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A Sydney-based platform that captures consumer behaviour through real-time ad experiments for customers like Tyro (ASX: TYR), Medibank and KPMG has scored US$1.5 ($2.3 million) in an oversubscribed pre-seed funding round.
Founded in 2023 by Kate O'Keeffe, Fiona Triaca and Rutger Coolen, Heatseaker AI allows its users to run ad experiments on platforms such as LinkedIn or Meta, analysing the data to determine which elements – such as pricing, messaging or features – offer the most successful conversions.
Heatseaker AI has established a dual-continent model, with product development in Australia and go-to-market operations based out of the US. Customers include consultancy giant Bain & Company and currency exchange platform Wamo.
The funding round was led by San Francisco-based Capital F, with participation with participation from Melbourne investment firm Euphemia, female-focused New Zealand VC fund Even Capital and Adelaide-based East End Ventures.
"Today companies are shooting in the dark, guessing at what their customers want," Heatseaker AI co-founder and CEO O'Keeffe said.
"We're ending the era where companies make multi-million-dollar decisions based on what focus group participants claim they want.
“Our platform delivers what they truly need - authentic buying behaviour, captured in real time, at scale."
Heatseaker AI claims it takes around 35 minutes to set up and launch the first experiment on the platform, which allows customers to track customer responses to new strategic concepts, either B2B or B2C, depending on the target audience.
According to ESOMAR's Global Market Research report, the industry is projected to reach a value of around $150 billion ($233 billion) in 2025 – a significant jump from the $138.7 billion in turnover for the sector reported in 2023.
Looking to make their mark in the industry, each founder brings unique perspectives: O’Keeffe previously built and led digital venture arms at consulting giant BCG and tech company Cisco; Coolen served as head of product at Atlassian; and Triaca has spent nearly a decade running her business design and innovation firm, Naked Ambition.
"We've seen this problem firsthand in our operating careers - companies launching strategies based on shaky data that doesn't reflect real-world behaviour," Capital F co-founder and General Partner Margaret Coblentz said.
"Heatseeker's solution was immediately compelling, but it was the exceptional founding team with the right experience to execute rapidly that drove our conviction."
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