The $500M Founder Who Started Over - Shay Levi - Unframe.ai

Jason Kirby: Everyone, welcome back to 100 Million Dollar Exits. Today we have Shay—sorry—Shy Levi with us today… former co-founder and CTO of NoName Security that sold to Akamai for close to half a billion dollars, and now leading Unframed, which recently raised over 50 in a relatively short period of time.

Shay: Chai Levy. Correct. Chai Levy.

Jason Kirby: Welcome to the show.

Shay: Hello, great to be here.

Jason Kirby: I want to go straight into it. You’ve had a fast, impressive background raising capital. Walk me through the moment Akamai proposed buying you out for half a billion. What was going through your mind? How did that happen?

Shay: I’ll give a bit more background—when things started rolling, I was already not at NoName. I planned my departure around the end of January 2024. Shortly afterwards, the discussions started. I knew I was starting a new company, so my mindset wasn’t focused on whether the deal would materialize. These things take time. I stayed busy building Unframed. I always knew what we built at NoName was highly valuable, and it was interesting to see it evolve from initial, general discussions into something more concrete.

Jason Kirby: Were you actively in market trying to bring buyers to the table?

Shay: Not really. A year prior there were rumors—an article mentioned companies interested in NoName and even named Akamai. These processes rarely come out of the blue; they evolve.

Jason Kirby: The company raised ~200M relatively fast at NoName during the 2021 peak. From the outside it looked like a rocket ship. Why leave and pursue Unframed?

Shay: A few things happened. NoName was growing and selling well, but the CTO impact decreases as a framed space (API security) matures. I was very outbound-facing—customer engagements, outcomes—but over time fewer things are critical and you’re replaceable. Then the LLM moment happened. I had the idea for Unframed bubbling. I waited for someone to build it so I could invest—no one did. So I decided I had to do it. Six months before I left, I aligned with the board and my co-founder Oz. We thickened leadership, brought in strong VPR&D and CPO, and planned a gradual transition so I could depart in January.

Jason Kirby: With NoName raising 200M+ and a ~500M outcome, how would you rate that transaction given peak 2021 valuations?

Shay: Post-2021, investors realized in cybersecurity it’s crucial to be early. Most acquisitions cluster around ~250–700M. Late-round investors learned returns are less predictable. Preferred shares ensure at least 1x, then distribution. Seed/A investors usually see very nice returns—and founders too—while later rounds depend on entry valuations.

Jason Kirby: Interesting “sweet spot”—too big and you must go public; too small and you’re not a target.

Shay: Exactly—you must justify valuation if you go big. That’s a fight you should enter knowingly.

Jason Kirby: Tell me about Unframed.

Shay: I saw vendors using AI to charge more while enterprises truly wanted adoption. My thesis: perfectly align incentives. Unframed helps enterprises achieve specific AI use cases very fast—like five days. You license only if it makes an impact. It’s the “wish software into existence” model. Early fundraising was hard—people thought I’d hit my head switching from cyber to AI, and many said one product/one company only. Now it’s normal to work across verticals with multiple solutions. We ultimately raised $50M (seed + A led by Bessemer).

Jason Kirby: You came out with a fat initial raise. Why that choice?

Shay: The idea was risky and the enterprise AI landscape was uncertain. We chose more cushion (accepting more dilution) to navigate left/right as we learned. That didn’t come from investors; it was our call.

Jason Kirby: Outside the deck and team, what did you have?

Shay: I built small prototypes to validate fast-use‑case delivery. I received 19 “no’s” before the first “yes.” After that, momentum made subsequent rounds easier as the thesis proved out.

Jason Kirby: What momentum convinced later investors?

Shay: Engaging enterprises showed the model worked: they shared use cases; we delivered fast; some licensed quickly. Unlike selling API security (educate first), with AI the relevance is immediate. We had to filter real vs. science projects, but proof points stacked fast.

Jason Kirby: How do you manage momentum wearing CEO/CTO/sales hats?

Shay: Pressure always builds somewhere. We’re three founders (me, Adi—VP R&D, Larissa—CEO). I switch hats based on the hottest fire: weeks of selling, then deep tech weeks, then pipeline. The first 18 months are the hardest—static friction—until the company lives beyond founders.

Jason Kirby: Sales motion?

Shay: Consultative selling. We ask what you’re trying to achieve, then deliver a turnkey solution fast. Word of mouth is strong; motion is sales-led with marketing assist.

Jason Kirby: Are you the enterprise equivalent of Lovable for consumers?

Shay: Not DIY. We don’t hand you blocks—we deliver the tailored solution. You pay only after impact. Behind the scenes there’s a shared knowledge fabric/platform enabling speed.

Jason Kirby: Pricing?

Shay: T‑shirt pricing by complexity, disclosed upfront: $75k–$500k per year. Usually far more cost‑effective than building or heavy consultancies. Land with a quick win; then demand floods—dozens of new use cases in the same enterprise.

Jason Kirby: Biggest categories of requests?

Shay: Three: reporting, extraction/abstraction from files (Excel, contracts, etc.), and process automation.

Jason Kirby: What’s next—mega rounds, IPO?

Shay: Ambitious: build enough credibility that Unframed’s de‑risked, impact‑first model wins at scale. When we reach that threshold, demand will outpace capacity. If we ever miss steps, we’ll be an attractive acquisition—but we’re driving past exits toward a giant, enduring company.

Jason Kirby: How do you “package” a company for M&A versus VC hyper‑growth?

Shay: Map acquirer interests: product, vertical strength, or talent. Start partnerships around common interests; conversations evolve. For acquirers, potential post‑deal ARR matters more than today’s ARR. Align with their strategy and sales motion.

Jason Kirby: What separates founders who raise massive rounds from the rest?

Shay: Large raises need justification: model training costs, hyper‑competitive markets, or speed demands. Your ask must fit the game you’re playing—too low or too high signals misunderstanding.

Jason Kirby: Advice to founders exploring enterprise AI?

Shay: Be honest about your personal goal. If it’s financial freedom, choose a tighter risk profile and likely M&A path—play to strengths and ecosystem. If it’s a moonshot, embrace risk and the “crazy” that moves the world forward.

Jason Kirby: How can people reach you and learn about Unframed?

Shay: Add me on LinkedIn or email shay@unframed.ai. Enterprises can visit unframed.ai to see industries and request a demo.