Streetbees Secures $40 Million Series B to Advance Deep Tech for Human Behavior Analytics
Streetbees, a real-life behavior analysis company has secured a $40 million Series B round funding to speed up the development of the world’s first human intelligence platform. Lakestar led this Series B round to lead Streetbees’ total market value at around $300bn.
The new funding will allow Streetbees to fund data acquisition across diverse verticals including Media & Entertainment, Finance alongside new sales opportunities. It also plans to increase its headcount from 100 to 230 over the next year.
Currently, Streetbees has over 3.5 million users in its community capturing real-life emotions and context when they engage with brands. With such a large number, the firm reveals distinct growth opportunities by employing deep neural networks to analyze the unstructured data.
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Just as Google has indexed the online world, Streetbees has indexed the offline world where eighty percent of human decisions are made. The company enhances the visibility of this offline world and enables searching through its proprietary dataset of millions of offline moments.
Major Industry players such as PepsiCo, Unilever, and Procter and Gamble rely on Streetbees to provide intelligence on consumers to share their brand experiences.
“Human reality is incredibly complex, and while technology has made progress in healthcare and pharmaceuticals, we’re still no closer to truly understanding the decisions that we make. Our behavior is captured online and in the artificial reality of social media, but the near 80 percent of our lives that happens in the offline world, remains untapped,” explains Tugce Bulut, CEO, Streetbees. “Streetbees is building the world’s first human intelligence platform with a completely proprietary dataset to index these offline moments in consumers’ own words. With this round of funding, we will accelerate the creation of a searchable world where brands can finally decipher human behavior and decode the real reasons why consumers do what they do.”
Over the past years, Streetbees achieved 150 percent revenue growth. It also gained a critical mass of proprietary data in the consumer space. Consequently, businesses are now able to utilize this data to answer their customer-related queries.
Streetbees has also been provided excellent value in the coronavirus pandemic playing a critical role for National Health Services and NGOs. Its analysis has helped the government to understand customers’ fears and mental health status throughout the pandemic.
Christoph Schuh, Partner at Lakestar, says, “We are very proud to lead the Series B round and to join Streetbees on its successful journey. The market for customer research is largely controlled by an oligopoly of legacy panel players and has seen little disruption. Streetbees has an innovative always-on way of engaging with the customer base at global scale to quickly and accurately understand their evolving needs and behaviors. The uncertainty of the global COVID-19 pandemic has demonstrated the value and necessity of having a real-time product suite that turns raw data into customer intelligence and actionable insights.”
LocalGlobe, an early investor in Streetbees, is investing again through its breakout fund, Latitude. George Henry, General Partner, LocalGlobe/ Latitude, explains, “Much like Bloomberg became the platform of choice for professionals requiring up-to-the-minute access to financial market information, we have always felt that Streetbees will become the de facto market research platform for brands needing real-time access to rapidly changing consumer markets.”
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Alan Hudson, Managing Partner, GMG Ventures LLP, an investor in the round, explains, “In the current market environment, more than ever, brands need to obtain qualitative real-time human insights at scale. Streetbees’ global network of engaged consumers and its AI-based platform provide these insights and power its clients’ decision making, both at the strategic and operational levels. We believe the team’s talent and focus further enhance its positioning as a true disruptor in the market research sector. We are delighted to continue our support of the company in its latest funding round and look forward to seeing Streetbees continuing to thrive.”
Streetbees reveals how people behave, and why, by analyzing real-life moments collected from its own global community. 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, Streetbees uncovers not just what they do, but also why they do it, and what drives them – and predicts what they may do next.
Streetbees’ partners with world-leading brands across the Consumer Goods, Media, and Entertainment, Retail & Insurance sectors. Clients include Unilever, PepsiCo, Sony Pictures, Carlsburg, Santander, Ikea, Vodafone, and L’Oreal.
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