Recently, the startup Enterpret Inc. announced the completion of a $20.8 million Series A funding round, aimed at utilizing artificial intelligence algorithms to transform customer feedback into valuable product development insights.
This funding was led by Canaan Partners, with participation from several well-known investors including Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital. Additionally, angel investors such as Lauryn Motamedi, the product lead at Notion, and Elena Verna, Vice President of Growth and Data at Dropbox, also participated in this funding round.
Image Source Note: Image generated by AI, image licensed from Midjourney
Enterpret was founded in 2020 by two brothers, Varun and Arnav Sharma. Varun, the CEO of the company, stated that many companies tend to use unstructured methods when collecting customer feedback, which is both time-consuming and labor-intensive. Businesses often need to analyze and consolidate feedback data from various sources, such as sales calls, survey questionnaires, support tickets, social media posts, forum comments, and Slack messages. This complex process makes it difficult for companies to integrate information, leading to missed critical customer feedback, impacting product improvements and customer satisfaction, ultimately resulting in customer churn.
Enterpret believes that the solution to this problem lies in using adaptive no-code AI algorithms that can unify and analyze large amounts of unstructured feedback data from the aforementioned channels. This approach allows for an accurate understanding of the key themes and issues customers have regarding products and services, as well as a reasonable assessment of customer sentiment. These insights will help businesses make improvements, thereby enhancing customer satisfaction and increasing user retention.
As the driving force behind this technology, Varun and Arnav believe they have the capability to build such a system. Varun has served as a Customer Success Manager at companies like LinkedIn, Amplitude, and Scale AI, while Arnav has extensive AI experience as a Computational Linguistics Researcher and Engineering Lead at Uber.
Varun stated that their goal is to establish a customer-centric operating system. He pointed out, “Customer interactions are a valuable but greatly underestimated data set within businesses, and we hope to meaningfully unlock this data for the first time in this post-LLM era to help companies build top-notch products and drive business growth.” He mentioned that the funding will be used to continue building a leading platform and enhance market awareness.
It is reported that early adopters have already begun using Enterpret's model to analyze millions of feedback records to rapidly drive product improvements. Notion's Motamedi stated that Enterpret helped his company integrate customer feedback on new product experiences, allowing him to clearly understand which trends and themes should be prioritized for resolution.
Rayfe Gaspar-Asaoka from Canaan Partners also noted that successful companies often have a customer-centric approach, and Enterpret provides the tools to achieve this goal. He believes that “the era of AI-driven Qualtrics has arrived.”
Key Highlights:
🔍 Enterpret completes $20.8 million Series A funding, aiming to utilize AI to analyze customer feedback.
🤝 Led by Canaan Partners, with participation from renowned investors including Kleiner Perkins.
🚀 The platform can unify and analyze customer feedback, helping businesses improve products and services and enhance customer satisfaction.
