When developers build software with API access, they have to find a way to fairly bill users for accessing the API gateway. A flat rate would probably not cover the most intensive users and would be unfair to the least intensive. Archetype, a start-up company, has created a metering solution so that developers can bill based on usage.
The company has announced an initial investment of $3,1 million to get the company up and running. The financing closed in May of last year.
“What we do at Archetype is create an API billing platform. Essentially, what we do is create a billing and control structure for companies that prioritize APIs », explains Behailu Tekletsadik, co-founder of the company.
Tekletsadik claims that its solution builds on Stripe services to offer developers a complete metering service. "We are built on top of Stripe to allow easy integration across their back-end services and some front-end portals to allow API-first businesses to launch self-service products and monetize their platforms."
This could include usage-based pricing, issuance of usage limits, or fee restrictions. He says that all of that is lumped together in a "battery-included service."
It works like any API service: it's just one line of code and you can configure the different elements through a control panel. It can also be configured using the Archetype component library for an external client.
“If you want to roll out a self-service [item], like automatic pricing to your end customer, you can take advantage of our library of components and basically dynamically update anything. In addition, customers can check their information, usage statistics and manage their subscription through our customer portal”, he explains.
It's still early days for the product, and the company is testing the solution with a few customers. The company currently has eight employees and has just hired a couple of engineers.
“I always try to look for excellence first, and see if [the candidate] also brings some cultural change [to the company]. I think one of the first things I learned early in my career is that it's good to have people with different backgrounds and experiences. They can implicitly challenge you on some of the things that you might think are normal, that might not be right," he said.
The company's seed round was led by MaC Venture Capital, with participation from Hustle Fund, Magic Fund, NOMO Ventures, Soma Capital and other investors.
