(*49*) have lengthy been utilized by advertising and marketing groups and different enterprise choice makers to learn the way clients tick. But they are often pricey to put collectively, onerous to run at scale, and, on the finish of the day, are solely as credible as the info that will get put into them. Today, a London startup referred to as Attest, which has constructed a cloud-based, no-code, big-data resolution that it believes offers a solution to these challenges, is saying $60 million in progress funding, in the wake of report enterprise progress in the final couple of years.
Jeremy King, the corporate’s CEO and co-founder, says that its machine learning-based approach is gaining traction in opposition to the numerous incumbent gamers in the sector of online market analysis — there are tons of of them starting from Kantar and SurveyMonkey via to Qualtrics and plenty of extra — as a result of it offers quicker and extra correct outcomes.
“The dark secret is that most online research has been very low quality,” he mentioned in an interview, noting that if you happen to took the identical transient to 5 conventional market analysis organizations, you’d possible get 5 completely different units of responses, not in contrast to taking one constructing transient to 5 architects. Attest’s ambition is to transfer away from that and construct a way more constant, and thus dependable, framework for market analysis.
“We are trying to make it as good as we can get it. It’s still not perfect but at least we are trying, and most online research frankly doesn’t try at all,” King mentioned. He additionally described the corporate’s methodology as ‘suicidally transparent.’ It’s a pitch that certainly does sound fairly sincere, and but it appears to have struck a chord with numerous large names. Its buyer checklist consists of Microsoft, Santander, Walgreens/Boots, Klarna, Brew Dr. Kombucha, Fabletics, eToro and Publicis, amongst others.
The funding is coming from returning investor NEA and Kismet, together with different unnamed backers, and Attest mentioned that it brings the entire it has raised to date to $85 million. Other traders in the corporate have included Oxford Capital and Episode 1 (which co-led a $3.1 million round in 2019).
Attest shouldn’t be disclosing its valuation, however PitchBook data reveals that it was just below $273 million post-money in August of this 12 months, when this newest spherical seems to have truly closed.
As you would possibly anticipate from a startup working in the world of knowledge, Attest has some fairly compelling knowledge factors of its personal.
The startup has constructed out an enormous database that’s aggregated from tons of of particular person panels, consumer teams and extra, altogether totaling 110 million consumers throughout 49 countries. Its promise is that any consumer (no tech experience required) can create a survey inside minutes to goal any section of customers that it desires out of that larger pool and can get responses again in 24 hours if not sooner.
Within these outcomes, Attest ensures the info in phrases of response numbers and integrity utilizing a fancy set of algorithms as a part of what King described as a 15-step course of that begins with formulating questions, sourcing audiences, processing the info and offering it in visualizations which are helpful to the particular person doing the analysis. It’s priced on a freemium mannequin, the place these on paid tiers principally purchase credit which are used based mostly on one credit score equalling one response per query. These credit work out to ranging in value between 40 cents and 60 cents.
King mentioned that Attest doesn’t depend on paying customers, nor putting surveys in entry gates, nor constructing campaigns that run on social media and are constructed on asking questions which are not directly mapped on to your demographic (the dreaded ‘Which 1980s Brat Packer are you?’). These, King says, are gateways to low-quality knowledge, since individuals often solely click on on them to get them out of the way in which. Instead, it depends on these algorithms, which in half are designed to determine which sorts of audiences are most helpful and receptive to answering the questions you might be asking. That being mentioned, these constructing questions may also decide to work with precise people at Attest in the event that they need assistance determining helpful questions.
(*49*) and the larger subject of “consumer engagement” have been one thing of a hot-button concern in the final a number of years, not least due to the roles that they probably play in areas like knowledge assortment and the way that knowledge in the end is perhaps tied to a selected consumer. Some believe that Facebook, in addition to other social media companies which have constructed their enterprise fashions on engagement, have rather a lot to reply for in how they construct experiences and tweak algorithms to floor extra partaking content material, regardless of the standard or nature of the media in query.
King says that what Attest does is a giant step faraway from all of that: though filled with complexity and expertise on the again finish, on the entrance finish they’re extra old style and direct, geared toward determining, for instance, whether or not Bertolli olive oil ought to lastly come clear and admit it’s not Italian, however in reality Spanish in origin.
In what’s estimated to be an $80 billion market, as knowledge turns into extra of a assist — and in some circumstances a alternative for — primary instinct in enterprise decision-making, King mentioned the corporate has seen a rising demand for extra surveying on its platform, and that’s the reason traders have an interest, too.
“Today’s investment underscores our commitment to Attest and our belief in their stellar team and innovative technology, which is revolutionising access to high quality consumer insights for brands around the world at such an exciting scale,” mentioned Colin Bryant, a associate at NEA, in a press release. “In the current climate, the need to tap into consumer behavior has never been higher, and we’ve seen how Attest has facilitated growth for brands across the pandemic. We foresee the demand for consumer data only getting stronger.”
“Attest is on a trajectory to overtake all incumbents in the market research space, and has its eyes firmly on the largest prizes,” added Asheque Shams, General Partner at Kismet. “We are a startup investment firm with a mission to help fast-growing tech companies reach their greatest potential, so we are immensely excited to partner with Jeremy and team.”