Enterpret Raises $20.8M to Revolutionize Customer Feedback Analysis with AI

Enterpret raises $20.8M to interpret customer feedback everywhere with AI models

Enterpret raises $20.8M to interpret customer feedback everywhere with AI models A startup called Enterpret Inc. says it's using artificial intelligence algorithms to transform customer feedback into valuable insights that can inform product development, raising $20.8 million in a Series A funding round announced today. The round was led by Canaan Partners and saw participation from a host of other investors, including Kleiner Perkins, Peak XV Partners, Wing Ventures and Recall Capital, plus angels such as Notion Inc.'s head of product Lauryn Motamedi, Dropbox Inc.'s vice president of growth and data Elena Verna, and others. Enterpret was founded in 2020 by two brothers, Varun and Arnav Sharma, who say they had firsthand experience of the disjointed way in which companies usually gather feedback on their products and services. Varun, who is chief executive of Enterpret, explained says that most organizations obtain feedback in a haphazard way that usually takes a lot of time and effort, with employees parsing through disconnected streams like sales calls, research surveys, support tickets, social media posts, forum comments, Slack messages and more. He said they struggle to combine all of this data to extract reliable customer feedback, which can provide insights they can follow up on to improve their products and services. As a result, they often miss out on some of the most crucial feedback from customers, and that can stop them from making their products better, leading to customer dissatisfaction and churn. The startup believes there's a much better way to do things, and it involves using adaptive, no-code AI algorithms that can unify and analyze large volumes of unstructured feedback data from all of the above channels. By doing this, it's possible to understand key themes and issues customers might have with the products and services in question, and properly assess sentiment. These insights can help companies to make improvements that will improve customer satisfaction and ensure those users are retained. The brothers say they're well-qualified to build such a system. Varun served as a customer success manager at companies including LinkedIn Corp., Amplitude Inc. and Scale AI Inc., while Arnav possesses the AI expertise, having worked at Uber Technologies Inc. as a computational linguistics researcher and, later, an engineering lead. Varun said the startup intends to build an operating system for customer centricity. "Customer Interactions are a precious yet immensely underutilized data set for all enterprises that can now be unlocked meaningfully for the first time ever in this post-LLM world to build best-in-class products and drive business growth," he stated. "We plan to use the capital to continue building the best in class platform and scale awareness in the market." According to Enterpret, early adopters are already using its models to analyze millions of feedback records to drive rapid product improvements. Notion's Motamedi, who is one such early adopter, said he likes the way Enterpret provides a neat and tidy, unified, real-time view of how customers are experiencing his company's new products. "With Enterpret, we take customer signals and pull them together into clear trends and themes for what to address next," he explained. Canaan Partners' Rayfe Gaspar-Asaoka said the most successful companies tend to be those that are customer-centric, and Enterpret provides the tools for them to achieve that. "We believe the Qualtrics of the AI era has arrived," he added.

Customer feedback analytics platform Enterpret raises $20 million from Canaan Partners, others

The funds will be used by the company to scale its platform, deploy no-code AI agents to help customers streamline collaboration across product, marketing and sales teams, and enhance the feedback collection processes. The funding round saw the participation from Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital. Enterpret, a customer feedback analytics platform designed for product development and customer experience teams, has raised $20.8 million in Series A funding led by Canaan Partners. The funding round included participation from Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital. Angel investors such as Lauryn Motamedi, head of product growth at Notion; Elena Verna, vice president of growth and data at Dropbox; Nan Yu, head of product at Linear; and Andrew Berman, director of AI at Zapier, also contributed. The US-based company plans to use the funds to scale its platform, deploy no-code AI agents to help customers streamline collaboration across product, marketing and sales teams, and enhance the feedback collection processes. Enterpret's customers include companies like Monday.com, Canva, Notion, Loom (acquired by Atlassian), The Browser Company, Hootsuite, Nextdoor, Strava, Linear and Vimeo. As part of the funding, Rayfe Gaspar-Asaoka, a partner at Canaan Partners, has joined Enterpret's board. Founded in 2020 by brothers Varun and Arnav Sharma, Enterpret leverages natural language processing and machine learning to analyse consumer feedback at scale, enabling organisations to build products strategically and drive revenue. Varun previously led enterprise customer operations at San Francisco-based Scale AI, while Arnav served as a senior software engineer at Uber. Enterpret raised $4.3 million in seed funding in 2022 from Kleiner Perkins, Peak XV Partners (formerly Sequoia Capital India), Unusual Ventures and angel investors. Since May 2024, the company claims to have doubled its annual recurring revenue (ARR). "Customer Interactions are a precious yet immensely underutilized data set for all enterprises that can now be unlocked meaningfully for the first time ever in this post-LLM world to build best-in-class products and drive business growth," said Varun Sharma, who is also the firm's CEO. The company said customer feedback workflows are currently fragmented, requiring product and CX teams to painstakingly sift through disconnected sources such as sales calls, support tickets, research surveys and social media comments. This manual process of extracting insights, translating them into actionable steps and resolving issues is time-consuming and inefficient, hindering efforts to retain customers and improve products. "Instead of pulling together feedback from fragmented sources, Enterpret gives us a unified real-time view of how customers are experiencing new products launched by the growth team," said Motamedi, "With Enterpret, we take customer signals and pull them together into clear trends and themes for what to address next." "Companies need to understand their customers, and quickly translate their feedback into product and business decisions to stand out...Enterpret allows companies to ingest feedback across channels and use gen AI to summarise and categorise feedback in a way that allows decision makers across the organisation to have a strong pulse on their users at any level of granularity," said Harshjit Sethi, managing director, Peak XV.

