Fraction, a leading platform for fractional software developer services, has doubled its annual recurring revenue to $2 million just three months after hitting its $1 million ARR milestone in January. Fraction attributes its success to the emerging demand for fractional developers with generative AI expertise.
“We’ve seen growing demand for AI skills from our clients,” said Fraction CEO Praveen Ghanta, as reported by CNBC. “Now we’re seeing it appear on developers’ resumes as a skill.” The emergence of generative AI tools like ChatGPT and Stable Diffusion has led to growing demand from technology firms looking for engineers with AI skills. “We have a number of fractional developers who are experts at integrating with LLMs (large language models like ChatGPT), so they are capable of driving our AI-engagements and immediately delivering value,” said Alyssia Maluda, Head of Developer Relations at Fraction.
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Fraction’s developers leverage their prompt engineering experience to know what inputs produce the best-generated result. “We are seeing the best results when developers chain multiple requests to LLMs together, or when they use the output of ChatGPT as the input to Dall-E – learning how to integrate these technologies has become an imperative skill in leveraging the full power of AI,” said Ghanta.
Fraction’s ability to tap into a larger talent pool to find niche skills like AI has helped the company reach a new milestone of $2 million in ARR just three months after surpassed seven figures in annual run-rate revenue. “Doubling our ARR in a short period of time 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,” said Jeffrey Baker, Head of Sales at Fraction.
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Founded in July 2022, Fraction helps startups and growing companies access the best developers in the United States by hiring them in long-term, part-time (“fractional”) positions. Fraction guarantees success by including project management, product management, and software architecture guidance as part of every engagement. Fraction combines the skill of 100% US-based senior developers with this delivery model to outperform offshore, nearshore, and domestic outsourcing options on a price-performance basis.
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