Venture Capital News: Wizer Receives $4M Series A Funding
NEW YORK, NY, A.I.-based SaaS consumer research company Wizer is announcing the completion of the company's $4 million Series A Round.
The funding was led by SOMV (State of Mind Ventures), a venture capital fund focusing on technology infrastructure. Nielsen Innovate, the early stage investment arm of Nielsen, participated in this round as well.
Wizer provides marketers and agencies with comprehensive end-to-end market research solutions for brand positioning, product and concept testing, advertising effectiveness measurement, and more, utilizing proprietary artificial intelligence technology to deliver insightful client-ready research, quickly and affordably.
Wizer uses advanced A.I. and machine learning technology to provide turnkey research, which is tailored to each client. The platform learns each customer's business challenges, insight preferences, and industry-related content to design the questionnaire. When analyzing results, the platform leverages algorithms to highlight the most important insights and findings, similar to a human analyst, delivering a comprehensive research report to the client within days and even hours.
Over time, Wizer helps customers gather benchmarks and compare their results to industry standards to become the cross-organizational knowledgebase, proving the true value of Wizer's A.I. technology.
Just before this new round of investment, Wizer was also selected to participate in the prestigious Advertising Research Foundation's Innovators A-List. The goals of the current investment are to accelerate Wizer's growth globally, specifically in North America and Europe, increase brand awareness, and expand the R&D team to broaden its offering. In the coming months, Wizer is planning to significantly increase staff in its New York City office.
Wizer was founded in 2014 by Alon Ravid, CEO; Idan Geva, Chief Business Officer; and Mano Geva, Scientific Director. The Wizer team has over 20 years of marketing research experience. Wizer's clients include leading global consumer goods brands such as Wilson and SodaStream.
"After successfully working with several leading organizations on market-driven decisions, we're ready to significantly scale up our growth and expand our vision to enable more marketing research professionals to take a more strategic role in the organization, while letting technology take care of laborious research tasks," said Alon Ravid, CEO of Wizer. "We are building the decision support tool of the future: No more dispersed information from various sources -- rather, a consolidated single source of data and insights. Wizer delivers timely insights so businesses of all sizes can compete as equals."
"We're excited about our new investment in Wizer," said Pinhas Buchris, Managing Partner at State of Mind Ventures. "We believe the market of consumer research and analytics is a massive market, ready for modernization and improvement. Wizer's team was able to bring together several relevant disciplines, including A.I. and polling, to create a new offering, reduce cost, and improve performance. Initial market traction is strong and encouraging and we are eager to embark on our joint journey."
Dov Yarkoni, CEO of Nielsen Innovate said, "We identified Wizer's huge potential to disrupt the consumer insights market right from the start. We think that the combination of their technology, highly talented individuals and research know-how is the recipe for success."
To date, the company has raised $5.5 million, including $1.5 million in seed funding from YJ2, an investment fund backed by the Yahoo Japan Corporation, Nielsen Innovate, Barinboim Group, and the Israel Chief Scientist.
Wizer is an A.I.-based consumer research platform that provides marketers and agencies with comprehensive, end-to-end market research solutions for brand positioning, product and concept testing, advertising effectiveness, measurement, and more. Wizer utilizes proprietary artificial intelligence technology to deliver insightful, client-ready research, quickly and affordably. Research design and analysis is tailored to each client, delivering a comprehensive research report within days and even hours. For more information about Wizer, please visit: www.getwizer.com
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