Where does your enterprise stand on the AI adoption curve? Take our AI survey to come across out.
Voice of buyer (VoC) analytics platform Wonderflow today announced that it raised $20 million in a funding round led by Klass Capital. The capital, which brings the company’s total raised to $25 million to date, will be used to develop Wondeflow’s teams in Europe and North America to give “strong support to enterprise customers,” according to CEO Riccardo Osti.
Most enterprises that produce substantial amounts of buyer feedback are not capable to adequately leverage the information that they’ve collected. In truth, a Forrester survey located that in between 60% and 73% of all information inside corporations is in no way analyzed for insights or bigger trends. Wonderflow occupies a category of tools, VoC, that is attempting to reverse the trend in buyer knowledge. There’s significant enterprise interest — according to Gartner, the VoC market place is probably to develop 20% to 25% per year, driving the computer software market place size above $2 billion.
Wonderflow was founded in 2014 by Italian entrepreneurs Osti, Giovanni Gaglione, and Michele Ruini, all of whom met in Trento. The business was a component of the Rockstart Accelerator Program, one of Europe’s very first startup incubators, based in the Netherlands. During this time, Wonderflow established offices in Amsterdam and caught the eye of multinational brands such as Philips. After nabbing its very first angel investors, it became the sole information provider for Philips and started attracting more buyers and partners, Osti says.
“As an advanced feedback analytics solution, Wonderflow works by collecting customer feedback from hundreds of sources [including online reviews and support center records] and analyzes them in a single place with AI and natural language processing and predictive technologies,” Osti explained. “The platform can detect product or service issues among the millions of online reviews, make predictions of outcomes based on VoC data, offer suggestions for process improvements, and much more.”
With Wonderflow, customers can navigate an internal dashboard, the Wonderboard — a net app developed to access to VoC insights. The analyses it performs can effect a business’ major line, Osti asserts, by transforming expense centers like buyer help into “profitable resources.” Companies can obtain tangible ROIs by drawing on learnings from buyer feedback. And they can study the competitors making use of millions of feedback information points shared with Wonderflow, ostensibly saving cash in market place analysis.
Analytics at scale
Wonderflow made use of an substantial information lake of indexed, cleaned public feedback from hundreds of thousands of solutions to build machine mastering models about organization use instances. It can map particular item troubles to components of solutions, for instance identifying which component may possibly be causing a malfunction. Moreover, Wonderflow can pinpoint which feature of a item need to be enhanced to achieve the highest favorability ratings from buyers, according to Osti.
On typical, Wonderflow says its VoC evaluation covers one hundred to 150 subjects for item categories organized in a hierarchy. For every single subject, right after information cleansing and deduplication measures, its AI determines buyer feedback sentiment on a 3-level scale: positive, unfavorable, or neutral. Wonderflow claims that for most customer goods verticals, it can obtain 82% sentiment evaluation accuracy.
One Wonderflow buyer, a “leading brand” in the customer electronics space, located that buyers had a really hard time cleaning the filters in a vacuum cleaner model. Leveraging Wonderflow, they released a new version and elevated the vacuum’s star rating by .7.
“We’re impressed with Wonderflow’s cutting-edge technology and culture of innovation. The way Wonderflow uses advanced AI to analyze customer feedback is clearly disrupting the market,” Daniel Klass, founder and managing companion of Klass Capital, mentioned in a press release. “During the time we spent with Riccardo and the Wonderflow team, we were struck by their tenacity and collaborative approach with their partners.”
Another client, a ride-hailing business based in the United Arab Emirates, found by way of Wonderflow that driver turnover price was higher due to highly-priced gasoline. To address this, the business gave drivers a gas discount, which reduce churn by 30%.
Despite the pandemic and competitors from rivals like Revuze, Chattermill, Thematic, Stratifyd, and Clarabridge, Wonderflow says that annual recurring income grew one hundred% in the previous 12 months. The business now has hundreds of workers across its offices in Amsterdam, Milan, and Trento and a buyer base that involves Philips, Colgate-Palmolive, Uber, DHL, De’Longhi, Reckitt Benckiser, Beiersdorf, Beko, Samsung, GSK, Lavazza, Grundig, and Kantar.
“During the health crises, we have continued company operations — growing the team and developing our client base and our solution. We’ve also supported businesses in getting actionable insights into employee engagement and motivation during the pandemic,” Osti mentioned.
P101, Italia 500, and customer goods executive Jan Bennink also participated in Wonderflow’s most current funding round.
