Simporter, a SaaS startup that uses artificial intelligence to predict consumer demand for new products, closed a $600,000 seed round led by European accelerator Startup Wise Guys, with angel investors from Denmark, Estonia, Japan, and other regions.
Mitch Barns, the former CEO of Nielsen, also invested and joined Simporter’s advisory board. “We’re delighted to have Mitch on our board,” said Dillon Hall, co-founder of Simporter. “His expertise will greatly help our mission to empower brands and retailers with AI-driven analytics, so they can thrive in today’s volatile markets.”
The Simporter AI software predicts sales for consumer products before and after they go to market. Manufacturers and retailers use it to pinpoint which products consumers truly want and how often they’ll buy. The proprietary technology analyzes billions of data points from point-of-sales, social media sentiment, and customer reviews.
“We’re grateful to our investors for this capital to further accelerate our growth,” said Tim Hall, Simporter’s other co-founder.
“Twelve Fortune-500 companies like Danone, Church & Dwight, and Calvin Klein use our software-as-a-service to discover opportunities for innovation, validate new product concepts, and accurately predict consumer demand during disruptions like Covid-19. They’ve been able to increase revenue an average +22% using Simporter.”
Image Credit: Simporter