Conveo has raised $50 million to leverage multimodal AI in consumer research and insights. The company aims to improve traditional market research, which can be expensive and slow, by using interactive video interviews that actually listen to people.
The AI technology used by Conveo adjusts on the fly, asking highly specific follow-up questions when a consumer mentions something interesting. This approach has been successful, with over half of the company’s most valuable insights coming from these dynamic follow-ups.
Conveo’s AI technology is designed to mimic the way a seasoned human researcher talks, digging deeper when a person mentions a frustration or interesting point. They have been well-received, with brands such as Canva using its StoryLines feature to run continuous research into their biggest questions.
StoryLines allows brands to test out advertising concepts across different countries without needing fresh studies. It has been particularly useful for companies looking to understand their customers’ opinions and preferences in real-time.
The AI research market is becoming increasingly crowded, with rivals such as Listen Labs and Remesh raising significant amounts of money. However, Conveo is focusing on a continuous data layer rather than isolated projects, which could help it stand out in the market.
The company’s founders have experience building and scaling companies, having previously worked on DataCamp. Conveo’s infrastructure is currently powering research inside more than fifty different Fortune 500 companies, providing them with a living pulse on the market.
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Consumer opinions can shift overnight, and companies need to be able to respond quickly to stay ahead. Conveo’s approach is driven by this idea, providing brands with the ability to get instant answers to questions.
By building an always-on data layer, Conveo is providing brands with the ability to literally chat with their customer insights base. This allows companies to get instant answers to questions and provides a level of data quality that is reliable.
The use of AI in consumer research and insights is becoming increasingly important, as it allows companies to bridge the gap between rich qualitative depth and massive quantitative scale. For product managers and marketers, this technology is providing a level of insight and understanding that was previously unavailable, helping them make informed decisions.
Conveo’s $50 million funding round was led by Balderton Capital, and will be used to further develop the company’s AI technology and expand its reach in the market. As Conveo continues to grow and develop, its approach to consumer research and insights will likely evolve and improve, helping it stay competitive in the market.
They will use the funding to improve their technology and expand their customer base.
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