This significant investment highlights the growing interest in AI-powered market research solutions, particularly those with established traction among major brands like Nestlé, McDonald’s, Nike, and L’Oréal.
Revolutionizing Market Research with Video Interviews and AI
GetWhy’s platform offers a streamlined approach to market research, leveraging video interviews and AI analysis to deliver faster and deeper customer insights. Businesses can define their research goals, upload marketing materials, and recruit participants from their target audience through GetWhy’s platform. The platform then facilitates unmoderated online video interviews, capturing participant responses for analysis.
Bloom: The AI Engine Behind the Insights
GetWhy’s secret weapon is Bloom, its proprietary AI platform. Bloom, a generative AI model, is trained on a massive dataset of video interviews. When a sufficient number of interviews are conducted (around 10), Bloom takes center stage. It analyzes the video responses, extracting key quotes, identifying patterns, and aggregating insights relevant to the research objectives. Traditionally, this type of analysis could take researchers days or even weeks. GetWhy boasts that Bloom can complete the process in under 25 minutes, offering a significant time advantage for businesses seeking quick turnaround times.
Aligning with the Rise of AI in Market Research
GetWhy’s emergence coincides with the growing adoption of AI in market research. This industry, known for its traditional, time-consuming methods, is ripe for innovation. GetWhy’s technology not only streamlines the process but also provides deeper insights by capturing nonverbal cues and emotional responses in video interviews.
GetWhy’s Journey: From Consultancy to AI Leader
Founded in Denmark in 2011 as UserTribe, GetWhy initially operated as a market research consultancy. In 2017, the company shifted its focus, pivoting to become a technology-driven platform with AI at its core. Casper Henningsen, who joined the company in 2017 and currently serves as CEO, played a pivotal role in this transformation.
Funding Fuels Continued Growth
This Series A round marks GetWhy’s first major institutional funding. However, the company has a history of successful fundraising, having previously secured $30 million through various rounds. With a total funding of $64.5 million, GetWhy is well-positioned to capitalize on the growing demand for AI-powered market research solutions.
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