Enterpret Bags $20.8 Mn To Provide AI Driven Customer Feedback To CXOs

The startup said it will use the fresh funding for scaling up its marketing and sales team and to deploy no-code AI agents Enterprise tech startup Enterpret has raised $20.8 Mn (over INR 175 Cr) in its Series A funding round led by Canaan Partner. The round also saw participation from Kleiner Perkins, existing investor Peak XV Partners, Wing Ventures, and Recall Capital. A number of angel investors, including Notion's head of product growth Lauryn Motamedi, Dropbox's vice president of growth and data Elena Verna, Linear's head of product Nan Yu, among others, also participated in the round. In a statement, the startup said it will use the fresh funding for scaling up its marketing and sales team and to deploy no-code AI agents to bridge the divide between customers and teams. Founded in 2020 by brothers Varun Sharma and Arnav Sharma, Enterpret uses artificial intelligence models to unify and analyse large volumes of unstructured customer feedback across all channels to extract key themes, sentiment, underlying issues, and topics, helping CXOs identify patterns and improve customer satisfaction. "At Enterpret, we are building the operating system for customer centricity. Customer interactions are a precious yet immensely underutilised data set for all enterprises that can now be unlocked meaningfully for the first time ever in this post-LLM world to build best-in-class products and drive business growth," cofounder and CEO Varun said. The startup counts the likes of Monday.com, Canva, Notion, Loom (Atlassian), The Browser Company, Hootsuite, Nextdoor, Strava, Linear and Vimeo among its clients. It claims to have doubled its ARR in the past year.The development comes at a time when enterprise tech startups continue to be investors' favourite. Enterprise tech was the second-most funded sector in the September quarter of 2024, with startups in the segment raising $549 Mn across 52 deals. Besides, AI startups continue to grab investors' attention amid the global generative AI (GenAI) boom. Over 200 Indian AI startups have raised a total funding of over $1.2 Bn since 2020, as per Inc42 data. The global conversational AI market, widely adopted by enterprises for its efficiency and cost-saving benefits, is expected to clock a CAGR of 22.6% and reach a size of $29.8 Bn by 2028 from $10.7 Bn in 2023.

This ex-Scale AI leader built a platform to automatically extracts insights from customer feedback | TechCrunch

In this hyperconnected world we live in, it's easier than ever to send feedback to the companies we patronize. But just because businesses offer more ways to get in touch doesn't mean they're poring over every comment. According to a 2020 survey from Productboard, 90% of companies fail to successfully capture feedback from all channels while a third have no feedback-capturing process whatsoever. Varun Sharma became very aware of this while leading customer success efforts at LinkedIn, analytics software firm Amplitude, and startup Scale AI. Product and customer experience teams were struggling to use customer feedback to make decisions despite their best efforts, Sharma says. So, in 2020, Sharma recruited his brother, Arnav Sharma, to build a tool that might help solve the customer feedback headaches firms were experiencing. Conveniently, Arnav had software engineering experience, having worked as a developer at Uber for three years. "Customer interactions are a precious, yet immensely underutilized, data set for all enterprises," Varun told TechCrunch. "If they're unlocked meaningfully, they can build best-in-class products and drive business growth." Over the years, Varun and Arnav's tool expanded into a platform, Enterpret, that connects to various feedback sources and applies algorithms to extract insights. Enterpret can highlight overarching themes and emerging problems in customer comments, and assist teams in figuring out things such as what products to build. "Enterpret is able to pull in all customer interactions of a company in real time, like sales calls, support tickets, survey responses, X threads, and app reviews, give them a quantifiable structure, and then join the output with product usage and revenue data of the company to operationalize decision making," Varun said. Companies can define rules to scrub scraped data of personally identifiable information, including IP addresses and names. Varun says that, to comply with GDPR, Enterpret doesn't maintain control over customers' data. Varun added that customers like Canva and Monday.com are also using Enterpret, which has analyzed millions of pieces of customer feedback to date, to detect early signs of churn and validate -- or disprove, as the case may be -- product hypotheses. Enterpret isn't without competitors in the space, like ScopeAI, acquired by Observe.AI in 2021 for its technology that helps companies analyze customer feedback. Another rival, Zendesk-owned Klaus, automatically categorizes and scores customer interactions. San Francisco-based Enterpret's strategy seems to be working well, though -- or at least, well enough to double the startup's annual recurring revenue (ARR) between May and now. Varun says that Enterpret's contract value has doubled over the past 12 months, and the company recently closed a $20.8 million Series A round. "Our ARR is in the seven figures," Varun added. "The momentum is strong. We decided to raise capital to support the growth." The near-term plan is to put the cash from the Series A, which was led by Canaan Partners with participation from Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital, on hiring and product R&D, Varun says. Enterpret's raised a total of $25 million to date. "Enterpret's ambitious vision is rooted in the realization that customer feedback is the most valuable data set of any company," Varun said. "Our mission is to build the platform for all companies that aspire to be customer-centric."