The funding round, which also drew participation from strategic investor Engage, will be used to accelerate product development, customer success and further go-to-market expansion, according to Canvs AI.

Jared Feldman, founder and chief executive at Canvs AI, said: “I look forward to accelerating our mission of enabling empathy and consumer understanding to businesses worldwide alongside Fulcrum Equity Partners.

“They have shown trust in our vision for the future of consumer insights and for the amazing team that has built Canvs AI to where it is today.”

Philip Lewis, partner at Fulcrum Equity Partners, said: “Unstructured data has long been a challenge for businesses due to the intricacies of natural language, the sheer volume and diversity of data and the absence of standardised formats. Yet, its importance for understanding consumers has never been more vital nor valuable.

“That’s why we’re so excited about both the opportunity space and the opportunity for Canvs AI to address this widespread issue.”