In today’s hyperconnected world, sending feedback to companies we patronize has never been easier. However, just because businesses offer more ways to get in touch doesn’t mean they’re poring over every comment. A 2020 survey from Productboard found that a staggering 90% of companies fail to successfully capture feedback from all channels, while a third have no feedback-capturing process whatsoever.
The Problem with Customer Feedback
Varun Sharma, co-founder and CEO of Enterpret, became acutely aware of this issue during his time leading customer success efforts at LinkedIn, analytics software firm Amplitude, and startup Scale AI. Product and customer experience teams were struggling to use customer feedback to make decisions despite their best efforts, says Sharma.
The Birth of Enterpret
In 2020, Sharma recruited his brother, Arnav Sharma, a seasoned developer with experience working at Uber, to build a tool that might help solve the customer feedback headaches firms were experiencing. Conveniently, Arnav had software engineering expertise, having worked as a developer at Uber for three years.
"Customer interactions are a precious, yet immensely underutilized, dataset for all enterprises," Varun told TechCrunch. "If they’re unlocked meaningfully, they can build best-in-class products and drive business growth."
How Enterpret Works
Over the years, Varun and Arnav’s tool expanded into a platform called Enterpret that connects to various feedback sources and applies algorithms to extract insights. Enterpret can highlight overarching themes and emerging problems in customer comments, assist teams in figuring out what products to build, and provide quantifiable structure for sales calls, support tickets, survey responses, social media threads, and app reviews.
"Enterpret is able to pull in all customer interactions of a company in real time, like sales calls, support tickets, survey responses, X threads, and app reviews; give them a quantifiable structure; and then join the output with product usage and revenue data of the company to operationalize decision-making," Varun said.
Compliance and Data Security
Companies can define rules to scrub scraped data of personally identifiable information, including IP addresses and names. Varun says that, to comply with GDPR, Enterpret doesn’t maintain control over customers’ data.
Varun added that customers like Canva and Monday.com are also using Enterpret, which has analyzed millions of pieces of customer feedback to date, to detect early signs of churn and validate — or disprove, as the case may be — product hypotheses.
Competitors in the Space
Enterpret isn’t without competitors in the space, like ScopeAI, acquired by Observe.AI in 2021 for its technology that helps companies analyze customer feedback. Another rival, Zendesk-owned Klaus, automatically categorizes and scores customer interactions.
San Francisco-based Enterpret’s strategy seems to be working well, though — or at least, well enough to double the startup’s annual recurring revenue (ARR) between May and now. Varun says that Enterpret’s contract value has doubled over the past 12 months, and the company recently closed a $20.8 million Series A round.
Growth and Future Plans
"Our ARR is in the seven figures," Varun added. "The momentum is strong. We decided to raise capital to support our growth."
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