Simile raises $300 million to create digital consumers for businesses

Joon Sung Park, CEO of Simile, an AI startup, revealed that the company has raised $300 million at a $2 billion valuation. Simile is developing digital clones of people that businesses can use to simulate consumer behavior. Park explained that the technology allows companies to input descriptions of individuals or groups and simulate their actions in various contexts. The startup offers a web interface where users can define target audiences and ask any questions. Simile collaborates with major retailers like Amazon and Walmart, which use AI to enhance customer engagement and boost sales. CVS has partnered with Simile to analyze consumer responses to store layouts and messaging. The company also works with financial institutions and entertainment firms. Simile maintains industry-specific simulated panels and uses data from over 40 million people globally, including behavioral data from partnerships with organizations like Gallup.