AI startup Metaforms Secures $9 Million in Series A from Peak XV

Metaforms, an AI startup based in Bengaluru, recently raised US$9 million in Series A funding, led by Peak XV Partners, with Nexus Venture Partners and Together Fund participating.

Founded in 2022 by Akshat Tyagi and Arjun S, Metaforms is an AI automation company that helps workflows in market research agencies by building AI agents.

Metaforms AI technology automates survey programming, data processing, and coordinating with vendors.

Metaforms will use the funding to grow its engineering team and AI research team in Bengaluru to three times the current number of team members, and further expand into report generation and voice-based research.

Key Highlights

• Metaforms raises $9M in Series A funding to revolutionize market research automation with AI.
• 48 percent of 2024 venture capital is flowing into AI startups, showcasing investor confidence in transformative tech.
• Metaforms plans to triple its engineering and AI research team to enhance survey programming and voice-based research.

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It will likely build deeper integrations with tools like Decipher, SPSS, and Confirmit compared to its existing integrations. Metaforms claims to currently provide services to four of the world's top 20 research agencies.

Metaforms' series A funding of US$9 million demonstrates that investors are still interested in AI startups are "hot", flying off the shelves, and 48 percent of all venture capital investment in 2024 went to AI companies.

While the allocation of capital is significant, it also shows why AI-focused startups like Metaforms can raise larger rounds as the market has cooled down.

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The market has been more selective with funding, and the typical Series A company requires $2.5 million in annual revenue on average or 75 percent more than prior to 2021.

While this trend is apparent, AI companies interestingly are being provided a clear preferential treatment from investors placing bets on the technology's transformational potential in almost all industries.