The new investment increases GetWhy’s previously announced Series A round, in which it secured $34.5m in funding last year.

GetWhy plans to grow its market position and expand internationally with the additional investment.

GetWhy uses generative AI to help enterprises conduct market studies and extract insights from video-based interviews.

The company was founded in 2011 and launches its AI platform in 2022. Clients include Heineken, The Coca-Cola Company and Adidas.

Casper Henningsen, co-founder and chief executive, GetWhy (pictured), said: "Traditional market research is broken. It’s slow, it’s expensive, and, most importantly, it’s disconnected from how modern enterprises build products and connect with their customers. This disconnect gives us a unique opportunity to redefine the entire insights industry.

"This increased investment from PeakSpan Capital underscores how rapidly the field of consumer research is evolving and gives GetWhy the fuel to accelerate our mission and cement our leadership position globally."

Henningsen added that the company sees an opportunity to increase "AI-fuelled transformation" for global brands. 

The company is planning to open an office in the US in 2025 to strengthen its operations there.

Henningsen said: "Some 60% of our revenue comes from the US, so this is a natural and necessary step for us to get closer to our current and potential American customers and solidify our position as a market leader."

Christine Moeller, AI transformation lead at eBay, said working with the company has meant it can bring the "consumer voice" into the meeting room in fewer than three days.