Israeli startup company Revuze, which develops a system for market analysis and real-time insights, announces today (Thursday) the completion of a $12 million fundraiser led by PSG Equity. The round was joined by Karyn Schoenbart and Tod Johnson, who until recently served as CEO and Chairman of the market research group NPD.
A billion opinions in one place
Revuze has developed a system that automatically analyzes consumer opinions about products and allows companies to learn exactly what is thought of them and their competitors. The development is based on AI, and according to the company, it is able to perform a deeper, more meaningful analysis than any product on the market, and provide data-based insights which until now has not been possible.
Among other things, Revuze's product scans millions of consumer opinions daily from a variety of public and internal data sources, and through machine learning, artificial intelligence, and semantic analysis of text, it divides and organizes all the data into the most relevant topics for each brand and product. The company's product is currently offered as a SaaS model.
In a conversation with Geektime, the company's CEO Boaz Grinvald says that Revuze maintains a database that stores billions of consumer opinions analyzed to the level of research insights on hundreds of millions of products in the world from many hundreds of online data sources. "The database updates the existing insights every day and adds new ones. Through our interface, with a few clicks of a button, it is possible to obtain research insights such as SWOT, competitive comparisons, price strategy, building a marketing strategy and product innovation on each and every product; it includes analysis of different levels such as the entire market, a brand, or a specific product," he added.
According to him, the company's clients report an 85-100% saving in their research time and a 50% saving in their market research budget, which includes surveys, in-depth interviews, focus groups, and the use of natural language analysis engines that require a lot of manpower. Revuze works with more than 100 of the world's biggest brands from 10 countries that pay an annual subscription to use its database. According to Grinvald, the advantage of the product they developed over the competitors is the speed of attaining the data, and the cost of obtaining and processing the data: "Revuze reaches the relevant data and floods it many weeks before the traditional methods and thus enables a faster response speed and saves almost all the manpower required for the traditional methods." In addition, he said that the more tech-related developments of the company allow customers to save time setting it up, learning, and maintaining models for analyzing customer opinions and replacing them with algorithms developed in-house.