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When developers build software with API access, they need to know how to properly charge users for hitting the API gateway. A flat fee would not cover heavy users and would be unfair to the light ones. Archetype, an early stage startup, has created a metering solution, so developers can get paid based on usage.
It announced today that it has made a $3.1 million seed investment to get the company off the ground. The fund closed in May last year.
“What we’re doing at Archetype is building an API payment platform. So basically, what we’re doing is building an invoicing and control structure for API-first companies,” said the company’s founder, Hailu Tekletadi.
Teklesadic says its solution relies on Stripe services to provide developers with a full-service scaling solution. We built on top of Stripe to enable easy integration with their backend services and some front-end portals to enable API-first companies to launch self-service products and monetize their platforms.
This may include usage-based pricing, usage limits, or price caps. It says it’s all “batteries including service” rolled into one.
It works like any other API service – it’s just a line of code and you can configure different components through the dashboard. You can also configure it using the Archetype component library for an external client.
“If you want to deploy self-service [element] You can just automatically deploy prices for your end customer, use our component library and basically dynamically update anything out there. And your customers can view their insights, usage statistics and manage their subscriptions through the customer portal, he said.
The company is testing the solution using a few customers and the product is still in its infancy. Currently, the startup has 8 employees and has hired two engineers. Teklesadiq, who is black, says he’s built a diverse team so far, even if it wasn’t intentional.
“I always try to strive for excellence, and see if it is [the candidate] It also brings about any cultural change [to the company]. I think one of the things I learned early in my career is that it’s good to have people from different backgrounds and experiences. ,” 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.
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