eastern. Listen 0:11:29.760 --> 0:11:33.320 on Apple CarPlay and Android Auto with the Bloomberg Business app, 0:11:33.480 --> 0:11:35.280 or watch us live on YouTube. 0:11:36.240 --> 0:11:38.760 Welcome back to a special edition of Bloomberg Business Week. 0:11:39.080 --> 0:11:41.439 Taking a look at some of our favorite conversations from 0:11:41.440 --> 0:11:42.640 the Bloomberg Tech Summit. 0:11:42.960 --> 0:11:45.719 Up next, we hear from Florian Cybel, co founder and 0:11:45.800 --> 0:11:48.920 CEO of Quantum Systems, Carol By early twenty twenty five. 0:11:48.960 --> 0:11:50.520 This is remarkable. When I was pre praying for this, 0:11:51.000 --> 0:11:54.280 drones were accounting to sixty to seventy percent of the 0:11:54.360 --> 0:11:57.320 damage and destruction cause to Russian equipment in the world. 0:11:57.360 --> 0:11:59.800 This is according to data from the UK based think tank, 0:12:00.120 --> 0:12:01.960 the Royal United Services Institute. 0:12:02.000 --> 0:12:03.760 You got to say, the way we think about warfare 0:12:03.760 --> 0:12:07.840 has definitely changed dramatically. And this is where Florian Cybel 0:12:07.880 --> 0:12:10.760 comes in. He's a former German Army helicopter pilot, an 0:12:10.800 --> 0:12:14.319 aeronautical engineer who a decade ago founded a company called 0:12:14.400 --> 0:12:18.760 Quantum Systems. It makes multi sensored drones. Now ninety percent 0:12:18.800 --> 0:12:21.280 of its sales go to the military sector, and it's 0:12:21.280 --> 0:12:25.040 provided thousands of drones to Ukraine specifically, and so we're 0:12:25.080 --> 0:12:25.280 kind of. 0:12:25.320 --> 0:12:26.079 Dying to talk to him. 0:12:26.240 --> 0:12:28.800 Flora Cybele joins us from Italy, Florid. 0:12:28.880 --> 0:12:30.079 Good to have you with us. I know there's a 0:12:30.120 --> 0:12:30.760 little bit of delay. 0:12:30.800 --> 0:12:32.920 We appreciate you taking the time and stand up a 0:12:32.920 --> 0:12:35.959 little late. In Europe for US on Bloomberg Business Week Daily. 0:12:36.280 --> 0:12:38.520 First big question that I have for you is, given 0:12:38.800 --> 0:12:41.360 what you know about Sunday's drone attack, were any of 0:12:41.400 --> 0:12:43.840 your drones actually used in that attack? 0:12:44.760 --> 0:12:48.280 So what we know not as in a way that 0:12:48.360 --> 0:12:51.520 they would act as being the ultimate weapon. 0:12:52.040 --> 0:12:54.040 All of the drones that we are building are. 0:12:54.040 --> 0:12:58.560 Used for ISR missions, which is intelligence, suwans and reconnaissance. 0:12:58.600 --> 0:13:02.280 So that means we are spotting potential targets. So our 0:13:02.360 --> 0:13:05.560 drones have wings, we have flight time of several hours, 0:13:06.080 --> 0:13:09.520 and then we've we fly deep into anti enemy territories, 0:13:09.559 --> 0:13:12.440 so we we spot and then then then other type 0:13:12.440 --> 0:13:13.280 of drones come in. 0:13:14.080 --> 0:13:18.760 Do do your drones ultimately replace the capabilities of aircraft 0:13:18.800 --> 0:13:20.240 such as the U two spyplane. 0:13:21.200 --> 0:13:24.760 Well, you know, there's there's a reason for every asset 0:13:24.880 --> 0:13:28.000 to have and I think you know mostly you know, 0:13:28.280 --> 0:13:32.160 war times are times of change, and new doctrines are happening, 0:13:32.280 --> 0:13:35.640 and and every war that is coming up will not 0:13:35.880 --> 0:13:38.319 start as as the as the last one ended. 0:13:38.400 --> 0:13:41.760 So you know, I'm not really sure if the next 0:13:41.880 --> 0:13:44.400 war will be all about drones. But but what I 0:13:44.440 --> 0:13:49.040 can say now, definitely it's it's a vehicle for Ukraine. 0:13:49.160 --> 0:13:52.040 To to fight off Russia because. 0:13:51.800 --> 0:13:57.240 They did not have enough conventional weapons to take to 0:13:57.280 --> 0:14:01.240 take them to the battlefield the way would have expected. 0:14:01.320 --> 0:14:05.000 So I mean they were just very curious and then 0:14:05.440 --> 0:14:06.319 using what they. 0:14:06.200 --> 0:14:08.960 Have and and and then that's where we are. And 0:14:09.000 --> 0:14:11.880 you know, this is technology changing the way things happen. 0:14:12.559 --> 0:14:14.200 Well, that's where Florine I kind of want to go. 0:14:14.240 --> 0:14:17.600 I think after that drone strike by Ukraine in Russia, 0:14:17.960 --> 0:14:18.480 we had so. 0:14:18.360 --> 0:14:20.120 Many conversations in the newsroom. 