Natural language processing is making it possible for companies to gather and learn from customers in new and better ways.
Enterpret is using natural language to build analytics so that people building the product can learn directly from customer feedback without relying on another company department to provide the information.
The company was co-founded in June 2020 by two brothers, one of whom was a researcher at the company.
The desire to learn from customer feedback has always existed, but the way companies do it has changed over time, according to the author. It used to be done via paper surveys that were mailed out, and you had to wait to get them back. Every interaction is digital.
The number of channels that companies interact with customers has expanded to include apps, social media, in-app chat services and the new hot thing of community. It is difficult to quantify because it is not a direct query or feedback.
Customer feedback is used to build and deploy models for product development teams. By using machine learning for custom models, there is a higher recall of insights that companies using generic models are not able to produce.
The co-founders of Enterpret are Arnav and Varun. Enterpret is an image.
He is seeing a few use cases trickle to the top, including using Enterpret to plan what products or integrations to build, comparing feedback among users in a certain month to detect early signals that might have prevented Churn and to run growth experiments toValidate a product hypothesis.
The company raised $4.4 million in seed funding and included a group of angel investors.
The driver for funding and taking the product out of the alpha stage was seeing early traction and positive return on investment from early partners.
Josh Coyne, partner at Kleiner Perkins said that Enterpret has unlocked an entirely new way to distill customer voices to inform product development. The entire team has a unique vision and an impressive product speed. We are excited to be a part of their journey.
In areas like R&D, product development and go-to-market, the new funding will be used to build out a team.
Since the company has been in R&D mode for the past few years, it was not yet ready to discuss revenue, but it did say its handful of customers have been with them for many months, and he feels confident now to repeat the process across the world.
He said that they will continue to develop a new way of customer intelligence.
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