Rival Technologies, the insight tech business headed up by Vision Critical founder Andrew Reid, has raised more than $CAD 8.5m from Canadian investors, for use in continued platform development and to expand sister company Reach3 Insights.
The sum amounts to twice the initial target for the funding round, which was led by Reid himself without the help of brokers. Rival and Reach3 are part of Reid Campbell Group, a holding company set up by Reid and his sister Jennifer with former Millward Brown Global CEO Eileen Campbell, just over a year ago as a 'launch pad' for innovation in consumer insights.
Rival's end-to-end insight platform, Chat Lab was launched in April, and integrates chat, voice and video solutions into SMS, social media and messaging apps to help clients 'reach consumers in more engaging and authentic ways to understand their attitudes, opinions and preferences'. Reach3, a full-service research and consulting practice led by former Ipsos and Vision Critical executive Matt Kleinschmit, taps Rival's technology and conversational research design philosophies for its own insights work.
Andrew Reid comments: 'This product-development funding further validates the work we are doing to revolutionize market research. By opening our doors to external investors for the first time, we also gain new perspectives and opportunities for collaboration. I am extremely proud of the growing team at Rival for their ground-breaking contributions to expanding our business and positioning us as a world leader in the market research software industry'.
Web site: www.rivaltech.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.