Enterprises have long been using cookies and surveys to gauge what exactly their consumers prefer or want. Although these methods are useful in defining product and marketing strategies, they do not provide a good indicator of the actual choices that consumers will make. According to Geo Technologies, as many as 82% of Americans still ignore online ads, finding them irrelevant or unappealing, while Merle & Cooper estimates that 35-48% of products fail on the market.
To address these challenges, Denmark-based company, Neurons, combines the power of neuroscience with machine learning (ML). The company offers a platform that predicts customer behaviors, such as attention and focus, in seconds, helping enterprises optimize every part of their customers’ journeys, from advertising to user experience and tech. Today, Neurons announced it has raised $6 million in a seed round of funding.
Neurons’ predictive platform
Neurons provides a cloud-based customer prediction platform that has three key tools to predict, understand and adapt to the customer decision-making processes: Predict, Explore and Research.
Predict, as the company explains, is a cloud-based attention prediction AI that automatically produces validated heatmaps and cognitive scores to predict customer responses. These insights allow it to determine which creatives will perform best and what brand designs would work best, based on brand recognition.
” Our AI was built using one of the largest eye-tracking database in the world that is both continuously updated and validated by our in-lab research function,” Thomas Zoega Ramsoy (Neurons CEO and founder) told VentureBeat. “With that database, we have trained our AI to accurately and rapidly make predictions on content for human responses like attention, focus, cognitive responses and engagement with 95% accuracy. The AI models are built and validated in-house with our ML engineers and neuroscience experts using modern standards like Tensorflow and Google Cloud Platform tools to enable users to scale based on needs.”
While Predict is automated and based on data, the Explore feature serves as a self-service online panel testing tool. This feature allows users to create customized tests that collect conscious and unconscious responses from targeted audiences towards a creative asset.
“We have developed a system where users can easily build and execute studies online, send them out to panels of participants based on their target audience, and collect their responses within a matter of days. They can then use these results to predict in-market responses for a deeper understanding of, e.g., what to say with their brand/products, what channels they should use to communicate, or even what types of content to promote,” Ramsoy explained.
The Research section of the platform offers a full-scale, bespoke offering that allows for in-depth study. As part of this, the company can test participants with hardware-enabled eye trackers and brain scanners (EEG) to gain unique access to their responses to creatives and ads and how they unfold over time. It allows the company to analyse and identify where customer experiences are successful and what is not.
Neurons started in 2013, but the SaaS part of the business was only recently established. Since then, the company claims to have gone from zero to more than 150 customers, including the likes of Google, Coca-Cola, Mercedes, Capital One, NBC, Vodafone and Ikea.
” The growth was quite aggressive,” said the founder. There has been more than threefold growth in the first six month of 2022 revenue over 2021 SaaS revenues.
The company has received funding from Vaekstfonden Ventures and Finance Zealand. This round will allow it to hire new people and expand its product portfolio for forecasting consumer behaviour.
“As part of this, we are already moving way beyond attention prediction, and will soon release Sentiment AI and other models,” Ramsoy stated. “Over time, additional AI products will come, including emotion prediction. A second move is to go beyond mere prediction and provide suggestions, allowing designers, brand owners, and others to not only see whether an asset will work or not but also to get automatic suggestions on what to do about it.”
Other companies working in the same area are Expoze.io, Attention Insight, CoolTool, Hotjar, Sentient Decision Science and Nielsen Neuro.
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