Aravind Srinivasan, Chief Executive Officer (CEO) of Purplelicity, clearly stated that there are no financial issues with the company and that there are no plans for an initial public offering (IPO) for the time being. The CEO personally addressed the recent crisis rumors that have spread mainly within online communities.
According to reports from TechCrunch and other media on the 31st, CEO Srinivasan recently posted on Reddit to explain the background of changes in Purplelicity's product policies and emphasized that there are no issues with the company's financial health.
In his post, he noted, "We are retaining the funds we have secured, and revenue continues to increase," adding, "At the same time, there are no plans for a corporations offering before 2028."
Recently, some users have analyzed that the new "Auto mode" feature of Purplelicity is a measure intended to reduce expenses. They claimed that the company is facing a financial crisis and is urgently changing its products to cut costs.
CEO Srinivasan responded, stating that the reason for introducing the "Auto mode" is that adding excessive features to artificial intelligence (AI) products, making them overly complex, is not a sustainable direction. He further said, "We must provide a simple experience so that users do not waste time learning the product."
Purplelicity's "Auto mode" is a feature that automatically selects the most appropriate AI model to respond based on user prompts. Previously, users could manually select from various models, but recently, automatic mode has been activated by default, leading to some complaints.