Austin Startup Knit Raises $9 Million to Enhance AI Market Research Platform
Austin, Texas – On September 18, 2023, the Austin-based startup Knit announced that it has successfully raised $9 million in a new round of venture funding. This funding round has been led by Revolution’s Rise of the Rest Seed Fund and includes contributions from several new and existing investors.
Who Invested?
The latest round saw participation from Osage Venture Partners, GFT Ventures, Visible Ventures, and Massive Ventures. Existing investors such as Silicon Road Ventures, Felton Group, and Alumni Ventures also joined in supporting the company. Overall, Knit has garnered about $14.5 million in funding since its inception.
The Need for Market Research
In today’s fast-paced market, companies face the challenge of keeping up with changing consumer behaviors. Many businesses understand that conducting initial market research can help define whether a product will succeed. However, traditional methods for this type of research often require significant time and financial resources.
Knit believes it has found a solution. It has developed an AI-powered platform that aims to simplify and reduce the costs associated with market and customer research.
How Does Knit’s Platform Work?
The company’s platform employs AI technology to learn a business’s existing market research processes. It then uses this learned data to help create new market surveys. With the survey results collected, Knit compiles detailed reports that provide valuable insights, assisting companies in making informed decisions.
Co-founder and CEO Aneesh Dhawan stated, “We found AI to be a really great tool to help these brands run research quickly and in a more affordable manner than traditional research.” His co-founder and Chief Technology Officer Raahish Kalaria added that while many companies are utilizing DIY AI tools, Knit has focused on specific areas where it can provide more value.
Building Connections with Customers
Even though Kni’s core offering is quite technology-focused, the startup places significant emphasis on establishing in-person connections with its clients. Dhawan stressed the importance of spending time with customers during key events and visits to their offices. This hands-on approach allows the team to better understand their clients’ research needs and challenges.
“I think the reason we’ve been so successful is that we are moving towards more in-person connections, rather than away from them,” he shared during a recent event presentation with Mars.
Growth and Future Outlook
Since its formation, Knit has experienced substantial growth. The company has expanded its workforce from around 10 to nearly 50 employees over the past few years. Their headquarters are located in an industrial co-working space at 3rd and Congress Avenue in Austin, which complements their hybrid work model.
With plans for future hiring and growth, the newfound investment is expected to help Knit expand its engineering team, improve customer service, and boost sales capabilities. This funding comes on the heels of a successful pre-seed round in 2020 and participation in the Techstars’ Farm to Fork accelerator program.
As Knit continues to build its presence in the market, it has already established partnerships with several well-known brands, including T-Mobile, NASCAR, WNBA, and JBL. The company also earned recognition as one of Austin Inno’s 2021 Startups to Watch.
The journey for Knit has just begun, and with significant support from investors and a commitment to customer connection, it seems poised to make a substantial impact in the field of market research.
