In this hyper-connected world we live in, it's easier than ever to send feedback to the businesses we support. But simply because firms offer more ways to get in contact doesn't mean they're scrutinizing every comment. According to a 2020 study Opinion poll According to Productboard, 90% of firms fail to successfully capture feedback from all channels, while a 3rd haven’t any feedback capture process in any respect.
Varun Sharma became aware of this while leading customer success efforts at LinkedIn, analytics software company Amplitude, and startup Scale AI. According to Sharma, despite their best efforts, product and customer experience teams struggled to make use of customer feedback to tell their decisions.
So in 2020, Sharma hired his brother Arnav Sharma to develop a tool that might help solve the shopper feedback problems that firms were facing. Conveniently, Arnav had experience in software engineering, having worked as a developer at Uber for 3 years.
“Customer interactions are a beneficial but immensely underused data set for all businesses,” Varun told TechCrunch. “If properly tapped, they will create world-class products and drive business growth.”
Over the years, Varun and Arnav's tool has been expanded right into a platform, Interpretthat connects to numerous feedback sources and applies algorithms to generate insights. Enterpret can highlight overarching themes and emerging issues in customer comments and help teams work out what products to construct.
“Enterpret is in a position to take all of an organization's customer interactions in real time, reminiscent of sales calls, support tickets, survey responses, X-threads and app reviews, give them a quantifiable structure after which link the output to product usage and revenue Data from the corporate to operationalize decision making,” said Varun.
Companies can define rules to remove personal information from the information, including IP addresses and names. Varun says that to comply with GDPR, Enterpret doesn’t maintain control over customers' data.
Varun added that clients like Canva and Monday.com also use Enterpret, which has analyzed thousands and thousands of customer feedbacks to discover early signs of churn and validate — or refute, because the case could also be — product hypotheses.
Enterpret will not be without competitors on this space, reminiscent of ScopeAI, which was acquired by Observe.AI in 2021 for its technology that helps firms analyze customer feedback. Another competitor, Klaus von Zendesk, mechanically categorizes and rates customer interactions.
However, San Francisco-based Enterpret's strategy appears to be working well — or at the least well enough to double the startup's annual recurring revenue (ARR) between May and now. Varun says Enterpret's contract value has doubled within the last 12 months and the corporate recently closed a $20.8 million Series A round.
“Our ARR is in seven figures,” Varun added. “The momentum is robust. We have decided to lift capital to support growth.”
The short-term plan is to make use of the cash from the Series A raised by Canaan Partners with participation from Kleiner Perkins, Peak Enterpret's has raised a complete of $25 million up to now.
“Enterpret's ambitious vision is predicated on the popularity that customer feedback is every company's most precious data set,” said Varun. “Our mission is to create the platform for all firms that wish to be customer-centric.”
