Streetbees raises £5M from TempoCap: UK-based AI platform wants to disrupt market research with human intelligence
In the recent past, consumer behaviour analysis has emerged as an effective tool in various industries to know and adapt to the ever-changing consumer needs.
Right now, many organisations access data through diverse sources to uncover important information related to customer preferences, opinions, and habits.
Based out of London, Streetbees offers a human intelligence platform that collects and analyses offline consumer behavior. The company reveals how people behave, and why, by analysing real-life moments collected from its global community.
Raised £5 million
The company announces that it has secured an additional $6.7 million (approx £5 million) of investment from leading technology investors, TempoCap.
This funding follows Streetbees’ recent $40 million (approx £30 million) Series B round announced in October, led by Lakestar, to accelerate the development of the AI-driven human intelligence platform.
The new investment from TempoCap, which comes in the form of a secondary transaction, signals to current and prospective employees the significant value of holding shares and options in a company.
This is expected to be a major draw for new talent as Streetbees embarks on a significant recruitment drive and continues its international expansion.
Uses natural language processing technology
Over 3.5 million users – or ‘bees’ – across 190 countries worldwide use the chat-style Streetbees app to share moments from their daily lives via videos, photos, and text.
Through applying advanced natural language processing technology to the results, the UK company uncovers not just what they do but also why they do it and what drives them – and predicts what they may do next.
The company works across the Consumer Goods, Media, and Entertainment, Retail & Insurance sectors. Clients include Unilever, PepsiCo, Sony Pictures, Carlsberg, Santander, Ikea, Vodafone, and L’Oreal.
Tugce Bulut, the CEO, Streetbees, said, “As we start an exciting new phase of growth, we felt now was the right time to reward some of our early stakeholders that have contributed to our success so far. TempoCap is secondary specialists who have demonstrated their passion for supporting high growth, entrepreneurial businesses, and we look forward to a great partnership.”
Adam Shepherd, the Investment Partner at TempoCap, said, “Streetbees is leading innovation in the market for customer research, thanks to its unrivalled, searchable database of consumer moments, provided by a large global user base. Its end-to-end technology platform indexes that data so that Streetbees’ consumer-centric clients can enjoy a far deeper understanding of consumer behaviour, allowing those clients to be more agile in responding to rapidly changing customer preferences.”