AI Startup Modeling Digital Copies of Consumers Raises $300 Million
Simulations of people allow businesses to test products and advertising campaigns by asking models questions about various behavioral scenarios
The startup Simile has raised $300 million at a $2 billion valuation, according to its co-founder and CEO, June Sung Park.
The company develops a model of human behavior: it receives a description of a person or group and predicts their actions in different circumstances. Users of the web interface can select an audience for a survey and ask it any number of questions.
According to Park, CVS worked with Simile to study consumer reactions to store designs and advertising messages. The startup also collaborates with financial organizations and companies in the entertainment industry.
Simile creates simulated panels for various industries and uses data from partners, including Gallup. According to Park, such organizations provide information on more than 40 million people worldwide who have agreed to participate in research; transaction and movement data are also used to train the models.
