**GetWhy Raises $34.5 Million in Series A Funding**
Danish consumer research tech company GetWhy has secured $34.5 million in a Series A funding round led by PeakSpan Capital. This significant investment reflects the growing interest in AI companies that have already gained traction with major clients. GetWhy counts Nestlé, McDonald’s, Nike, and L’Oréal among its notable customers.
**GetWhy’s AI-Powered Platform Revolutionizes Market Studies**
GetWhy offers a platform that allows customers to conduct market studies and gain insights from video-based interviews using AI. The startup’s AI agent compiles a market study template based on the customer’s query, and users can upload materials such as visuals or slogans to be tested. Customers can recruit respondents from their target market or rely on GetWhy’s specialist recruitment team. The company guarantees completion of the work within 24 hours.
**Bloom: GetWhy’s AI-Powered Analytical Tool**
GetWhy’s standout feature is Bloom, an AI platform that analyzes video responses and presents qualitative insights. Bloom’s generative AI model is trained on hundreds of thousands of interview sessions. The AI technology automatically extracts relevant quotes and identifies patterns within the videos, reducing the time it takes for analysis from days or weeks to just 25 minutes.
**The Growing Adoption of AI in Traditional Industries**
The integration of AI into various industries is becoming increasingly common, even in fields known for slow and meticulous processes. Just recently, TechCrunch highlighted another startup called Fairgen, which uses synthetic data and AI-generated responses to enhance survey results. It seems that companies are recognizing the benefits of leveraging AI to expedite tasks and gain valuable insights.
**GetWhy’s Evolution: From Consultancy to Tech Company**
Originally founded in 2011 as UserTribe, GetWhy operated as a consultancy using a “time and material” business model. UserTribe provided user research and testing services to consumer companies. In 2017, CEO Jonas Alexandersson brought in Casper Henningsen as chief commercial officer, who later assumed the role of CEO. Henningsen, a former professional football player, transitioned the company from a consultancy to a technology-focused firm, with AI at the forefront. The company rebranded as GetWhy in January 2022 due to a naming conflict.
**PeakSpan Capital: Sole Investor in GetWhy’s Series A**
PeakSpan Capital is the sole investor in GetWhy’s Series A funding round. This marks GetWhy’s first major institutional funding, although the company previously raised approximately $30 million through a combination of equity and debt from leading business angels and organizations like AL Bank and the Danish Growth Fund. With this new funding, GetWhy’s total investment amounts to $64.5 million.
The success of GetWhy and its ability to secure significant funding showcases the growing demand for AI-powered solutions in market research and analysis. As more companies recognize the benefits of leveraging AI to gain insights quickly and efficiently, the industry is likely to see further advancements and innovations in the near future.