Gateshead-based Wordnerds’ innovative AI customer insight analysis tool has gained the company £720,000 of investment from Northstar Ventures as part of a £1.6m funding round.
Several well-known organisations such as Sainsbury’s, M&S, Network Rail and the Department for Work and Pensions are using Wordnerds’ product, which enables them to identify in real time how customers talk and what they talk about.
Large organisations are grappling daily with the task of understanding vast amounts of customer feedback from a myriad of sources such as customer surveys, emails, contact centre calls, forums and social media. Pulling together and making sense of that information is a herculean task which even the largest of companies struggle to deal with. Often businesses are left with mounds of data that contain valuable information, but which they are unable to fully utilise.
Wordnerds turns this data into actionable insights. It differentiates itself from other providers by integrating customised AI models into the product. By combining artificial intelligence and behavioural science, Wordnerds enables organisations to pool all the data to produce rapid, in-depth reports and dashboards directly into BI tools.
Those reports enable companies to find the root cause of customer issues in real time and deal with the matter proactively, rather than having to deal with complaints after the event. Conversely, trends that are delighting customers can be rapidly spotted and the retailer is then primed to do more of what their customers love. The product is flexible and can be tailored for each client to offer a personalised service.
£720,000 of this investment comes from two of Northstar Ventures’ funds, with £160,000 from the Northstar EIS Growth Fund and £560,000 from the North East Innovation Fund, supported by the European Regional Development Fund. The remaining funds are from early-stage investors, Stephen Zinser and Leigh Cresswell, and a £521,000 grant from Innovate UK’s Future Economy Investor Partnership programme.
