In the hyper-connected world we live in, it’s easier than ever to send feedback to the companies we support. But just because a business offers more ways to contact you doesn’t mean it carefully reviews every comment. Productboard’s 2020 survey found that 90% of companies do not successfully capture feedback across all channels, and one-third have no feedback capture process at all.
Varun Sharma has become aware of this fact while leading customer success efforts at LinkedIn, analytics software company Amplitude, and startup Scale AI. Despite their best efforts, product and customer experience teams struggle to use customer feedback to make decisions, says Sharma.
So in 2020, Sharma hired his brother Arnav Sharma to build a tool that could help the company solve the customer feedback problems it was experiencing. Conveniently, Arnav had software engineering experience, having worked as a developer at Uber for three years.
“Customer interactions are a valuable but very underutilized data set for every business,” Varun told TechCrunch. “Once meaningfully unlocked, you can build best-in-class products and drive business growth.”
Over the years, Varun and Arnav’s tools have expanded into Enterpret, a platform that connects to multiple feedback sources and applies algorithms to extract insights. Enterpret can help you highlight important topics and emerging issues from customer feedback, identify which products your team should build, and more.
“Enterpret can collect all of a company’s customer interactions in real time – sales calls, support tickets, survey responses, X-threads, app reviews – and provide a quantifiable structure, then combine the results with product usage and revenue. We can leverage the company’s data to operationalize decision-making,” Varun said.
Companies can define rules to remove personally identifiable information from scraped data, including IP addresses and names. Varun says that to comply with GDPR, Enterpret does not maintain control over customer data.
Varun added that customers like Canva and Monday.com are using Enterpret, which has analyzed millions of customer feedback to date to detect early signs of churn and verify or, in some cases, disprove product hypotheses.
Enterpret has no competitors in this space, such as ScopeAI, acquired by Observe.AI in 2021 with technology that helps businesses analyze customer feedback. Another competitor, Zendesk-owned Klaus, automatically classifies and scores customer interactions.
San Francisco-based Enterpret’s strategy appears to be working well. That’s enough to double the startup’s annual recurring revenue (ARR) from at least May to present. Varun said Enterpret’s contract value has doubled in the past 12 months and the company recently closed a $20.8 million Series A round.
“Our ARR is in seven figures,” Varun added. “The momentum is strong. We decided to raise capital to support growth.”
The near-term plan is to put cash from the Series A, led by Canaan Partners, with participation from Kleiner Perkins, Peak XV Partners, Wing Ventures and Recall Capital, into hiring and product R&D, Varun says. Enterpret has raised a total of $25 million to date.
“Enterpret’s ambitious vision is rooted in the recognition that customer feedback is the most valuable data set for any company,” said Varun. “Our mission is to build a platform for every business seeking to be customer-centric.”
