London-based AI startup Streetbees has secured $5.1 million (£4.1million) in a Seed round led by BGF Ventures, and backed by Octopus Ventures and LocalGlobe.
Founded in 2015, the company is essentially a worldwide market research platform: it combines Artificial Intelligence, social media mining and geolocation tech to harvest information from consumers and transform it into insights for brands and businesses. The company also uses its platform to carry out real-time opinion polls through its app. Users who share their information are rewarded with small sums of money.
Streetbees is already present in 87 countries, and it is now poised to use the fresh cash to further expand its global reach, besides driving new hires.
“In a world where brands are willing to invest huge amounts of resources to better understand their consumers, there has to be a better way to capture insights and Streetbees has found it. We use geolocation and mobile technology to engage the right person in the right place to answer brands’ questions.
“Streetbees’ grassroots research approach is providing the brands with the rich consumer insights they need at large scale at an affordable price as we connect them directly with their consumers without any intermediaries,” Streetbees co-founder Tugce Bulut said in a statement.
BGF Ventures partner Harry Briggs also commented the deal: “People are waking up to the failings of political pollsters but market research can also be unreliable and Streetbees can solve that problem by providing rich qualified data in a new way that puts the world’s biggest brands directly in touch with their customers,” he said.
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