PRODSIGHT, the Edinburgh-based artificial intelligence-powered customer feedback company, has announced it has raised a total of more than £600,000.
The platform uses AI to identify and track issues raised which it identifies as the most important in customer conversations by analysing topics and sentiment, and the information is used to prioritise improvements to boost customer satisfaction.
The pre-seed round was led by Techstart Ventures with participation from London-based TrueSight Ventures and private investors.
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The funds will be used to grow the remote team, with members currently being spread across bases in London, Gdańsk in Poland, and the Scottish capital.
Prodsight, founded by Tadas Labudis, has also received grant support from the Royal Society of Edinburgh and Scottish Enterprise.
Mr Labudis, a Lithuanian-born graduate of the University of Glasgow - where he set up two start-ups as a student - said the growing volume of data means businesses face a challenge of “cutting through the noise”.
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He said: “Companies manage three times more data today than they did five years ago with billions of customer conversations occurring every year.
“This is where our AI platform is pivotal, cutting through the noise and telling users exactly which issues are causing the most friction. The business has been growing at a rapid pace in the last year and I’m delighted to receive this latest round of funding to supercharge our efforts in 2020 and beyond.”
Mark Hogarth, partner at Techstart Ventures, said the company “unlocks trapped value”, adding: “Most companies are sitting on a growing pile of crucial customer feedback, but they lack the tools to actually make sense of it.
"We love that Prodsight unlocks this trapped value for customers by extracting actionable insights from customer feedback channels, allowing users to make the product changes that will matter the most.”
Prodsight has attracted clients including Brand24, Code for America and Catapult since its official launch in March 2019.
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