Rivi Labs: Pioneering the Future of Technology Consulting and Innovation
CXOToday has engaged in an exclusive interview with Mayank Makkar, Founder and CEO at Rivi, an AI and Technology consulting company
- Could you tell us more about the genesis of Rivi Labs and its mission in the technology space?
The genesis of Rivi Labs dates back to July 2020, during a critical period when the COVID-19 pandemic heavily disrupted the travel industry. Before this shift, our focus was on Rivi, an ‘AI in travel’ product. Much like a ChatGPT for travel, Rivi utilized more than 20 specialized machine learning models to offer users a fully personalized, end-to-end trip-planning experience.
As the pandemic put global travel on pause, we realized that a strategic pivot was essential. With our profound expertise in AI, machine learning, and travel technology, we reshaped our business model, launching Rivi Labs as a next-generation technology consulting firm.
Our mission goes beyond just technology adoption. We aim to act as catalysts for business transformation, guiding companies on their digital journeys, and helping them harness transformative technologies with efficacy. With our specialized strengths in emerging technologies like AI, we seek to empower organizations to reimagine possibilities and pioneer innovative solutions.
- How has Rivi Labs evolved since its inception in July 2020, and what areas of technology and innovation does it specialize in?
Since launching in July 2020, Rivi Labs has rapidly grown into a leading technology consulting company. Our specialization lies in AI and machine learning, software engineering, product design, and deep technology. Leveraging this expertise, we support companies in crafting the products of the future. Working closely as their Product Development Partners, we guide their digital transformation and help them envision, strategize, and build advanced platforms, intelligent AI solutions, and pioneering innovations that shape the future.
- What inspired you to create Rivi, the B2C AI travel application, and how did it lead to the establishment of Rivi Labs?
The inspiration to create Rivi came from a personal pain point I encountered while planning an international multi-city journey. Traditional travel planning and holiday packages lacked the personalization and flexibility I sought. Recognizing the gap, we founded Rivi in 2018 with the vision of using AI to transform travel planning entirely. We launched an AI trip planner that operated much like a ‘ChatGPT for travel,’ which could understand travelers’ unique needs through natural conversation and provide fully personalized, end-to-end travel plans. This led to the development of over 20 specialized AI models to support the product.
However, the COVID-19 pandemic in 2020 imposed severe restrictions on travel, forcing us to rethink our strategy. Capitalizing on our profound proficiency in AI, machine learning, and travel tech, we repositioned Rivi to emerge as a B2B AI and tech consulting entity – Rivi Labs. This transition was seamless, thanks in part to the technical foundations we’d laid while developing our AI trip planner. We established successful partnerships with industry giants like Ford and Decathlon, as well as numerous startups, serving as their Product Development Partners. Today, Rivi Labs powers AI trip planners for some of the world’s leading travel companies.
- Can you share some of the key milestones and achievements of Rivi Labs since its launch?
Key milestones for Rivi Labs include securing long-term partnerships with global clients like Ford and Decathlon. We also developed a sustainable tourism platform for Hawaii that has attracted over 1 million users. Internally, we’ve grown our Product and Engineering team to over 30 professionals. Financially, we’ve been consistently profitable for over 2.5 years, positioning us for future rapid expansion.
- In the face of the COVID-19 pandemic’s impact on the travel industry, what motivated the pivot from Rivi to Rivi Labs, and what new opportunities did you explore?
During the height of the COVID-19 pandemic, the travel industry was among the hardest hit. Given this difficult climate, our existing business model for Rivi, which focused on AI-driven travel, faced an unsustainable future. However, we had an exceptional team in place, and failing to retain them would have been a missed opportunity. Our immediate priority shifted to identifying a business initiative that could generate revenue promptly, as opposed to high-burn, late-revenue models.
This need for adaptation motivated our transformation into Rivi Labs. Leveraging our expertise in AI, machine learning, software engineering, and product design, we transitioned into a technology consulting firm. The new model aimed to produce revenue quickly by delivering immediate value to a diverse set of clients, including established names like Ford and Decathlon. This change not only enabled us to retain our skilled team but also set us on a growth trajectory, leading us into new, profitable directions even amid global economic uncertainty.
- What sets Rivi Labs apart from other technology consulting companies, and how does your team contribute to helping businesses build advanced technologies?
What sets Rivi Labs apart from other technology consulting companies is our future-forward approach, specialized expertise in AI and modern technology stacks, and a commitment to delivering end-to-end ownership from product roadmap to release. We’re not just consultants; we act as an extended team for our clients, collaborating closely and taking ownership much like an in-house unit would. This enables us to accelerate time to market, reduce the risk associated with poor talent acquisition, and provide strategic product direction.
- Could you share some insights into your experience bootstrapping Rivi and subsequently raising a pre-seed round of $150,000 in October 2019?
The pre-seed investment validated our vision of building the future of travel. It allowed us to expand our team and ramp up our capabilities, even amidst challenging times.
- How do you see the future of technology innovation, and what role does Rivi Labs aim to play in shaping that future?
We see a promising future in technology innovation, with AI taking center stage. Rivi Labs aims to play a pivotal role in shaping this future. We are targeting key areas such as AI consulting, Generative AI application development, and ventures into new realms like the Metaverse. Our goal is to serve as a trusted technology partner for companies, especially those traditionally outside the tech sphere, aiding their transition into the digital and AI era.
- What advice would you give to aspiring entrepreneurs looking to navigate challenges and pivot successfully, as you did during the pandemic?
I would advise entrepreneurs to stay resilient, embrace uncertainty, and view challenges as opportunities to create something even better. The pandemic was a chance for us to evolve and unlock new potential.
- Can you highlight any recent projects or partnerships that showcase Rivi Labs’ commitment to redefining possibilities through innovative technology solutions?
One recent project that highlights Rivi Labs’ commitment to innovative solutions aimed to address over-tourism at popular sites in Hawaii.
We were brought in to lead the product development of a unified online ticketing and reservation system for managing visitor access to Hawaii’s popular but overcrowded parks. Our team developed an intuitive suite of web applications that enable tourists to easily book dates, times and parking for sites.
With over a million users to date, the platform has played a key role in mitigating the effects of over-tourism while enhancing the visitor experience. It perfectly aligns with Hawaii’s vision for sustainable management of its natural assets.
Additionally, we are currently collaborating with some of the world’s leading online travel companies to launch AI trip planners, setting a new standard in personalized travel planning through natural language conversations.
