Cambri, a Helsinki-based AI-powered consumer insights platform, has raised €8 million in a new funding round to scale its operations. The round saw participation from new investors Octopus Ventures and S4S Ventures, co-founded by Sir Martin Sorrell, alongside existing backers including OpenOcean, Spintop Ventures and The 98. Cambri’s technology, used by major brands, aims to tackle the high failure rate of product launches by providing more accurate and actionable insights. The fresh capital will support Cambri’s international growth, allowing it to further enhance its AI models and expand its market reach.
Cambri is a Nordic research and technology company focused on transforming product innovation through AI-driven insights. Established in 2018 by Dr. Heli Holttinen and her co-creation clients, the company introduced its product concept test to address challenges in market research. Co-founders Dani Kamras and Dr. Outi Somervuori joined in 2019, contributing to Cambri’s ongoing expansion, which now includes headquarters in Helsinki and Stockholm, as well as offices across Europe and the UK.
The name Cambri is inspired by the Cambrian Explosion, symbolizing a commitment to fostering innovation and growth. The company’s philosophy centers on iterative processes, emphasizing the importance of frequent testing and rapid learning to enhance the effectiveness of innovation teams. By collaborating closely with clients, Cambri aims to develop its platform in ways that enable users to maximize their innovation potential and adapt to market needs.
Traditional market research, consumer insights, and prediction models are outdated, static, and notoriously inaccurate, typically delivering just a 40% prediction accuracy.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. By contrast, Cambri’s proprietary AI engine not only predicts the likelihood of a product’s success but also provides actionable insights to help improve products before launch. Cambri’s 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.
“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,” says Billy Fletcher, Global Director of Human Insights for Emerging Categories, The Coca-Cola Company.
“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,” states Ben Harknett, Cambri CEO.
“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 strength of their international partnerships, are testament to the value being generated by their proprietary AI models. We’re looking forward to seeing what they do next,” states 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,” comments 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 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,” mentions Sanja Partalo, Co-Founder and Managing Partner of S4S Ventures.
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Read the orginal article: https://arcticstartup.com/cambri-raises-e8m/
