Market research AI platform GetWhy raises $8.4M funding – News

GetWhy A/S, a Copenhagen-based agentic AI-powered consumer research tech platform that helps companies carry out market research studies via video-based interviews, today said it has received 60 million DKK, or about $8.4 million in a debt financing.

The money came from CIBC Innovation Banking. Since its founding in 2018, GetWhy has raised $64.5 million, including a $34.5 million Series A funding round led by PeakSpan Capital in June 2024.

Its platform helps companies gather hard-to-reach insights from target customer audiences about products, services or marketing by letting them describe what they want. For example, providing an initial reaction to a new campaign.

At the core of GetWhy’s platform is Bloom, which allows companies to upload materials such as visuals, product designs, slogans and marketing jingles. Then the AI gets to work producing a market study template based on the query and the materials, assisting with recruiting and providing video interviews based on those questions.

However, the real actionable work doesn’t start until around 10 interviews have been done and there are enough quantitative insightful human reactions from the videos to sift through. At that point, Bloom begins to act like a researcher and pulls out relevant quotes and extracts relevant patterns.

According to GetWhy, the technology scales quickly to hundreds of interviews, or more, and can get insights rapidly within 24 hours. A process that could take a researcher days or weeks to complete, the AI can generate highly detailed and accurate understanding for marketing and product teams from an interview in less than an hour, the company said.

Additionally, businesses can compare insights between different countries to identify where their marketing efforts can be made the most effective.

Questions asked could include “What specific needs or motivations drive your choices when choosing running shoes?” or “What aspects of a car are most important to you, and how could a TV commercial capture your attention?”

GetWhy works with numerous large name brands and Fortune 100 companies to accelerate their time to market including eBay Inc., Adidas AG, Nestle S.A. and The Coca-Cola Co.

The market research services market size was estimated at $90 billion in 2024 and predicted to grow to $93 billion in 2025 in a report from market analysis firm The Business Research Company. GetWhy said traditional market research has changed very little over the years despite new technology such as AI, which could greatly augment researchers by providing them the tools to extract greater human insights.

Market research depends heavily on getting the right data quickly because information goes stale fast. Having customer sentiment sooner rather than later can make the difference between a campaign or product going big or falling flat.

Image: GetWhy