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In this interconnected world we live in, it’s easier than ever to send feedback to the companies we sponsor. But just because companies offer more ways to communicate doesn’t mean they pay attention to every comment. According to 2020 reconnaissance From Productboard, 90% of companies fail to successfully capture feedback from all channels, while a third of companies don’t have a feedback capture process at all.
Varun Sharma became acutely aware of this while leading customer success efforts at LinkedIn, analytics software company Amplitude, and startup Scale AI. Sharma says product and customer experience teams were struggling to use customer feedback to make decisions despite their best efforts.
So, in 2020, Sharma hired his brother, Arnav Sharma, to build a tool that might help solve the customer feedback problems plaguing businesses. Fittingly, Arnav has experience in software engineering, having worked as a developer at Uber for three years.
“Customer interactions are a valuable, but largely untapped, data set for all organizations,” Varon told TechCrunch. “If unleashed purposefully, they can create best-in-class products and drive business growth.”
Over the years, Varun and Arnav’s tool has expanded into a platform, translatewhich connects to various feedback sources and applies algorithms to extract insights. Enterpret can highlight overarching themes and emerging issues in customer feedback, and help teams figure out things like what products to build.
“Interpret is able to pull in all of a company’s customer interactions in real-time, such as sales calls, support tickets, survey responses, Decision making process.
Businesses can define rules to clean up stolen data of personally identifiable information, including IP addresses and names. In order to comply with GDPR, Enterpret does not retain control over customer data, Varun says.
Clients like Canva and Monday.com also use Enterpret, which has analyzed millions of customer reviews to date, to detect early signs of churn and validate product hypotheses — or disprove them, as the case may be, Varun added.
Enterpret is not without competitors in this space, such as ScopeAI, which was acquired by Observe.AI in 2021 for its technology that helps companies analyze customer reviews. Another competitor, Zendesk-owned Klaus, automatically categorizes and records customer interactions.
San Francisco-based Enterpret’s strategy appears to be working well, or at least well enough to double the startup’s annual recurring revenue (ARR) between May and now. Varon says the value of Enterpret’s contract has doubled over the past 12 months, and the company recently closed a $20.8 million funding round.
“Our annual rate of return is in the seven figures,” Varun added. “The momentum is strong. We have decided to raise capital to support growth.”
The short-term plan is to invest the Series A money, led by Canaan Partners with participation from Kleiner Perkins, Peak XV Partners, Wing Ventures and Recall Capital, in recruiting and product R&D, Varone says. Enterpret has raised a total of $25 million to date.
“Interpret’s ambitious vision is rooted in the realization that customer feedback is the most valuable set of data for any company,” Varone said. “Our mission is to build a platform for all companies that aspire to be customer-centric.”
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