The Riga-based AI startup RivalSense has announced to AIN’s team its new angel round led by Change Ventures. Fiedler Capital and local business angels are also participating. RivalSense will use the investment to nail scalable user acquisition and introduce additional AI capabilities.
- The company was co-founded by serial entrepreneurs Martins Vaivars and Arturs Prieditis in 2023. It develops an AI-based solution allowing users to track their competitors. Every week users receive an update with the most important competitor insights, including changes in pricing, product changes, new hires, regulatory issues, clients, suppliers, tech stack, regulatory challenges, media mentions, and corporate filings.
- Currently, RivalSense uses over 80 sources for their weekly updates, including competitor websites, social media accounts, financial filings, and business databases.
Arturs Prieditis and Martins Vaivars
co-founders of the startup
Ask any founder, and they will say that properly following competition is a big pain and they would prefer not to do it all. But doing it is indispensable, since it helps with product direction, sales and hiring. We are creating a simple, appealing, self-service SaaS product out of a complex, expensive, enterprise-focused product category. Founders and executives can now be up to date with everything in their space while spending less than 5 minutes per week,
Martins Vaivars CEO, co-founder at RivalSense, commented on its product.
- The fresh funding round was led by the Tallinn-based Change Ventures that invests in founders from Estonia, Latvia, or Lithuania, and the Baltic diaspora around the globe. Its investments range between €100,000 and €500,000 in pre-seed stage technology startups.
- The Budapest-based VC fund Fiedler Capital and local business angels also participated in the financing.
RivalSense plans to use new investment funds to expand its clients’ base and and introduce additional AI capabilities to uncover competitor insights.
