In this era of hyper-connectivity, sending feedback to the companies we do business with has become remarkably straightforward. However, the fact that businesses provide multiple channels for communication doesn't necessarily mean they are meticulously analyzing every comment. A 2020 survey by Productboard revealed that an astonishing 90% of companies fail to effectively capture feedback from all available channels, and a third have no feedback-capturing process at all.

Varun Sharma's Journey and the Birth of Enterpret

Varun Sharma, during his tenure in leading customer success efforts at LinkedIn, analytics software firm Amplitude, and startup Scale AI, became acutely aware of this issue. Product and customer experience teams were struggling to make informed decisions despite their best efforts. In 2020, he recruited his brother Arnav Sharma, who had three years of software engineering experience at Uber, to build a tool that could address the customer feedback headaches faced by firms."Customer interactions hold immense value for all enterprises, yet they are often underutilized," Varun told TechCrunch. "When unlocked meaningfully, these interactions can lead to the creation of best-in-class products and drive business growth."Over time, their tool evolved into a comprehensive platform called Enterpret. It connects to various feedback sources and employs algorithms to extract valuable insights. Enterpret can identify overarching themes and emerging problems in customer comments, assisting teams in determining which products to develop.The Enterpret dashboard is a powerful tool. It allows companies to pull in all customer interactions in real time, such as sales calls, support tickets, survey responses, X threads, and app reviews. It gives these interactions a quantifiable structure and integrates the output with product usage and revenue data, enabling more informed decision-making.Companies can set rules to scrub scraped data of personally identifiable information like IP addresses and names. Varun emphasizes that Enterpret complies with GDPR and does not maintain control over customers' data.Customers like Canva and Monday.com are already leveraging Enterpret. It has analyzed millions of pieces of customer feedback to date, helping detect early signs of churn and validate or disprove product hypotheses.

Competing in a Crowded Space

Enterpret is not alone in this space. Competitors like ScopeAI, acquired by Observe.AI in 2021 for its customer feedback analysis technology, and Zendesk-owned Klaus, which automatically categorizes and scores customer interactions, pose challenges.However, San Francisco-based Enterpret's strategy appears to be paying off. Between May and now, the startup has doubled its annual recurring revenue (ARR). Varun states that Enterpret's contract value has doubled over the past 12 months, and the company recently closed a $20.8 million Series A round."The momentum is strong," Varun added. "We decided to raise capital to fuel our growth."The near-term plan is to utilize the funds from the Series A, led by Canaan Partners with participation from Kleiner Perkins, Peak XV Partners, Wing Ventures, and Recall Capital, for hiring and product research and development. Enterpret has raised a total of $25 million to date.

The Vision and Mission of Enterpret

"Enterpret's ambitious vision is based on the understanding that customer feedback is the most valuable data set for any company," Varun said. "Our mission is to build a platform that caters to all companies striving to be customer-centric. By leveraging customer feedback effectively, we aim to help businesses create exceptional products and drive sustainable growth."Enterpret is committed to continuously improving and expanding its capabilities. It understands the importance of staying ahead in the competitive landscape and is dedicated to providing innovative solutions to meet the evolving needs of businesses. With its advanced technology and data-driven approach, Enterpret is well-positioned to make a significant impact in the world of customer feedback and business growth.

Veeam, a renowned data security and recovery solution provider, has witnessed a remarkable spike in its valuation through a recent secondary sale. This move was aimed at strengthening the company's cap table ahead of its eventual IPO. The Insight Partners-backed firm announced on Tuesday that it had successfully raised $2 billion in the secondary share sale, valuing the company at an impressive $15 billion. TPG took the lead in this investment, with Temasek, Neuberger Berman Capital Solutions, and other prominent investors also participating. The sale is scheduled to close in Q1 2025.

CEO's Perspective on the Sale

Veeam's CEO, Anand Eswaran (pictured above), emphasized that although the company didn't necessarily need to raise capital, the timing was opportune to provide liquidity to the early investors and employees. Eswaran further stated that the company aimed to bring on strategic investors as it progresses towards its eventual IPO. However, he added that there is no fixed timeline for an exit yet. "Welcoming select blue-chip, top-tier investors was critical," Eswaran said. "For the next phase of our journey, having a diversified set of top-tier investors for significant milestones like an IPO is essential."

Use of Funds

The fresh $2 billion raised will be dedicated to bolstering the company's research and development team. This investment will enable Veeam to enhance its technological capabilities and stay at the forefront of the data resilience industry. Additionally, the funds will be utilized for potential acquisitions when the right opportunities arise. Eswaran highlighted that while the company doesn't have specific M&A goals, it is actively monitoring the market for potential acquisition targets. He mentioned areas such as companies with AI technology that can assist Veeam in scaling, data resilience businesses focused on workloads that Veeam is not currently involved in, and companies with complementary technologies.

Market Competition

When Veeam was founded 18 years ago, the data resilience sector was relatively less competitive. However, with the rise of both cloud and AI, the market has become more crowded. There are numerous other companies vying for a share in the enterprise data management space. For instance, Rubrik hit the public market with a $5.6 billion valuation earlier this year. Additionally, late-stage startups like Cohesity (which raised nearly $1 billion in venture capital) and Druva (which raised more than $475 million) are also making their mark. Eswaran believes that competition is actually beneficial as it drives the industry and all players to innovate at a faster pace.

Customer Base and Market Share

Based in Seattle, Washington, Veeam was founded in 2006 and has always been committed to data resilience and recovery. Its technology covers 150 different workloads, ranging from SaaS to AI. The company's customer base includes large corporations like Shell and Deloitte, as well as federal and local governments such as the City of New Orleans. Eswaran is confident that Veeam is currently the best platform, as evidenced by its number one market share. He stated that the oversubscribed round of the secondary sale has further validated the company's direction.