Image credits: Wonderflow
Artificial Intelligence (AI) is revolutionising business and society in a big way! This disruptive technology offers companies a host of ways to understand, predict, and engage customers.
Consequently, AI’s adoption has increased in varied contexts, from providing service assistance during customer interactions to assisting in the identification of optimal promotions.
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Based out of Amsterdam, Wonderflow is one such company that uses AI to analyse the Voice of the Customer.
Raised €16.7M
Recently, the Dutch company secured $20M (approx €16.7M) funding in a Series B round led by Toronto-based Klass Capital.
Existing investors including, Italian venture capital firm P101, ITALIA 500 (Azimut Group), and renowned Dutch top manager Jan Bennink, also participated in the financing round. To date, the Dutch company has raised $25M (approx €21M).
The funding round comes after Wonderflow raised €2M from Venture Capital P101 SGR, through its P102 and ITALIA 500 sibling funds, last year.
Global accelerator-VC, Rockstart accelerated and invested in Wonderflow back in 2014 when the company was in its pre-revenue stage.
Riccardo Osti, CEO of Wonderflow, states, “Our partnership with Klass represents an important step in our global expansion plan. We will continue investing in Artificial Intelligence to strengthen our leadership in Natural Language Processing, Prediction, and Narrative Insights. We will grow our teams in Europe and North America to offer increasingly strong support to our enterprise customers.”
Klass Capital
Klass Capital is a growth equity firm that focuses on helping software companies scale to become world-leading organisations.
The Canadian VC takes a long-term approach to investing and has invested in over 20 high-growth SaaS companies across North America and Europe.
Daniel Klass, Founder and Managing Partner of Klass Capital, says, “The way Wonderflow uses advanced AI to analyse customer feedback is clearly disrupting the market. During the time we spent with Riccardo and the Wonderflow team, we were struck by their tenacity and collaborative approach with their partners. We’re excited to start working with Wonderflow to help them scale and become the new global standard in customer feedback analysis.
Fund utilisation
Besides cementing its leadership position in the European market, Wonderflow will use the funding to hire new talent across its three offices in Amsterdam, Milan, and Trento. Further, the company also aims to expand internationally by launching a new office in North America.
Wonderflow: What you need to know
Founded in 2014 by Italian entrepreneurs Riccardo Osti, Giovanni Gaglione, and Michele Ruin, Wonderflow helps global brands in their path to becoming more consumer-centric.
The startup helps companies understand what consumers think about their products and services and what improvements will drive the best results.
At present, most enterprises that generate a large amount of unsolicited customer feedback (written feedback from hundreds of private and public channels) are not able to properly leverage the data they have collected.
Wonderflow, with its proprietary AI platform, analyses the unstructured feedback, from multiple sources, and helps brands improve the overall customer experience. The Dutch company is part of the VoC analytics sector.
Employs people from 10 nationalities
At present, the AI-based analytics platform employs around 50 people from more than ten nationalities, and over 60 per cent of team members are women. Earlier this year, Amsterdam-based company appointed Jan Bennink to its Board of Directors. The company has offices in three locations – Amsterdam, Milan, and Trento.
Previous developments
In January, Wonderflow got selected in Netherlands’ most exclusive scaleup program: Techleap Rise. In 2019, Wonderflow was one of the prize winners of the European scale-up competition, EIT Digital Challenge.
Last year, Wonderflow joined hands with Microsoft to integrate its capabilities into Microsoft Dynamics 365 Customer Voice.
Through this partnership, it can combine its direct customer feedback with analytics gathered from public product reviews on e-commerce platforms.
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