For companies looking to get a leg up on their competitors, understanding their target audience and customers is a must. The companies that provide those insights are often invaluable to their clients. One such business is QualSights, a Chicago-based insights startup that raised a $7.7 million Series A round on Monday led by 4490 Ventures.
QualSights works with brands, consulting firms, marketing agencies and numerous Fortune 500 clients to provide them with consumer insights to help their business grow.
Unlike other insight businesses, QualSights uses its tech to capture data from offline users and uses sensors and video to accrue data. The company also has an array of artificial intelligence tools that help analyze data and present the findings in an understandable manner.
“This Series A will enable us to introduce our technology to more brands and further propel QualSights as the leading insights technology platform,” Nihal Advani, QualSights founder and CEO, said in a statement. “The investment will help us accelerate hiring to expand our sales and marketing teams while continuing to further invest in R&D.”
QualSights had been showcasing the strength of its platform and was recently named Chicago’s second-fastest-growing tech company, according to Deloitte’s 2022 Technology Fast 500 list. According to Deloitte, QualSights experienced a 4,555 percent growth in revenue between 2018 and 2021 and is listed as the 37th fastest-growing company in the U.S.
QualSights was founded in 2011 and has raised a total of $11.2 million in funding, according to Crunchbase.
