If you have ever had a change to browse through those millions of ecommerce listings and 100s of millions of consumer reviews on them, you’d realise how unstructured all that data is. And while that is digital data, think what would happen to offline data at an even bigger scale. Well, 90% of the internet’s data is in such unstructured form, and California-based Spiketrap wants to help brands decode that.
And it seems Spiketrap’s AI-powered platform is a sell-out with investors, as the company has announced a $3M seed round. Spiketrap’s seed round was led by Susa Ventures with participation from 645 Ventures, Pathbreaker Ventures, Oceans Ventures, WndrCo, SV Angel, Anorak Ventures, Harry Stebbings of 20VC, as well as strategic angels.
Most brands today neglect the unstructured internet consumer data. As a result, they are making major business decisions on a fraction of total information. Spiketrap’s AI-powered platform enables companies and brands to understand conversations at scale in real-time, accelerating customers’ speed-to-insight and providing rich data for data-driven decision-making. The startup’s proprietary technology is capable of ingesting massive amounts of data in real-time and to contextually understand what is being discussed while eliminating spam and noise.
“We built Spiketrap to help brands understand their audience at scale and in real-time through intuitive and compelling AI-powered data and visualizations,“ said Kieran Fitzpatrick, Co-Founder and CEO. “Our core technology understands language at scale, and is industry agnostic. We’ve looked to the conversations developing online in the gaming community first, giving us confidence knowing that if we truly understood this, we’d be able to provide insights for any brand that has a highly-engaged and vocal audience.
It is this ‘must-have’ nature of Spiketrap’s product, that has attracted the likes of Susa Ventures to invest in the startup. “As an investor, I’ve never seen a product become indispensable for the top companies in an industry so quickly,” commented Leo Polovets, Co-Founder and General Partner, Susa Ventures.
Spiketrap, despite having a lean team of 15, boasts some of the most experience names in the industry. More recently, the startup added former Apple iAd senior manager Mike Owen as its Chief Business Officer. “Mike has already been a force-multiplier for us in terms of our ability to execute at massive, commercial scale. We’re at a really exciting inflection point where the market is recognizing the absolute necessity of the technology we’ve been building,” said Fitzpatric