Survature Inc., a Knoxville software startup, announced Tuesday that it has raised $686,000 in Seed Round funding from SwiftWing Ventures, a Chattanooga venture capital firm.
In 2013, Survature was selected as one of ten companies to participate in Launch Tennessee’s inaugural master accelerator program, “The TENN.” Survature will use the proceeds to invest in marketing and sales while further developing its online survey platform and technology.
Officials said, "The roughly $4 billion online survey industry is challenged by dealing with 1) a survey-weary public that 2) generates bad data for business decision makers. Survature’s innovative approach solves both of these problems by using a combination of interactive designs and proprietary and patent-pending algorithms."
Dr. Jian Huang, CEO of Survature, said, “How you say it is just as important as what you say. Survature surveys provide a set of interactive question types that dramatically shorten the time required to complete the survey while capturing survey takers’ behaviors. We take greatly increased quantities of traditional data, driven by higher completion rates, and enrich it with insights gained by how the survey was completed.”
By capturing not only the final responses (the "what") but also the order, timing, and placement of these responses (the "how"), Survature can determine the relative importance and other significant indicators for each response. The results include survey completion rates running consistently 20-50% higher than the industry average and vastly improved analytics resulting from the additional capture of behavioral information.
“We were immediately impressed by Jian and the team he has assembled at Survature,” said Ben Brown, CEO of SwiftWing. “Together, they’ve built an amazing product that goes way beyond traditional surveying and actually listens to respondents through intelligent data capture, analysis, and interpretation. With capital in place now, we’re excited to see Survature scale their operations and attack this market.”