Text Analytics Startup Relative Insight Raises New Funding; Eyes Expansion into US Markets
YFM completes $6.55 Million USD investment into text analytics company, Relative Insight, to accelerate product development and drive US expansion
Relative Insight, a fast-growing text analytics platform, plans to expand its operations in the United States and strengthen new product development following a USD 6.55 Million growth capital investment by YFM Equity Partners (YFM) through its managed British Smaller Companies VCTs.
Why are Text Analytics Platforms popular among the Tech Investors?
Artificial Intelligence is proving to be a game-changer in the way data analytics is gaining prominence among leading industries. In Marketing and Sales, customer experience management is heavily dependent on data analysis of website content, product reviews, chats, comments and social media conversations. Text mining has emerged as a crucial driver in the CX revolution delivering meaningful analytics on how online users interact with brands and other users. Text analytics, powered by AI capabilities, can be used to extract actionable insights from various types of data mined via surveys, landing pages, reviews, and Voice of Customer campaigns. Text analytics platforms, therefore, gain lot of attention from Martech and adtech innovation companies and customers.
The volume of text data such as surveys, reviews, social, customer experience (CX), and voice of the customer (VoC) is exploding and can give crucial insights to decision-makers if analyzed quickly and easily.
What Relative Insight Does with AI in Text Analytics?
Relative Insight is a comparative text analytics software that helps organizations generate actionable insights from text data using technology originally developed for law enforcement. The company’s platform combines AI-powered natural language processing with advanced comparative linguistics to analyze any source of text data and drive enhanced contextual understandings of target audiences, competitors and trends.
How Text Analytics Works at Relative Insight
Customers upload data to the Relative Insight platform and the AI-based text analysis techniques highlight critical differences in consumer language to drive deeper insights into digital marketing, consumer analytics and customer experience. With its origins in law enforcement, the Relative Insight technology has been designed to provide the fastest possible time to critical insight and action for market trends, customer service issues, product opinions, and marketing campaign effectiveness.
With offices in London, New York and Lancaster, Relative Insight has a growing international client list including leading global companies such as Sky, Nespresso, Starbucks, General Mills, MetLife and Sony.
The investment from YFM will enable Relative Insight to further grow its customer base as well as continue to develop the platform to provide greater customer insights and data integrations for its clients.
Ben Hookway, CEO of Relative Insight commented: “With an ever-increasing amount of data available to businesses, many are struggling to make sense of this valuable information. This can prove vital in understanding what is causing business outcomes, and what can be done to change them. Our platform is able to rapidly analyze millions of words and compare them across a range of variables to highlight the critical differences in consumer language, helping to explain market trends, customer behavior and provide actionable insight including making communication more effective with target audiences.
“Having seen rapid growth over the last four years, the business is now embarking on the next stage of its journey as we expand in the United States. We believe that YFM is the ideal partner to support us. As well as having an established track record scaling SaaS businesses, they have a real understanding of our market and are a great fit culturally – we like the team and are confident they will add real value.”
YFM has a growing national portfolio of software and tech businesses, including data transformation software company Matillion and innovation intelligence provider Vypr.
Dan Freed, partner at YFM, added: “Data and text analytics is a rapidly expanding market and one with huge potential given the ever-increasing demand for improved business intelligence, and customer insights. The Relative Insight platform is a compelling proposition helping companies to understand why things happen. The heritage of the business resonates with us, and we believe it is a best-in-class platform led by an experienced and very impressive management team.”
Eddie Harding, Partner at ICON Corporate Finance, said: “We’re delighted to have advised Ben and the team on this transaction and were not surprised by the strong level of interest we received from investors. Relative Insight’s highly innovative AI-based text analytics software generates significant value for its clients, and the company is now at a very exciting stage in its growth plan. This funding from YFM will help Relative Insight to scale up its operations considerably, and in particular in the U.S. where there is significant market potential.”
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