Simile Raises $300M to Survey Simulated Consumers

The AI startup Simile claims to offer consumer simulations that can be queried like a panel. It states that it relies on data covering more than 40 million people and cites pilots with CVS. The company announces it has raised $300 million, achieving a valuation of $2 billion.

Partnerships and 40 Million Profiles to Feed the Models

According to its CEO, Simile relies on partnerships with organizations such as Gallup, providing access to data from over 40 million consenting individuals worldwide. The models are also trained with behavioral information, including transaction and mobility data. The company maintains simulated panels for various industries and claims to collect additional data when a client wants to explore a specific population. Joon Sung Park describes a fundamental model of human behavior, capable of taking the description of a person or group as input and simulating what they might do in various contexts.

CVS Tests the Tool, with a Web Interface for Asking Questions

CVS has collaborated with Simile to analyze consumer reactions to store layouts and advertising messages. Companies access a web interface where they select the audience to query and draft the questions. According to Joon Sung Park, they can currently ask any questions in unlimited numbers. The executive presents the tool as a means to query simulations of people on topics ranging from products to marketing campaigns, indicating that CVS, as well as players in finance and entertainment, are already working with Simile. He asserts that the ability to ask questions at any time to these simulations would become a "superpower" for businesses.

$300M Raised, $2B Valuation, Amidst the Rise of AI in Retail

Simile announces a total funding of $300 million, leading to a valuation of $2 billion, to build its behavior simulation models. This move comes as retailers increasingly turn to artificial intelligence to boost purchases. Amazon and Walmart already have shopping assistants capable of answering inquiries, making product comparisons, and suggesting items, while other chains adapt displays based on data from their customers. According to executives from Amazon and Walmart, these solutions contribute to the growth of online revenue.