Yaletown Partners is proud to participate in a $20 million Series B financing round by crowdsourcing software company Thoughtexchange.
Thoughtexchange allows decision leaders and employers to ask open-ended questions to groups ranging from 10 to 100,000 people. Its crowd-wisdom software uses data analysis and artificial intelligence to parse responses received in real time to provide insights to users, helping them make informed decisions.
The modern decision-maker needs to rapidly understand what relevant stakeholders are thinking. However, traditional approaches like surveys, focus groups and town hall meetings fail to eliminate bias. In contrast, by using AI techniques such as natural language processing and sentiment analysis, Thoughtexchange’s cloud-based SaaS platform extracts the best ideas.
This allows leaders to home in on ideas that truly resonate with the relevant population, rather than those that come up first or often. Equipped with a more in-depth understanding of common ground and key areas of disagreement within the responding group, leaders can put their decisions into effect with confidence.
Thoughtexchange’s growing list of users range from Fortune 500 companies like Allstate and American Express, to public organizations like school districts, to technology companies like Looker and Frontier Communications.
The 140-person start-up, based in Rossland, British Columbia, plans to use the capital raised to hire more sales staff, expand into Europe and widen its reach to more corporate leaders.
Yaletown was an early supporter of Thoughtexchange, with significant participation in the company’s $4 million convertible note bridge round announced earlier this year. Yaletown looks forward to supporting the continued growth of Thoughtexchange’s revolutionary approach to sharing ideas.