Cambri, a Finnish AI-powered insights and innovation platform, has closed $8 million in funding led by UK-based Octopus Ventures, which recently backed DRIFT Energy and Harbiz, and S4S Ventures alongside existing investors – The 98, OpenOcean, and Spintop Ventures.
The new funds will be used to scale Cambri’s operations to meet the enormous opportunity and demand within the market research industry.
What role does Cambri play?
Traditional market research, consumer insights, and prediction models are outdated, static, and notoriously inaccurate, typically delivering just a 40% prediction accuracy. This means brands waste time and resources developing and launching products that consumers don’t need.
Cambri’s proprietary AI engine comes to the rescue as it not only predicts the likelihood of a product’s success but also provides actionable insights to help improve products before launch. Its AI models are 2-3 times more accurate than traditional methods, enabling its customers to regularly achieve over 80% prediction accuracy for product launch success, contributing to Cambri’s 146% year-over-year ARR growth.
AI-powered insights platform
Founded in 2018 by Dr. Heli Holttinen and joined by Dani Kamras and Dr. Outi Somervuori, Cambri’s team consists of dedicated academics, technologists, product developers, data scientists, innovators, and insights professionals. Its mission is to help consumer brands avoid launching products that do not meet consumers’ true needs.
It empowers all brand and product teams can innovate in an iterative test-and-learn manner and be confident in bringing only purposeful and long-lasting brands, products, and services to market.
While its headquarters are split between Helsinki and Stockholm, the company continues to expand and currently, has offices across Europe and the UK.
“Cambri is redefining how consumer insights drive innovation success. We’ve experienced rapid international growth and attracted many of the world’s leading consumer brands as customers. The new funding from these two experienced investors underscores the dramatic value our proprietary AI models drive for our customers, and will significantly support our expansion,” said Ben Harknett, Cambri CEO.
User base
The AI-powered insights platform is used by major household food and beverage brands such as Carlsberg, Coca-Cola, and Nestle. It helps teams test and apply reliable and robust consumer insights to increase their product or service’s success rate following launch.
“Cambri really excels at providing timely and innovative research solutions across the innovation cycle. They’ve really helped us increase speed to deep and very actionable insights and I’m looking forward to continuing to grow our partnership. Everyone says you can only pick 2 from good, fast, and affordable…with Cambri, I get all 3.” Billy Fletcher, Global Director of Human Insights for Emerging Categories, The Coca-Cola Company
Investors’ views
“We’re really excited about Cambri’s potential to drive significant efficiency gains and successful product launches for a wide range of businesses. The pace of their growth, and the strength of their international partnerships, are a testament to the value being generated by their proprietary AI models. We’re looking forward to seeing what they do next,” said Constanza Diaz, Investor, Octopus Ventures.
“Innovation is at the heart of corporate growth, but it is notoriously hard to achieve – 95% of the nearly 30,000 products introduced each year fail. When long-established consumer brands with impressive innovation track records such as Coca-Cola and Carlsberg are using Cambri’s AI-powered platform to drive their product innovation, this technology is capable of huge impact,” stated Sir Martin Sorrell, Executive Chairman at S4 Capital Group and Co-founder at S4S Ventures.
“The legacy market research market is ripe for disruption. Cambri’s unique data sets and AI model have transformed an outdated and inaccurate process into a superpower for household consumer brands. Enterprise skepticism about the true value of AI to their day-to-day operations may be valid across many current use cases – but Cambri stands out as an exception delivering clear and actionable value,” added Sanja Partalo, Co-Founder and Managing Partner of S4S Ventures.
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