UserLeap, an AI-powered technology platform designed to give product development teams continuous user feedback, raised $38 million in a Series B funding round led by venture capital firm Andreessen Horowitz, CEO Ryan Glasgow announced on June 17.
San Francisco-based UserLeap said it plans to use the money for research and development and to grow its customer base globally. Glasgow and Kevin Mandich founded the company in 2018 and had raised $20 million from venture capital and angel investors before this latest funding round. Glasgow also announced that Andreessen Horowitz general partner Kristina Shen joined UserLeap's board.
"As technology has evolved, how product teams build and deploy has fundamentally changed," wrote Glasgow, a veteran of previous startups Weebly and Vurb. "Product teams now ship weekly or even daily instead of the slow monthly release schedules of the past."
UserLeap aims to give products teams a better way to understand customers and make product decisions, he said, by running targeted "microsurveys" within the product that get higher response rates than email surveys. Product managers can choose from one of 75 research templates to deploy a survey, which typically will appear the bottom of an app and is triggered by a customer action. UserLeap’s AI then analyzes open-text responses in real time, which are then reviewed by researchers.
Glasgow told VentureBeat that UserLeap’s models are trained on millions of data points that are "continuously fine-tuned" as they collect more data from both external and internal sources. He said human experts also review a selection of model predictions to ensure quality. The company claims it has tracked 500 million visitors, captured 600,000 responses and recorded 4 billion events, according to VentureBeat.
"It’s like having a dedicated user researcher that’s able to gather insights from your users at the scale of analytics," Glasgow wrote in a company blog post when he debuted the product in December 2020. "The platform is always on, collecting insights in the background, monitoring issues that arise and recommending when you should take action."
The company charges based on the number of monthly visitors, with a free version for up to 5,000 tracked visitors and $79 per month for up to 100,000.
As would be expected, customers of the 40-person company are heavy in the technology industry, including Adobe, Dropbox, Square, Loom and Opendoor. Competitors include SurveyMonkey, TypeForm, UserZoom and Airkit.