Knit, a rapidly growing platform specializing in AI-driven consumer research, has announced a new $9 million funding round. The company is gaining momentum by partnering with well-known brands like T-Mobile, NASCAR, the WNBA, Mars Wrigley, Overtime, and JBL. This latest funding round was led by Revolution’s Rise of the Rest Seed Fund, with additional investments from Osage Venture Partners, GFT Ventures, Visible Ventures, and Massive Ventures, alongside existing investors Silicon Road Ventures, Felton Group, and Alumni Ventures.
Knit is revolutionizing how insights professionals and researchers conduct their work by enabling them to gather and analyze both quantitative and qualitative data quickly. Their platform allows researchers to conduct high-quality, agency-level research within days instead of weeks. The company has experienced significant growth, onboarding more than 30 enterprise brands over the past year and increasing its annual recurring revenue by five times.
The funds raised in this round have been used to launch Knit’s latest offering, Report-Ready Insights, a tool that promises to reduce the time researchers spend on labor-intensive tasks. This feature, powered by Researcher-Driven AI, offers businesses a way to run agency-quality research at the cost of a DIY solution without sacrificing speed or depth.
Expediting the Research Process
Knit’s innovative platform combines the expertise of human researchers with the power of AI, allowing users to focus on what truly matters in the research process. This hybrid approach offers customizable and fast insights, making research more efficient and less time-consuming. CEO and Co-Founder Aneesh Dhawan explained the motivation behind their new tool: “At Knit, our goal has always been to make researchers’ jobs easier. We’re excited about Report-Ready Insights because it does just that – allowing our customers to go from business questions to stakeholder-ready top-line reports in days, without compromising speed, cost, or quality.”
Rather than relying on generic AI tools that often produce unsatisfactory outputs, Knit’s approach begins with human researchers who guide the AI through the process, ensuring that the data is tailored to their specific needs. This allows businesses to receive meaningful, stakeholder-ready reports without investing too much time or manual effort.
Investor Confidence and Market Validation
David Hall, Managing Partner of Revolution’s Rise of the Rest Seed Fund, expressed excitement about continuing their support for Knit, stating: “We’ve been impressed by Knit’s rapid adoption among leading brands. Their innovative approach to AI-assisted research clearly resonates, and we’re excited to support their continued momentum as they launch Report-Ready Insights.”
The platform’s unique AI model and strong customer understanding have also attracted the attention of other major investors. Ross Kimbel, Managing Director and Partner at Silicon Road Ventures, added: “We’re inspired to see Knit pushing the boundaries of consumer insights with their researcher-driven AI. The team’s ability to quickly partner with top brands and deliver insights is a testament to their deep customer and market understanding.”
Sean Dowling, Managing Partner at Osage Venture Partners, also joined Knit’s Board of Directors following OVP’s investment. Dowling noted, “Knit is changing the game on how brands gather, assess, and act on consumer insights with remarkable speed and precision. Their unique AI-driven platform stands out in a crowded market of solutions. Their growth reflects the real value they’re delivering, and we’re excited to be part of their journey as they continue to innovate in this space.”
Expanding Partnerships and Thought Leadership
Knit’s innovative platform has attracted enterprise-level partnerships with brands like Mars Wrigley and T-Mobile, helping further their mission to provide fast and accurate consumer insights. The company’s recent presentation alongside Mars Wrigley at the Corporate Research Conference (CRC) in New York showcased their customer research innovations to a wider audience. Knit will also present with T-Mobile at The Market Research Event (TMRE) on October 8, 2024, further solidifying its reputation as a leader in the consumer insights space.
Knit’s technology is a game-changer in the research industry. By combining human expertise with AI, they are able to reduce the time and costs typically associated with consumer research while ensuring top-quality results. With their recent funding and growing list of partnerships, Knit is poised to continue shaping the future of consumer insights.
A Promising Future
The launch of Report-Ready Insights positions Knit as a significant player in the field of consumer research, and with backing from top investors and major enterprise clients, the company is well on its way to becoming a market leader. The new funding will help Knit to expand its product offerings, grow its customer base, and continue to drive innovation in the insights industry. As they advance, Knit’s unique focus on researcher-driven AI and deep client understanding will likely remain central to their continued success.
By tackling the inefficiencies of traditional research methods, Knit is helping brands make smarter, faster decisions and is setting a new standard for consumer insights.