It’s been almost a year since we featured market research company Neurosensum, and things have been doing really well for them. To sum it up: they have raised their Series A funding, reached profitability, and recently launched a survey automation tool called SurveySensum.
Since they first started, Neurosensum has been trying to tackle a challenge in market research: that participants are not always truthful about their responses. The company uses everything from virtual reality and facial coding to brain mapping and eye-tracking to gain a deeper understanding of customer preferences and behavior. Now, after raising their Series A round from SIG China, they are introducing a new market research tool called SurveySensum.
When the company was founded in February 2018, their main clientele were major enterprises that required consumer market research. To date, Neurosensum’s neuroscience-based work attracted about 55 blue-chip enterprises as clients. Within six months, they have become profitable with their neuroscience-based services and brought in revenues of over US$1 million in 2018.
However, the team realized that targeting larger enterprises was not enough. “The fact of the matter is that only 2% of corporates use market research agencies, simply because mid-sized enterprises cannot afford the price of consultancy,” explains Rajiv Lamba, Neurosensum’s global managing director. The team then came up with SurveySensum with the goal of ensuring that even smaller companies can perform surveys and improve their customer and employee experience.
Launched in June 2019, SurveySensum is a software that collects, delivers, and analyzes customer feedback and data in real time, enabling small and mid-size enterprises to get market research at an affordable price: not more than one-tenth of the rates charged by conventional agencies.
Users can compose their own questions or pay SurveySensum to do it and then send the survey to various touchpoints (emails, SMS, social media, websites, customer relationship management software, in-app integrations, on-site tablets and QR codes, etc.), and then all that data will be processed and tabulated in real time. As a result, the speedy process will significantly shorten the time needed for surveys and enable users to act upon responses immediately.
Within weeks of their June 2019 launch, SurveySensum already has one of the biggest telecommunication companies in Indonesia on board and is also in discussions with educational institutions to give them access to SurveySensum, completely free of charge.
With the fresh injection from SIG China in May 2019, Neurosensum now adds new goals to achieve. First, they want to develop AI that can analyze texts and sentiments, which will in turn help summarize and analyze qualitative, open-ended survey questions in real time. They also want to double the size of their team by the end on 2019. Last but not least, they would also strengthen their presence in Indonesia, Singapore, India, and United Kingdom.