Metaforms Secures $9M to Transform Market Research with AI Agents

Bengaluru-based artificial intelligence startup Metaforms has secured $9 million in a Series A funding round, a significant capital injection that underscores the growing investor confidence in AI-driven solutions for the market research industry.[1][2] The funding round was led by Peak XV Partners, formerly Sequoia India, with participation from existing investors Nexus Venture Partners and Together Fund.[3] This latest round brings the company's total funding to just over $10 million and signals a new phase of expansion for the two-year-old startup.[3][4] Founded in 2022 by Akshat Tyagi and Arjun S, Metaforms has developed a platform that utilizes AI agents to automate and streamline operational workflows for market research agencies, a sector ripe for technological disruption.[1][2]

The core of Metaforms' offering lies in its AI agents, which are designed to tackle the repetitive and time-consuming tasks that plague the market research industry.[3] These tasks include survey programming, data processing, vendor coordination, and tracking quotas for complex, multi-country studies.[3][5] By automating these "grunt work" processes, Metaforms aims to act as a "force multiplier" for research agencies, allowing them to increase their project volume and improve turnaround times without burning out their teams.[6][3] The company’s platform integrates with existing systems used by market research firms, such as Decipher, SPSS, and Confirmit, facilitating a smoother adoption process.[3][1] This focus on augmenting human researchers rather than replacing them is a key aspect of their strategy.[6][7] Co-founder and CEO Akshat Tyagi has emphasized that their goal is to "help great research teams spend less time firefighting and more time doing the work that actually matters."[6]

The fresh infusion of capital will be strategically deployed to fuel Metaforms' ambitious growth plans. A primary focus will be on expanding its engineering and AI research teams in Bengaluru, with plans to triple its workforce.[1][7] This will support the development of new capabilities, including automated report generation and voice-based research, areas that hold significant potential for further streamlining the market research process.[3][1] In addition to bolstering its Indian operations, the company plans to establish a presence in New York to better serve its growing client base in North America and Europe.[6] Since beginning commercial operations just six months ago, Metaforms has already secured partnerships with four of the world's top 20 research agencies, including prominent names like Dynata, Savanta, and STRAT7.[6][4] The platform is currently processing over 1,000 surveys a month, a number it aims to increase to over 100,000 annually in the long term.[7]

The successful funding round for Metaforms is indicative of a broader trend of significant investor interest in the application of artificial intelligence to the market research and competitive intelligence sectors. The market for these tools is projected to reach $14.4 billion by 2025, and AI is playing an increasingly crucial role in this growth.[1] AI technologies are revolutionizing the way businesses gather and analyze data, offering the potential for faster, more accurate insights.[8][9] This includes everything from automating data collection and analysis to leveraging predictive analytics for forecasting market trends and consumer behavior.[9][10] The ability of AI to handle vast datasets and automate repetitive tasks is freeing up human researchers to focus on more strategic and creative aspects of their work.[9][10]

In conclusion, Metaforms' $9 million funding round is a testament to the transformative potential of AI in the market research industry. By automating laborious operational tasks, the Bengaluru-based startup is positioning itself as a key enabler for research agencies looking to scale their operations and meet the increasing demands of a fast-paced market. With a clear vision for product development and international expansion, Metaforms is poised to become a significant player in the evolving landscape of market research technology. The company's "India-to-global" strategy, as noted by Manav Garg of Together Fund, highlights the growing prominence of Indian startups in the global AI arena.[6] As Metaforms continues to enhance its AI-driven platform and expand its reach, its impact on the efficiency and accessibility of high-quality market research is expected to be substantial.