0:14:19.720 --> 0:14:22.560 About, oh my gosh, like warfare just continually to change 0:14:22.640 --> 0:14:25.640 very dramatically. My dad and his three brothers all thought 0:14:25.680 --> 0:14:29.040 in World War World War two, excuse me, a lot 0:14:29.080 --> 0:14:31.360 of hand to man to man combat was just a 0:14:31.480 --> 0:14:33.760 very different type of warfare. You know, we've seen the 0:14:33.800 --> 0:14:37.320 gamification of warfare. How does drones kind of make it 0:14:37.360 --> 0:14:40.360 safer on one level in terms of not putting people 0:14:40.480 --> 0:14:42.320 at the kind of right at the top, you know, 0:14:42.360 --> 0:14:44.240 the front line, if you will, But at the same 0:14:44.280 --> 0:14:47.000 time make it easier for someone to flip a switch 0:14:47.080 --> 0:14:49.120 and send drones into combat. 0:14:49.400 --> 0:14:51.880 You know, you use the word that that describes it 0:14:51.960 --> 0:14:56.680 quite well, which is gamification. You know, it's it's using 0:14:57.320 --> 0:15:02.480 a lot of technology that yeah, was spilling over from 0:15:02.560 --> 0:15:06.640 adjacent industries like cell phone technology. You know a lot 0:15:06.680 --> 0:15:12.800 of the small stuff chips, batteries, cameras that that they 0:15:12.840 --> 0:15:16.160 weren't just not available a few years ago to companies 0:15:16.240 --> 0:15:19.640 like US. And you know, the cell phone industry basically 0:15:20.560 --> 0:15:27.520 allowed us all to disrupt classical defense military companies because 0:15:27.640 --> 0:15:32.320 now you know it, it's available to everybody. And and 0:15:32.560 --> 0:15:35.520 China is very strong in that regard. And I think 0:15:35.560 --> 0:15:38.600 what has to happen now is we need to rebuild, 0:15:38.720 --> 0:15:42.200 specifically in the US, but also in Germany and Europe. 0:15:42.200 --> 0:15:45.520 We need to rebuild the industrial base to be capable 0:15:45.600 --> 0:15:49.880 of producing thousands, ten thousands, one hundred thousands of these units. 0:15:49.680 --> 0:15:50.280 It's it's not. 0:15:50.320 --> 0:15:54.720 About like a few multi hundred million dollar aircraft anymore. 0:15:54.760 --> 0:16:00.680 It's about large numbers are treatable platforms. You know, you 0:16:00.760 --> 0:16:04.520 want to saturate your adversary. And and there's companies like 0:16:04.600 --> 0:16:06.560 Quantum and and you all in the US that are 0:16:06.640 --> 0:16:08.720 changing the rules how we play. 0:16:09.000 --> 0:16:11.400 Florine, I am curious there is there somebody, an entity, 0:16:11.400 --> 0:16:13.000 a country that you will not sell to. 0:16:13.600 --> 0:16:16.880 Well, you know, in Germany, all of what we do 0:16:17.000 --> 0:16:20.240 is very regulated, and so we have a German Export 0:16:20.480 --> 0:16:24.440 Control Authority which is called BATHA, which is very much 0:16:24.480 --> 0:16:29.800 in line with NATO and the German governmental official position, 0:16:30.080 --> 0:16:33.320 and so we have to we have to fulfill these 0:16:33.360 --> 0:16:38.480 guidelines and guard Yeah, and so it's basically impossible for us, 0:16:38.640 --> 0:16:41.160 you know, from a legal perspective, for example, to sell 0:16:41.200 --> 0:16:44.800 into countries like Iran and Russia and China. But also 0:16:44.880 --> 0:16:47.680 you know then that that that's the legal perspective on it. 0:16:47.720 --> 0:16:50.920 And then we obviously we as the founders and we 0:16:51.400 --> 0:16:54.920 together with our investors have made it very clear that 0:16:55.360 --> 0:16:58.600 even though if we could sell to certain countries, you know, 0:16:58.760 --> 0:17:01.560 we we we we have to feel comfortable with that 0:17:01.680 --> 0:17:06.320 as a company. So for example, Saudi Arabia is probably 0:17:06.400 --> 0:17:10.719 one of those those countries that would would be quite 0:17:10.800 --> 0:17:14.680 obvious that we could sell to, but we would probably 0:17:14.680 --> 0:17:16.600 have a discussion before do so. 0:17:17.119 --> 0:17:19.400 You mentioned investors. The company is back by Peter Till 0:17:19.440 --> 0:17:20.920 We're going to talk about that in just a minute. 0:17:20.960 --> 0:17:22.399 Before we get there, I want to talk about the 0:17:22.400 --> 0:17:25.080 opportunity outside of Europe, because for much of the past 0:17:25.080 --> 0:17:27.960 three years you have been selling your drones to Ukraine, 0:17:27.960 --> 0:17:29.960 but you did just open a one hundred and thirty 0:17:30.000 --> 0:17:34.000 five thousand square foot facility here in California. What is 0:17:34.000 --> 0:17:36.200 the opportunity in the US market. 