NEWS5 September 2017

Wizer raises $4m in Series A round

Financials Middle East and Africa News

ISRAEL – Artificial intelligence (AI)-based research company Wizer has completed its $4 million Series A round of funding, led by tech venture capital firm, State of Mind Ventures.

Nielsen Innovate, the early stage investment arm of Nielsen, also participated in this round.

Wizer provides marketers and agencies with market research solutions for brand positioning, product and concept testing and ad effectiveness measurement among others, using its proprietary AI technology.

The platform learns each customer’s business challenges, insight preferences, and industry-related content to design the questionnaire. To analyse results, the platform’s algorithms determine the most important insights and findings within days and even hours.

The current investment is to accelerate Wizer’s growth globally, especially in North America and Europe, increase brand awareness and expand the R&D team. In the coming months, Wizer is planning to significantly increase staff in its New York City office.

Wizer was founded in 2014 by Alon Ravid, CEO; Idan Geva, chief business officer; and Mano Geva, scientific director.

Ravid said: “After successfully working with several leading organisations on market-driven decisions, we’re ready to significantly scale up our growth and expand our vision to enable more marketing research professionals to take a strategic role in the organisation, while letting technology take care of laborious research tasks.”

Dov Yarkoni, CEO of Nielsen Innovate said: “We identified Wizer’s huge potential to disrupt the consumer insights market right from the start. We think that the combination of their technology, highly talented individuals and research know-how is the recipe for success.”

Wizer has now raised $5.5 million, including $1.5 million in seed funding from YJ2, an investment fund backed by the Yahoo Japan Corporation, Nielsen Innovate, Barinboim Group and the Israel Chief Scientist.