Remesh, a software platform that uses AI, machine learning and natural language processing for market research, has raised $2.25 million in seed funding. LionBird Ventures led the round.
NEW YORK – April 7, 2017 – Remesh, a software company that is reinventing market research through artificial intelligence (AI), today announced the closing of its $2.25 million seed investment round that brings its total funding to $3.85 million. The round is led by LionBird Ventures, a venture capital firm investing in early stage digital health and business services companies with offices in Tel Aviv and Chicago. The round also includes Reimagine Holdings Group, a holding company focused on growing consumer insights and marketing services companies, as well as individual investors, representing a mix of new and returning investors.
“We believe that Remesh has shown real potential to change the way brands, consultants and agencies listen to feedback from their audiences,” said Ed Michael, Managing Partner at LionBird Ventures. “Remesh has recognized a way to solve for a number of inefficiencies in market research using artificial intelligence. This new model not only replaces legacy systems, but establishes entirely new market research workflows.”
Jenny Fielding, Managing Director at Techstars, a world-renowned accelerator which contributed to Remesh’s pre-seed funding, added, “Remesh has an impressive team of tech experts and business leaders who consistently execute. We are thrilled to be supporting them as they scale their solution globally.”
Remesh is able to deliver unparalleled depth of customer insight because of its unique AI-powered model. Qualitative insights are collected in real-time in a chat-style format and validated by quantitative scale, then instantly arranged in interactive charts that allow conversation leaders to analyze and cut data with a click, a process that takes hours or days with traditional market research methods. This technology can be used to add efficiency to market research, as well as create new ways of gathering employee feedback at large enterprise companies, among other applications.
The funds will be deployed to further develop and iterate on the ground-breaking artificial intelligence technology that has allowed Remesh to define a new category in market research. The funds will also be used to bolster client service and expand Remesh’s reach in the market.
“Remesh’s remarkable AI based platform clearly redefines how researchers can interact with and interpret responses from groups of people. It is an important addition to our strategic investment portfolio of innovative companies focused on creating and transforming information into business intelligence to facilitate faster and smarter business decisions,” said Jonathan A. Flatow, Managing Partner of Reimagine Holdings Group.
“We believe that accurately understanding what people want and need at a global scale is one of the keys to thriving in a continually connected world,” said Andrew Konya, co-founder and CEO of Remesh. “I am thrilled to continue leveraging the latest advancements in AI to address this important problem.”
Konya continued, “Firms who use Remesh, whether they are Fortune 500 consumer brands, international consulting firms or boutique marketing agencies, are under increased pressure to deliver more actionable customer insights while streamlining costs. In addition to delivering the deepest qualitative insights validated by quantitative scale, we’re investing in top research talent to better serve our clients.”
Remesh has raised $1.6 million in pre-seed funding to date from Techstars, a world-renowned accelerator, and several VC firms and angel investors. Remesh has won several awards since its inception in 2014, including first place in the 2016 Insight Innovation eXchange Competition.
Remesh revolutionizes the way groups give and receive feedback by using artificial intelligence to harness collective thought. Applicable to a variety of industries, primarily market research and human resources, Remesh uses artificial intelligence to cull hundreds of answers into one single representative answer instantly, then generates interactive charts of expansive data sets that describe the group’s answers. By querying this data, conversation leaders can glean actionable insights in seconds, all in an engaging, chat-style format. Remesh was founded in 2014 by a team of ex-Googlers, academics, physicists, consultants, political operatives, and other over-caffeinated masterminds and is a graduate of the Barclays’ Techstars Accelerator. Remesh has attracted more than $3.85 million in pre-seed and seed investment and has won several industry awards. To learn more, visit remesh.ai.