In a world where brands are perpetually competing for a spot on supermarket shelves, in-depth product testing has become paramount. Highlight, a groundbreaking in-home product testing company, has just secured $18 million in Series A funding to further develop its innovative technology. This investment stands testament to its effectiveness as it aids hundreds of brands in testing thousands of products.
The Genesis of Highlight
Dana Kim and Ethan Kellough are the minds behind Highlight. Both launched the company in 2020, drawing from their respective backgrounds in market research and engineering. They identified the pressing challenge in physical product research. As Kim highlighted in a conversation with TechCrunch, the traditional route is labor-intensive, time-consuming, and expensive. With "over 300 emails, many months, and tens of thousands of dollars" as prerequisites, the process was crying out for modernization.
The grocery sector, in particular, has seen a dramatic surge in the number of products. Kim remarked on the staggering 30,000 new products launched annually and the sobering reality that 95% of them fail. Today, Walmart shelves alone boast of 75 million SKUs. For brands, this landscape signifies immense risks but also opportunities. Product testing, in Kim’s words, aims to "de-risk and enable product success."
Innovation at Light Speed
With rapid advancements in various sectors, Consumer Packaged Goods (CPG) companies are grappling with accelerating innovation timelines. Kim highlighted the growing demand in the testing arena for "real-time dashboards, agile insights, and a quick turn up in data collection."
Highlight’s solution? A one-stop platform that revolutionizes product testing by automating the entire process. Brands can effortlessly set up their testing, acquire speedy product results, and scale their testing endeavors over time.
A Skyrocketing Trajectory
Highlight’s journey, since its inception, has been nothing short of meteoric. The company has tripled its revenue, workforce, and customer base. Furthermore, it has attracted a clientele that reads like the who's who of top brands, including the likes of Nestlé, Estée Lauder, P&G, Target, Sakara, and Hanes.
In conclusion, Highlight's fresh approach to product testing has not only attracted substantial funding but has also made waves in the industry by simplifying and accelerating the testing process. As brands continue to seek ways to secure their spot on those crowded shelves, companies like Highlight will remain pivotal in ensuring their products are up to par.