Indent, a customer video review platform powered by artificial intelligence (AI), has raised $8.1 million in Series A funding to continue developing its product and expand into new markets. The round was led by venture capital firm Accel, with participation from existing investors including Y Combinator and the Stanford-StartX Fund.
The company’s AI-powered technology helps businesses capture customer feedback through short videos that are then analyzed for sentiment and other insights. This allows companies to gain deeper understanding of their customers’ experiences while also providing them with actionable data they can use to improve their products or services.
Indent CEO and co-founder David Chen said the new funding will be used to further develop the company’s technology as well as expand into new markets such as Europe, Asia Pacific, Latin America, Africa and the Middle East. “We believe our AI-driven approach is uniquely positioned to help brands understand how customers feel about their products or services in real time,” he said in a statement announcing the news. “This additional investment will allow us to accelerate our growth plans.”
The company’s technology is already being used by some of the world’s leading brands including Microsoft, Amazon Web Services (AWS) and Adobe Creative Cloud among others. It has also been recognized for its innovation at various industry events such as SXSW Interactive Festival where it won an award for Best New Technology Product last year.
Indent was founded in 2017 by Chen along with fellow entrepreneurs John Lee and Chris Hsu who had previously worked together on another startup called Apptio which went public in 2016 before being acquired by private equity firm Vista Equity Partners earlier this year for $1 billion dollars plus debt assumption . Since launching Indent two years ago ,the team has grown rapidly from three founders working out of a garage office space to now over 40 employees located across offices around North America ,Europe ,and Asia Pacific .
With this latest round of funding ,the total amount raised since inception now stands at nearly $10 million . In addition to Accel joining existing investors Y Combinator & StartX Fund ,other notable participants include former AWS executive Adam Selipsky ;former Microsoft executive Soma Somasegar ;and venture capitalist Bill Tai who serves on boards at Zoom Video Communications & Canva .
As more companies look towards leveraging AI technologies like Indent’s customer video reviews tool ,it looks like there could be plenty more opportunities ahead for this innovative startup . With its strong leadership team backed up by experienced investors & advisors plus an impressive list of clients already using its product – it certainly seems like Indent is well positioned going forward !
At a time when many businesses are struggling due to Covid 19 pandemic related disruptions – having access to better customer insights can make all difference between success & failure so we’re excited see what else comes out of this promising startup !