Remesh raises $25 million more to orchestrate market research with AI

Remesh, a software company using AI to orchestrate market research, today announced that it’s raised $25 million in series 2A funding. CEO Andrew Konya said the proceeds will support Remesh’s continued expansion and the launch of its newest AI-powered platform, which could help organizations glean insights from qualitative information to speed up innovation cycles and uncover what their customers or employees want.

“Tightening constraints of time, manpower and resources are rendering traditional market research paradigms obsolete,” said Konya, who cofounded Remesh in 2014 with former Google corporate operations engineer Aaron Slodov and Gary Ellis. “Today’s executives and insights teams need a new way to understand people. We’re excited to be driving a modern, AI-based solution to change the way companies conduct research and engage employees.”

Remesh’s web-based product lets customers hold back-and-forth conversations with live audiences of up to 1,000 people. As the responses to their questions come in, they’re fed into AI algorithms whose predictions inform the flow of the ongoing discussion. It takes less than an hour to generate insights, according to Konya, and the platform’s flexibility is such that it can understand and engage customers, employees, or prospects at the ideation or brainstorming stage. Moreover, Remesh can solicit feedback on concepts or ideas while improving current processes. For example, one consumer packaged goods company needed to identify the top product concepts for production, so they used Remesh to run an innovation sprint in two days.

Konya says that since its founding, Remesh has enabled over 2 million insights. More than 600 companies are actively using the platform, including Deloitte, Barclays, NASCAR, Barclays, and Mercer.

“Remesh has built a powerful platform to help market intelligence researchers cut the time it takes to get to the insights they need,” General Catalyst managing director Adam Valkin. “The team has consistently delivered against their product and growth objectives and are building an exceptional team. We see a lot of potential here for Remesh’s AI-driven technologies to completely remake the research industry.”

General Catalyst led Remesh’s latest funding round, with participation from LionBird (Series Seed lead), North Coast Ventures, and several new backers. It brings the startup’s total raised to date to $38 million, following three years of 2.5 times year-over-year growth.

Remesh, which has just under 100 employees, is based in New York City. It plans to expand to Cleveland, Ohio later this year.

AI and machine learning look to be disruptive forces in the field of market research. Thanks to innovations in natural language processing and computer vision, reasonably sophisticated systems can automate survey design, analysis, and reporting. Analysts at Asia Research expect it won’t replace the human element completely, but that researchers and their support staff “will spend considerably less time ‘manually’ designing questionnaires, examining data sets, and producing charts.”

Source: Read Full Article