Quantilope, which was founded in 2014 in Hamburg, Germany, has now raised a total $40m since it launched in the US last year.

The latest funding round was led by Digital+ Partners, with Silicon Valley Bank provided debt financing and with Quantilope’s existing investors at Dawn Capital, Senovo and Surplus also involved.

The funding will be used to further expand Quantilope in Europe and the US, with a focus on the American market.

Quantilope will also further develop its artificial intelligence capabilities and automate additional research methodologies.

Peter Aschmoneit, chief executive of Quantilope, said: “Now more than ever, we see the need for fast and deep consumer insights for brands to stay closely connected to their consumers radically changing motivations, needs and behaviours.

“The current market research industry is valued at over $47 billion globally with the largest markets in the US, followed by the UK and Germany. The massive industry illustrates the demand for consumer insights to drive informed decision-making and fuel growth for brands and organisations across all sectors.”