This AI startup raised $300 million to build digital versions of consumers

• Simile raised $300 million to build models that simulate consumer behavior.
• CEO Joon Sung Park said users can define an audience and ask simulated consumers questions.
• Park said CVS and companies in finance and entertainment are already working with Simile.

Companies could soon have a new way to find out your shopping habits — by asking your digital clone.

Joon Sung Park, Co-Founder & CEO of Simile, an AI startup, told show host Molly O'Shea on the Sourcery podcast released on Monday that the company is building simulations of people that businesses can quiz about everything from products to marketing campaigns.

Park said the company is "creating a foundation model of human behavior that basically can take as input a description of a person or a group of people and then simulate what these people might do in different contexts," Park said.

"So they get access to this web interface where they can basically come in and define two things," Park added of existing users. "They can say who they want to talk to and what questions they want to ask. And really they can ask anything, and right now they can ask any number of questions."

Park said Simile raised $300 million in total at a $2 billion valuation.

Simile’s pitch comes as retailers turn to AI to get shoppers to spend. Amazon and Walmart have rolled out AI shopping assistants that answer questions, compare products, and recommend items, while retailers use customer data to personalize what shoppers see. Executives at both companies have said their AI tools are helping boost online sales.

Park said CVS has worked with Simile to better understand consumers, including their responses to store layouts and messaging. The startup also works with financial institutions and entertainment companies, Park said.

Simile maintains simulated panels for different industries and collects additional data when customers want to understand a specific population. Park said Simile's partnerships with organizations, including Gallup, which have access to actual humans who have agreed to participate, provide it with data from more than 40 million people globally. He said the company also uses behavioral information, such as transaction and mobility data, to train its models.

“If we can create simulations of people and be able to ask any questions at any time," Park said, "That becomes a superpower for these companies."