Unwrap, the AI-powered customer intelligence platform, announced its $12 million Series A to help companies better understand their customers. The round was led by Scale Venture Partners with participation from Atlassian Ventures, Cercano, ScOp VC, AI2 Incubator, David Singleton (former CTO of Stripe), Johnny Ho (co-founder of Perplexity), and others. Unwrap will use the new funding to expand sales and engineering to support product development and company growth. Rory O’Driscoll, Partner at Scale Venture Partners and investor in Box, DocuSign, and Bill, will join the board.
Customer intelligence is a “forever problem” meaning companies will always want to better understand their customers. Today, most companies receive feedback across a variety of channels, from social media, ticketing systems, survey tools, phone calls, community forums, etc. These comments contain invaluable information like product shortcomings, competitive gaps, and churn risks. Aggregating data sources and identifying key insights that move the needle for a business is a challenge many product teams spend hundreds of manual hours on today. Given the scale and messy nature of this feedback, this analysis is impossible without automation.
Unwrap has created a platform that automatically tags and prioritizes key patterns of feedback without requiring input from the Unwrap user, with an approach the company calls “zero-shot” insights. This approach addresses a long-standing challenge in understanding customers: identifying issues that you can’t search for because you’re unaware of their existence. The platform then routes these insights to the appropriate decision-maker so they can take the actions that matter most. Today, Unwrap supports companies across a wide range of industries including software, hardware, and retail.
“Unwrap takes the manual work of getting insights from unstructured customer feedback and automates it, figuring out the themes and priorities that matter most to customers and can easily translate into making their products better,” said O’Driscoll, Partner at Scale Venture Partners and Unwrap Board Member. “This team’s combination of technical experience and obsessive drive to improve how we use customer intelligence will bring the value of AI directly to companies so everyone can build better relationships with their customers.”
“Every company wants to better understand their customers. If you improve your understanding – whether it’s what they love about your product, or what’s driving them to a competitor – you can build better products and move the metrics you care about most. And by leveraging AI to listen and respond to customers at scale, our platform enables companies to understand and engage with each customer as if they were the only one, even when managing over 100 million customers,” said Ryan Millner, Unwrap co-founder and CEO. “Our ultimate goal is to fill the world with products people love, and we believe unlocking the value stored within customer feedback is the first step.”
Unwrap cofounders Ryan Millner and Ashwin Singhania have been working together for 11 years, starting as early employees at Graphiq, a semantic knowledge graph startup which was acquired by Amazon Alexa in 2017. At Alexa they led product and engineering teams that built the platform answering the majority of Alexa Q&A queries. The team founded Unwrap as it became evident that emerging AI technology was forever changing how companies listen to their customers.
SOURCE: BusinessWire