Surveys have long been used by marketing teams and other business decision makers to find out how customers are working. However, putting them together is costly, difficult to run on a large scale, and after all, can only be as reliable as the data contained in them.Today, London startups ProveIs building a cloud-based no-code big data solution that it believes will provide the answer to these challenges, and has announced $ 60 million in growth funding following record business growth over the last two years. doing.
The company’s CEO and co-founder, Jeremy King, says the machine learning-based approach is gaining momentum over many existing players in the field of online market research. more — To provide faster and more accurate results.
“The dark secret is that most online research is of very poor quality,” he said in an interview, and if he gave the same overview to five traditional market research organizations, he could get five different answer sets. Said high. Give an overview of one building to five architects. Attest’s goal is to move away from it and build a much more consistent and therefore reliable framework for market research.
“We’re trying to make it as good as possible. It’s not perfect yet, but at least we’re trying, and most online surveys frankly haven’t tried at all,” King said. .. He also described the company’s methodology as “suicidely transparent.” It’s a pitch that sounds pretty honest, but it still seems to have chorded with many celebrities.Its customer list includes: Microsoft, Santander, Walgreens / Boots, Klarna, Brew Dr. Kombucha, Fabletics, eToro, Publicis, etc. others..
The investment, along with other unnamed backers, came from returning investors NEA and Kismet, and Attest said it would raise a total of $ 85 million so far. Other investors in the company include Oxford Capital and Episode 1 ( $ 3.1 million for the 2019 round).
The proof does not disclose its assessment, PitchBook data Post-money in August of this year, which seems to have actually ended this latest round, was revealed to be just under $ 273 million.
As you can expect from startups working in the data world, Attest has some very attractive data points of its own.
The startup has built a large database aggregated from hundreds of individual panels, user groups, and more, with a total of 110 million consumers in 49 countries. The promise is that every user (no technical expertise required) will create a survey within minutes, target the segment of users they need from that large pool, and return an answer within 24 hours. ..
Among these results, Attest uses a complex set of algorithms as part of what King described as a 15-step process that begins with question creation, audience procurement, data processing, and visualization delivery. It guarantees the data in terms of the number of responses and consistency. It helps those who are doing research.this is price In the freemium model, paid tier users basically buy credits that are used based on one credit, which is equivalent to one answer for each question. These credits work at prices ranging from 40 cents to 60 cents.
King said Attest is paid user-independent, and that it can also place surveys at access gates, run on social media, and build campaigns based on questions that are indirectly mapped to demographics. Never build (Are you the dreaded 1980s Brat Packer ??’). According to King, these are the gateways to low-quality data. People usually just click on the data and it doesn’t get in the way. Instead, it relies on those algorithms. These algorithms are designed to understand what kind of audience is most useful and willing to answer the question you are asking. That said, those construction questions can also be chosen to work with real humans at Attest if you need help understanding useful questions.
The larger topic of research and “consumer engagement” is the hot button of the last few years, especially because of its potential role in areas such as data collection and how that data is ultimately tied together. It was like a problem. Specific user. Some people believe Not just that Facebook Other social media companies Companies building business models based on engagement have many answers on how to build an experience and fine-tune algorithms to display more engaging content, regardless of the quality or nature of the media in question. I have.
King says that what Attest does is take a big step from all that. The back end is full of complexity and technology, while the front end is direct in older schools, for example to determine if it’s a Bertolli olive. The oil will finally be clean and you should admit that it actually originated in Spanish, not Italian.
In a market estimated at $ 80 billion, according to King, data supports and in some cases replaces basic intuition in business decision making, increasing demand for research on the platform. It is said that there is. And that’s why investors are also interested.
NEA partner Colin Bryant said: statement. “In the current situation, the need to take advantage of consumer behavior is greater than ever, and we’ve seen how Attest has driven brand growth across pandemics, and the demand for consumer data is increasing. I expect it to get stronger. “
Asheque Shams, Kismet’s general partner, said: “We are a startup investment company whose mission is to help fast-growing tech companies reach their full potential, so we are very excited to partner with Jeremy and the team. . “
Attest raises $60M to expand its no-code approach to research-surveys-as-a-service, which taps 110M consumers in 49 countries – TechCrunch Source link Attest raises $60M to expand its no-code approach to research-surveys-as-a-service, which taps 110M consumers in 49 countries – TechCrunch