Startup RivalSense is changing the business decision-making model through AI

A successful business is often built on the ability to make reasoned decisions based on precise data about customers and competitors, as well as the ability to act at the right moment. Latvian startup RivalSense has used this principle to develop an innovative tool that helps businesses analyse and use public data to improve their competitiveness, outcompete their rivals and effectively address their potential or existing customers at exactly the right moment. 

RivalSense allows users to follow news published by competitors and partners with an artificial intelligence (AI) tool. Every week, users receive a summary of the main news by e-mail. These overviews cover changes in price, product range, staff and customer portfolio, as well as news about new funding, content marketing, technologies used, vendors, and other information that can help during operations and strategic planning. Thus, the RivalSense tool can be useful for founders of companies, as well as middle and upper managers.

Unlike conventional monitoring tools that work based on keywords, RivalSense AI analyses information from over 80 different sources, including company websites, social networks, enterprise registers, classified ads and news portals.All this information is compiled and structured in an easily accessible and concise format allowing clients to take strategic decisions, for example, on refocusing their business, establishing new partnerships or bringing in new employees or customers.

A vision based in business experience

The founders of the company – Mārtiņš Vaivars and Artūrs Priedītis – have extensive experience with AI and already have several other successful tech projects under their belts. Their goal was to create a tool that would allow business leaders to concentrate on strategy, rather than spend their time searching for information.

“Time is a business manager’s main resource, and our tool helps them use it smarter,” Mārtiņš Vaivars highlights. “Keyword-based tools require managers to go through huge amounts of information to find what is valuable and crucial, which is often cumbersome and time-consuming. In turn, analysis tools employing a manual approach, such as researchers or analysts who process data and draft reports can cost thousands of euros per month which is prohibitive to many companies. Our product solves these problems by providing straightforward, automated information analysis, which is not only effective, but also cost-efficient for a wide range of businesses.”

Success out of the gate

Having achieved significant results already in its first year of operation, the RivalSense story is an inspiration. The company secured its first customer even before they had developed their first product – in January of this year, and since then their customer portfolio has only continued to grow. RivalSense customers now include such well-known companies as Bolt, NordVPN, Printful, Whimsical and Eleving Group, as well as companies in the US, UK, Australia, the Netherlands, and Germany.

In recognition of its remarkable performance, the company has just been awarded the Latvian Startup Award in the “Newcomer” category, thus attesting to how appreciated the company is among customers, and the Latvian business community in general. The company emphasizes that this award is excellent motivation for further growth through improving their product and strengthening their position in existing markets and entering new ones.

Information material prepared with the support of the European Regional Development Fund