What happened: Rival Technologies closes funding round
What it means: The company plans to invest in its own tech and expand its sister company
A market research firm with a history tied to Vancouver tech stalwart Vision Critical is tapping into some big venture capital.
Rival Technologies, Inc. announced Tuesday (July 16) it’s closed a round of financing to the tune of $8.5 million.
The company said in a release the sum was double its original target.
Investors in the funding round were not disclosed.
Instead of surveys, the tools take the form of AI-powered chatbots, conversations with voice assistants or video messages.
The company has been developing these social-media-era tools to appeal to brands looking for instant feedback on events, products and services, partnering with the National Football League, Warner Bros. Entertainment Inc. and the Vancouver Canucks.
CEO Andrew Reid previously ran Vision Critical’s innovation lab.
He left the company in 2016 and launched VC Labs as a spinoff.
It later rebranded as Rival Technologies under the Reid Campbell Group in June 2018.
His sister, Jennifer Reid, serves as Rival’s chief methodologist.
The Reid Campbell Group, which the Reids co-own, also oversees Chicago-based Reach3 Insights.
Rival plans to use the new venture capital to develop its platform and expand Reach3 Insights.