Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Streetbees Raises £8.6M Round from Atomico

 

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Streetbees secured a Series A round from Atomico

Crowd-intelligence platform Streetbees has secured £8.6 million in a Series A funding round led by British Venture Capital firm Atomico. The round was also backed by Streetbees’s  previous investors LocalGlobe, Octopus and BGF Ventures.

The London-based company uses mobile geolocation and social media to collect feedback and trends about brands and businesses from a crowd of users (“bees”) the world over.

Machine learning is a key element of the company’s secret sauce— allowing brands to launch studies within 24 hours, and showing them the results in real time.

Streetbees claims that over one million people across 150 countries use the app to share moments and opinions in the format of videos, texts, or pictures. That allows Streetbees to harvest relevant data without relying on traditional surveys— at once sparing users from the hassle of answering online forms, and enabling the collection of information in a more natural language.

Streetbees’s customers— brands and companies including Unilever, PepsiCo, BBC World Service, Vodafone and L’Oreal— turn to that data to make sense of how their customers behave, and to predict coming trends.

Now the company plans to use the fresh injection of cash to further develop its AI technology, grow its data science team in London, and bolster its newly-inaugurated office in the United States.

Streetbees CEO Tugce commented on the round in a statement: “Human behaviour is too complex to standardise and understand with multiple-choice questions and automated analysis, but this is what most research groups dish up time and time again.”

“International companies need deep insight into unique drivers of human behaviour to be able to understand their customers and grow into new markets,” he said.

 

Atomico’s Carolina Brochado also commented on the deal: “With Streetbees, we have found the world’s first real-time technology-enabled customer insights platform – giving brands dynamic responses, from real customers, for a fraction of the cost and time taken by traditional incumbents,” she said,

“Streetbees has fundamentally changed the way international companies can engage and understand their global consumer base,” she added.

Image via bit.ly/2phfCmn

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