Enterpret harnesses customer feedback to drive business growth

In a landscape increasingly shaped by artificial intelligence and automation, the need for businesses to effectively capture and utilise customer feedback has become paramount. Despite growing technological advancements, many companies continue to struggle to manage this vital data, as evidenced by a 2020 survey from Productboard, which revealed that a staggering 90% of companies fail to successfully harness feedback from all available channels. Furthermore, one-third of the firms surveyed reported having no formal feedback-capturing mechanisms in place.

This disconnect between potential and practice was evident to Varun Sharma during his tenure leading customer success initiatives at LinkedIn, Amplitude, and Scale AI. Noticing a persistent gap in how product and customer experience teams were able to make informed decisions based on customer insights, Sharma began to devise a solution. In 2020, he partnered with his brother, Arnav Sharma, who had three years of experience as a software engineer at Uber, to develop a platform designed specifically to alleviate these challenges.

Speaking to TechCrunch, Varun Sharma articulated the importance of customer interactions as a valuable yet largely underutilised dataset for enterprises. He stated, “If they’re unlocked meaningfully, they can build best-in-class products and drive business growth.”

The result of their collaboration is Enterpret, a platform that integrates with various customer feedback sources and utilises sophisticated algorithms to derive actionable insights. By capturing data in real-time from sales calls, support tickets, survey responses, and other interactions, Enterpret quantifies this information and correlates it with product usage and revenue. This integration allows companies to operationalise decision-making processes and better understand their customers’ needs.

“Enterpret is able to pull in all customer interactions of a company in real-time… and then join the output with product usage and revenue data of the company to operationalize decision making,” Varun explained. With a commitment to data privacy, Enterpret employs established protocols to remove personally identifiable information to comply with GDPR regulations.

The platform has already attracted high-profile clients, including design platform Canva and project management tool Monday.com. Through its analysis of millions of customer feedback entries, Enterpret has been instrumental in both identifying early signs of customer churn and validating product hypotheses.

Despite the competitive landscape, which includes players like ScopeAI and Zendesk-owned Klaus, Enterpret appears to be making definitive strides. The San Francisco-based startup reported a substantial growth trajectory, doubling its annual recurring revenue between May and the present. Varun Sharma noted that the company’s contract value has also doubled over the past year, complementing success with a recent funding boost of $20.8 million in a Series A round, led by Canaan Partners with participation from several prominent investors, including Kleiner Perkins.

“Our ARR is in the seven figures,” Varun stated. “The momentum is strong. We decided to raise capital to support the growth.” Looking ahead, the company plans to allocate funds from the Series A towards hiring initiatives and advancing product research and development. Overall, Enterpret has now amassed a total of $25 million in funding since its inception.

“Their ambitious vision is rooted in the realisation that customer feedback is the most valuable data set of any company,” Varun pointed out. The mission of Enterpret is clear: to create the ultimate platform for businesses that aim to place customer-centricity at the heart of their operations.

Source: Noah Wire Services