Enterpret, the AI-enabled customer feedback intelligence platform for product development and CX teams, announced that it has raised $20.8 million in Series A funding. The round was led by Canaan Partners, with participation from Kleiner Perkins, Peak XV Partners (fka Sequoia Capital India), Wing Ventures, and Recall Capital, as well as angel investors including Lauryn Motamedi (Head of Product Growth at Notion), Elena Verna (VP of Growth and Data at Dropbox), Nan Yu (Head of Product at Linear), and Andrew Berman (Director of AI at Zapier) among others. Since May 2024, the company has doubled its ARR. Its customers include Monday.com, Canva, Notion, Loom (Atlassian), The Browser Company, Hootsuite, Nextdoor, Strava, Linear, and Vimeo. As part of the funding, Rayfe Gaspar-Asaoka, partner at Canaan Partners, has joined the board.

“Many of those companies are now using Enterpret. We believe the Qualtrics of the AI era has arrived, and we’re thrilled to back Enterpret as they continue their pathbreaking approach to map feedback to revenue.”

Enterpret builds adaptive artificial-intelligence models to unify and analyze large volumes of unstructured feedback across all channels to extract key themes, sentiment, underlying issues, and topics, helping teams quickly identify patterns and improve customer satisfaction. The company will use the funding to continue scaling, and to deploy no-code AI agents to help customers bridge divides between product, marketing, and sales teams, and even collect rich feedback.

Marketing Technology News: MarTech Interview with Gulab Patil, Founder & CEO @ Lemma

“At Enterpret, we are building the operating system for customer centricity. Customer Interactions are a precious yet immensely underutilized data set for all enterprises that can now be unlocked meaningfully for the first time ever in this post-LLM world to build best-in-class products and drive business growth. We are blessed to have some of the leading customer centric companies like Canva, Notion, Strava, Monday.com, Vimeo, and Nextdoor as early customers and we plan to use the capital to continue building the best in class platform and scaling our awareness in the market,” said Varun Sharma, Co-Founder and CEO of Enterpret.

Current customer feedback workflows are fundamentally disjointed. Product and CX teams have to painstakingly parse through disconnected feedback streams like sales calls, support tickets, research surveys, Slack messages, and social media comments to manually extract customer insights, convert insights into actionable follow-up steps, and appropriately resolve issues to retain customers and improve their product. Crucial feedback inevitably falls through the cracks, alienating customers, aggravating churn, and hindering product development.

Brothers Varun and Arnav Sharma co-founded Enterpret in 2020 after seeing firsthand how product and CX teams were struggling to use customer feedback data to make decisions despite their best efforts. Varun spent his early career as a Customer Success Manager at LinkedIn, Amplitude and Scale AI while Arnav was a computational linguistics researcher turned Engineering Lead at Uber.

Marketing Technology News: The Growing Importance of Lead Enrichment Tools

“Instead of pulling together feedback from fragmented sources, Enterpret gives us a unified, real-time view of how customers are experiencing new products launched by the growth team,” said Lauryn Motamedi, Head of Product Growth at Notion. “With Enterpret, we take customer signals and pull them together into clear trends and themes for what to address next.”

Customers have deployed Enterpret to analyze millions of feedback records, close feedback loops, and rapidly improve product performance.

“The best companies are relentlessly customer-centric,” Gaspar-Asaoka said. “Many of those companies are now using Enterpret. We believe the Qualtrics of the AI era has arrived, and we’re thrilled to back Enterpret as they continue their pathbreaking approach to map feedback to revenue.”