Name: Speciate AI
Legal: Speciate AI Inc.
Location: Chicago, IL
Founded: January 1, 2018
Founder(s): Paul Blase, Kate Besser
Social Media: 10 followers on Twitter
INDUSTRY – Market Researcher, AI
Size: $23Bn (2018) (Source: “Industry Market Research Report”)
Projections: $44-45Bn by 2022
Speciate AI is a market research company using artificial intelligence to analyze data in an efficient, multi-dimensional manner. The idea is simple: Speciate AI claims that most data produced today is ‘unstructured.’ This data comes from several mediums in the form of videos, images, reviews and audio recordings. Speciate AI seeks to organize this unstructured data to equip its clients with easy, quantifiable metrics to evaluate their marketing strategy and compare themselves to competitors.
Speciate AI claims to have a twofold method. The first step is analyzing the data in its text and media-rich forms using AI. A scorecard is then created in to allow for comparison with publicly available data about their competitors. This gives clients an easy way to view the data, without the need of costly focus groups and surveys.
Speciate AI claims to have a number of different features to synthesize consumer reactions. ‘Feature Sentiment’ uses AI to identify and prioritize which features customers care about most and compare to what degree competitors are satisfying these desires. The second feature, ‘White Space’ is data analysis that identifies market gaps that can and should be filled with new consumer options. Then there is the ‘Price Monitor,’ used to evaluate how the client prices compare to those of competitors, the ‘Quality Radar’ made to anticipate any issues regarding the actual use of the product, and ‘Products in Action,’ which analyzes images in order to assess how the product is being used in the physical world.
In addition, Speciate AI claims to analyze marketing data in a multi-media, multidimensional fashion, from measuring changes in the perception of the company to leadership stability. The company believes that his automatic mining of information will replace the costly use of surveys and focus groups.
Founded in 2018, Speciate AI has managed to raise a total of $2M. Co-founder and CEO Paul Blase is a veteran of data analysis and portfolio growth. The other co-Founder Kate Besser has a background in market strategy and analysis, specializing in the aerospace and defense sectors. The team of Speciate AI is a self-proclaimed team of “multi-disciplinary experts” with backgrounds in data engineering, data science, as well as design and development.
Speciate AI also makes use of partnerships with academic institutions. For instance, it works with University of Southern California’s Center for Economic and Social Research to learn how artificial intelligence can reinvent the process of customer feedback. Such academic partnerships help research innovation and synthesize new technologies.
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