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

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.

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