Conveo, a London startup building AI-powered consumer research tools, said it has raised $50 million in a Series A led by DST Global Partners and Balderton Capital. The funding, with participation from Visionaries, 6 Degrees Capital and Y Combinator, values the company's approach to automated interviews highly—though Conveo declined to share its valuation.
The round places Conveo in the 99th percentile for a Series A in its sector and geography, according to Dealroom data tracking hundreds of comparable financing events. That makes the raise notable even by the standards of a frothy AI market, where enterprise software companies have attracted outsize investor appetite.
Conveo's platform conducts voice and video interviews in roughly 15 languages, handling what the company claims can be 1,000 simultaneous interviews. Unlike traditional surveys that march respondents through fixed questions, Conveo's AI moderator adjusts its line of inquiry based on participant responses. The company claims that 70% of the insights it surfaces come from these adaptive follow-ups rather than the scripted portion of interviews.
The customer roster includes Google, Unilever, AB InBev and Canva. Conveo says it now works with more than 400 enterprises, including over 50 Fortune 500 companies. Matt Haris, head of research at Canva, described the platform as "invaluable" for scaling brand advertising internationally, adding that "the companies that win from here are the ones who have the greatest understanding of their consumers."
A consumer marketing insights manager at Unilever Europe, speaking to the company, noted internal demand has outpaced expectations. "I can barely fend off all the requests," the manager said. "Can we run a Conveo for this? Can we run a Conveo for that?"
That kind of enthusiasm is what Conveo's backers are betting on. The global insights industry reached roughly $153 billion recently, with research software and market research accounting for the bulk of spending, according to ESOMAR reporting. Balderton has pointed to the $1 trillion corporations spend on advertising annually and the nearly €1.5 trillion the top 2,000 companies invest in R&D.
Conveo recently introduced StoryLines, a continuous research offering that runs wave-based interviews feeding into a persistent knowledge base. One large technology customer is using the product to conduct thousands of interviews monthly across multiple markets, according to the company's product site.
CEO Dieter De Mesmaeker previously co-founded DataCamp, where he served as CTO before stepping away in 2022. His co-founder, Hendrik Van Hove, spent time at DataCamp and McKinsey. The startup employs dozens of people across offices in London, Antwerp, New York and San Francisco.
Pitchdrive, a Series A participant, said Conveo's revenue grew substantially over a recent period and continued accelerating, though the firm did not disclose absolute figures. De Mesmaeker framed the capital injection as fuel for U.S. expansion and what he calls "consumer understanding infrastructure."
"Brands need AI that is deeply knowledgeable about their market and grounded in real-world data," De Mesmaeker said. "We have built the infrastructure to gather, structure and synthesize consumer data at unprecedented scale."
James Wise, a partner at Balderton, said Conveo is "using the state of the art in both AI and consumer insights to help companies understand their customers at a speed and scale that has never been seen before." Dealroom lists Remesh and GetWhy among competitors operating in adjacent spaces, though the market for AI-driven consumer research remains relatively nascent.
Conveo came through Y Combinator and has now raised a total of $55.8 million since its launch. Whether the platform can sustain its early momentum in a crowded enterprise AI landscape remains an open question, but the size and pedigree of its investor base suggest conviction that adaptive consumer interviews represent a meaningful wedge into the broader market intelligence sector.
