UserLeap raised $38 million in its latest Series B round, bringing its total funding to over $60 million. The company’s AI, or artificial intelligence, system analyzes open-text responses to discover why users aren’t converting. The company also recently added First Round and Accel to its VC roster.
UserLeap raises $38 million in Series B round
UserLeap, a San Francisco-based company that uses artificial intelligence to provide product teams with continuous user feedback, has raised a new round of funding. The new funding will help the company continue research and development and expand its customer base. Founded in 2018, the company has already raised $40 million in seed funding and a total of $58 million from venture capital and angel investors.
The round was led by Accel, which led the round. Other investors, such as First Round, participated in the round. The startup currently has 15 employees and expects to grow to more than eighty by the end of the year. Among the founders of the company, 50% are women and 33% are people of color.
UserLeap combines AI-based text analysis naasongs.net with contextual microsurveys to help product teams better understand their audience and create an optimized roadmap. The startup says its model is trained on over five hundred million data points and is constantly refined to better understand customer needs and preferences.
UserLeap’s AI analyzes open-text responses in real-time, and researchers review the responses. The platform offers native iOS and web SDKs and shareable link microsurveys. It also allows you to create surveys triggered by user actions or inaction. The platform also allows you to target specific segments of the audience to receive a more relevant survey.
In its Series B round, the company raised $38 million. The new funding will help the company expand its product R&D. It also plans to expand its go-to-market operations to cater to global demand. The company is also focusing on machine learning, including the development of machine-learning observability.
UserLeap is now rebranded to Sprig. This San Francisco-based company is a platform for product teams to gather insights from their users. The company was founded in 2018 and rebranded to Sprig in September 2021. Sprig connects product teams with tech buyers. The company’s rankings are used by buyers to shortlist vendors and drive RFPs.
Rapid product development relies on a blend of qualitative and quantitative data. It can take weeks or months to compile and analyze data from a survey sent through email. Surveys from email can only provide 3% to 5 percent responses. In contrast, UserLeap allows companies to ask questions as they arise and spreads them across the entire user base.
Company’s total raised to date to over $60 million
Founded in 2018 by Ryan Glasgow and Kevin Mandich, the company provides a platform to help R&D teams better understand their audience and map out a product roadmap. It combines contextual microsurveys, AI-powered text analysis, and over 75 research templates to help R&D teams solve complex business problems. The company is based in San Francisco, California.
The company’s models are trained using millions of data points, and these models are constantly refined as more data becomes available. These datasets are populated from both internal and external sources. A small percentage of the data is reviewed by human experts to ensure the quality of the results.
Parsable, a connected worker platform vendor, also raised $60 million in Series D funding on August 11 2020. The company has raised $133 million to date. Parsable’s new funds will go toward accelerating its growth in Asia and investing in fast-growing global partners. The company aims to improve the productivity and safety of vital industrial workers by enabling them to use digital tools.
One of the company’s first acquisitions was Higround, a company that makes gaming keyboards. The company is looking to acquire other hardware companies in the future. Green Bay Ventures led the $60 million Series C round with additional investors Breyer Capital, Aglae Ventures, and Tao Capital.
Its AI analyzes open-text responses to figure out why users aren’t converting
The company’s AI analyzes open-text responses from venturebeat users to provide insights into why they aren’t converting on the site. This information helps R&D teams build a roadmap and solve complex business problems. UserLeap was founded by Ryan Glasgow and Kevin Mandich in 2018. The company is headquartered in San Francisco.