0:17:36.760 --> 0:17:39.320 I think that that was a very smart decision, you 0:17:39.359 --> 0:17:43.040 know what, to do that because the US DUD is 0:17:43.080 --> 0:17:47.960 the single largest Department of Defense in the world, and 0:17:48.080 --> 0:17:52.320 obviously Europe as a total is about the same size, 0:17:52.359 --> 0:17:55.640 but it's very fragmented into twenty six members state countries. 0:17:56.000 --> 0:18:00.280 So going to the US and entering that single biggest the. 0:18:00.400 --> 0:18:02.800 Market was a must do for US. 0:18:03.119 --> 0:18:05.199 There were a lot of people saying that it's going 0:18:05.280 --> 0:18:08.000 to be hard for a non US company to do well, 0:18:08.080 --> 0:18:11.480 but I think we managed to do so. You know, 0:18:11.520 --> 0:18:13.600 I have I've spent two years of my life in 0:18:13.640 --> 0:18:15.720 the US, one year in high school, one year when 0:18:15.720 --> 0:18:19.280 I was trained as a professional helicopter pilot in Fort Rauca, Alabama. 0:18:19.680 --> 0:18:22.080 So I think I picked a little bit up of 0:18:22.119 --> 0:18:26.240 the way of how America works and what's the life 0:18:26.720 --> 0:18:30.239 over there and how the people do business. And so 0:18:30.280 --> 0:18:33.679 I was very lucky to hire an excellent CEO coming 0:18:33.680 --> 0:18:39.480 from the drone defense industry, and he was setting up 0:18:39.520 --> 0:18:42.720 a Quantum Inc. In More Park and he has been 0:18:42.760 --> 0:18:47.000 doing incredibly well, and so I think you know, it's 0:18:47.040 --> 0:18:50.040 it's not the US or Europe. I think part of 0:18:50.080 --> 0:18:53.320 our mission is also to in these uncertain times of 0:18:54.280 --> 0:18:57.120 what we see at the moment where the US is 0:18:57.200 --> 0:19:02.520 trying to break away from Europe, that economic companies that 0:19:02.640 --> 0:19:06.160 are on the free market, Yeah, act as a glue 0:19:06.200 --> 0:19:09.159 maybe to together us through these times, because you know, 0:19:09.200 --> 0:19:12.479 the US has been always the biggest ally to Europe, 0:19:12.520 --> 0:19:17.359 especially what is coming up tomorrow D Day, and you know, 0:19:17.440 --> 0:19:19.280 we want to pay back a little bit here and 0:19:19.359 --> 0:19:21.199 so for me, it was a natural thing to go 0:19:21.240 --> 0:19:21.800 to the US. 0:19:21.960 --> 0:19:22.280 Yeah. 0:19:22.359 --> 0:19:24.840 Okay, So we are Bloomberg and we are always curious 0:19:24.880 --> 0:19:28.240 about interesting startups and as they are growing. And as 0:19:28.520 --> 0:19:31.560 to mentioned, you are backed by Peter Thiale. You just 0:19:31.680 --> 0:19:33.600 raised about one hundred and one hundred and eighty one 0:19:33.600 --> 0:19:36.600 million dollars a financing round, valuing you at more than 0:19:36.600 --> 0:19:39.720 a billion dollars. So kind of going into that unicorn status. 0:19:40.480 --> 0:19:43.360 When is the IPO if there is one, will. 0:19:43.200 --> 0:19:45.280 Be Europe, will be the United States? What will you 0:19:45.280 --> 0:19:46.240 guys do it? 0:19:46.440 --> 0:19:47.560 It's unclear at the moment. 0:19:47.640 --> 0:19:48.840 Right now, we're doing very well. 0:19:48.840 --> 0:19:49.560 We're probably going. 0:19:49.560 --> 0:19:52.760 To raise one or two more rounds, you know, being 0:19:52.800 --> 0:19:56.240 on the on the capital market also means you're very 0:19:56.240 --> 0:19:59.920 transparent in what you do. And you know, these big 0:20:00.080 --> 0:20:03.400 government contracts we are after there either zero or one 0:20:03.760 --> 0:20:06.119 and you know, we don't want to end up being 0:20:07.080 --> 0:20:13.159 the goal of you know, speculative betting on us or 0:20:13.160 --> 0:20:15.440 against us on Wall Street. So I think we'll take 0:20:15.520 --> 0:20:17.200 like one or two more years, one or two more 0:20:17.200 --> 0:20:21.360 financing rounds, and then probably as we are a German company, 0:20:21.480 --> 0:20:25.880 we could look into doing a European IPO or as 0:20:25.920 --> 0:20:29.880 you said, you know New York Stock Exchange, probably ten 0:20:29.920 --> 0:20:31.879 depends a little bit also on how well we do 0:20:32.280 --> 0:20:35.720 with our US facility. As you said, we have heavily 0:20:35.760 --> 0:20:38.480