Interim CTO & Fractional CFO
AirWorks
AirWorks, a spinout of the MIT Sloan Business School, utilizes Machine Learning to process multi-spectral aerial drone surveys for the building and construction industry. By integrating innovative technology into their operations, AirWorks exemplifies how cutting-edge solutions can enhance efficiency and accuracy in data analysis for the construction sector. This AirWorks case study highlights how an interim CTO and fractional CFO helped a growing business succeed.
“TechCXO gave us the Technical Executive that we needed at a critical transition in our business, and they continue to be fantastic partners as we grow and scale.”
Overview
AirWorks had an acute need for a technical Interim CTO to take over for the departing Lead Technologist inside a two-week notice period onsite in Boston.
Challenges
- Technical lead exited
- Technology not aligned with business goals
- Capital needed for runway, product innovation and market penetration.
Goals
AirWorks had an acute need for a technical Interim CTO. The firm also needed non-dilutive capital for expansion.
Solutions
TechCXO quickly completed the successful handoff of responsibilities and began building the technical department through the following steps:
- Hired First Line Management, Director of Engineering, Head of AI, and the Product Manager
- Hired Engineers for WebApp and Machine Learning teams
- Implemented Strategic Product Roadmap planning
- Implemented Quarterly OKR and career path planning
- Kicked off SOC-2
- Made introduction to successful Venture Debt funding
- Ongoing strategic Fractional CTO engagement
TechCXO also assisted with CFO services, including:
- Capital Raise
- Financial Due Diligence
- Transaction Readiness
- M&A
Interim CTO
Fractional CFO
Outcome
AirWorks completed a minimally dilutive $2.5M Series-A round to expand runway, subsequently leading to 5x ARR growth, and a growth equity investment led by PSG.
TechCXO gave us the Technical Executive that we needed at a critical transition in our business, and they continue to be fantastic partners as we grow and scale.
- David Morczinek CEO & Co-founder, Airworks