Prodsight, set up by Tadas Labudis, will use the cash injection to hire key staff over the next 12 months to improve its product and grow the customer base. The Royal Society of Edinburgh invested £45,000 in the company and a pre-seed round raised a further £70,000.
This funding will allow us to build the team and move us on far more quickly than we could have otherwise...the opportunities are huge...Tadas Labudis, CEO and Founder, Prodsight
Over half of the SeedHaus tech incubator partners have invested in the company including Robin Knox and Paul Walton formerly of Intelligent Point of Sale.
Robin Knox explains: “I was really excited to hear about Prodsight. I know a customer centric mindset is essential but as a company scales, there is very often a customer disconnect. At first you are talking with customers constantly and very close to feedback. In time as more management layers emerge, you can lose touch with your customers. Prodsight is exciting as an investment for me.”
Lithuanian-born Tadas has been an entrepreneur since the age of 18. After graduating he worked as product manager at leading mobile app agency Kotikan and a messaging startup Yavi. While in these roles he realised that customer feedback analysis is essential to businesses but tricky and time-consuming. This gave him the idea to launch Prodsight.
Based in Edinburgh’s CodeBase, the business has had a global customer base from day one with 95 percent of its clients coming from outside the UK. Prodsight is also one of the 40 startups participating in the Unlocking Ambition challenge fund announced by Scotland’s First Minister Nicola Sturgeon.
Phil Hayes from Eventree, a customer of Prodsight, said: “Issues which caused the most friction for users immediately bubbled to the top in the Prodsight reporting. Every month we identify the top 3 product issues with Prodsight and put these changes into our next development sprint...”