内容来源：https://techcrunch.com/2026/09/09/ai-research-startup-listen-labs-scrubbed-a-1-5b-funding-round-for-salesforce-talks/

内容总结：

据知情人士透露，市场研究初创公司Listen Labs近日签署了一份价值1.25亿美元的C轮融资条款清单，估值达15亿美元，由Menlo Ventures领投。然而，多位知情人士表示，该轮融资最终并未完成。Listen Labs放弃了已签署的条款清单，这在风投界极为罕见，且通常不受业内人士认可。

据悉，此次融资破裂很可能源于与Salesforce的收购谈判。据Business Insider报道，这家CRM巨头近期曾就以约20亿美元收购Listen Labs进行洽谈。但该报道指出，谈判尚未最终敲定，也可能不会达成交易。

Listen Labs是利用AI自动化客户研究这一快速增长的领域中的领先初创公司之一。这家成立三年的公司年化营收约为3000万美元，据两位了解相关公司财务情况的人士称，约为竞争对手Simile的三倍。Simile是一家预测人类行为的初创公司。今年7月底，Simile宣布完成了由Greenoaks领投的2亿美元B轮融资，估值达20亿美元——一位人士表示，这很可能为Listen Labs设定了新的估值基准。

多位风投人士向TechCrunch表示，如果与Salesforce的谈判破裂，预计Listen Labs将重返市场，目标估值在20亿美元或更高。

一位曾参与Salesforce退出谈判的人士表示，尽管收购Listen Labs可以通过利用其AI技术帮助预测客户需求来增强Salesforce的AI能力，但这家CRM巨头最终可能认为，支付67倍营收倍数的估值过于高昂。

Listen Labs、Salesforce、Menlo Ventures和Simile均未立即回应置评请求。

Listen Labs由Florian Jüngermann和Alfred Wahlforss于2023年共同创立。Jüngermann曾是德国全国计算机编程竞赛冠军，Wahlforss此前创办了一家名为Bemlo的人力资源初创公司。两人在哈佛大学攻读硕士学位时相识。

Listen Labs的AI能够生成调查问题，并通过音频或视频对客户进行访谈。随后，对话内容被整理成报告和PowerPoint演示文稿，与传统人工市场研究人员制作的成果类似。

财富500强企业依赖此类研究来评估客户需求以及对品牌和产品的满意度，但传统市场研究费用高昂，且往往需要数周才能完成。

Listen Labs的技术有助于缩短此类项目的时间和成本，使企业能够快速了解客户对产品变化的反应，并更高效地进行迭代。

该初创公司的客户包括微软、Canva、Anthropic和Sweetgreen。Listen Labs和Simile并非唯一利用AI颠覆客户研究市场的初创公司。

除Simile外，该领域的竞争对手还包括Outset、Keplar和Aaru。一些平台自动化地与真实人类进行访谈，而另一些初创公司——如Aaru和Simile——则采用合成方法，利用AI模拟人类行为并预测回答，完全无需访谈任何人。

Listen Labs此前在1月底宣布由Ribbit Capital领投的6900万美元B轮融资时，估值为5亿美元，现有投资方Sequoia、Conviction和Pear VC参投。

中文翻译：

Listen Labs是一家利用语音AI进行客户访谈的市场研究初创公司。据多名知情人士透露，该公司近日签署了一份条款清单，计划以15亿美元估值完成1.25亿美元C轮融资，由Menlo Ventures领投。

但知情人士称，这轮融资最终未能完成。Listen Labs放弃了已签署的条款清单，这在风投界极为罕见，且通常被视为不受欢迎的行为。

此次融资流产，很可能是因为与Salesforce的收购谈判。据Business Insider报道，这家CRM巨头近期曾就以约20亿美元收购Listen Labs进行洽谈。但该媒体指出，谈判尚未最终敲定，也可能不会达成交易。

Listen Labs是快速增长的AI自动化客户研究领域中的领先初创公司之一。据两名了解相关公司财务情况的人士称，这家成立三年的初创公司年化收入约为3000万美元，大约是竞品初创公司Simile的三倍，后者专注于预测人类行为。7月底，Simile宣布已完成由Greenoaks领投的2亿美元B轮融资，估值达20亿美元——一位人士表示，这很可能为Listen Labs设定了一个新的估值基准。

多位风投人士向TechCrunch表示，如果与Salesforce的谈判破裂，他们预计Listen Labs将重返市场，目标估值在20亿美元或更高。

一位曾与Salesforce谈判退出交易的人士称，收购Listen Labs可以利用其AI帮助预测客户需求，从而增强Salesforce的AI能力，但这家CRM巨头最终可能认为，支付67倍收入的估值过高。

Listen Labs、Salesforce、Menlo Ventures和Simile均未立即回应置评请求。

Listen Labs由Florian Jüngermann和Alfred Wahlforss于2023年共同创立。Jüngermann曾是德国全国竞技计算机编程冠军，Wahlforss此前创办过一家人力资源初创公司Bemlo。两人在哈佛攻读硕士学位时相识。

Listen Labs的AI负责设计调查问题，并通过音频或视频对客户进行访谈。随后，对话内容会被整理成报告和PowerPoint演示文稿，类似于传统人工市场研究员所制作的成果。

《财富》500强企业依赖这类研究来评估客户需求以及对品牌和产品的满意度，但传统市场研究费用高昂，且可能需要数周才能完成。

Listen Labs的技术有助于缩短这些项目的时间和成本，使企业能够快速了解客户对产品变化的反应，并更高效地进行迭代。

该初创公司的客户包括微软、Canva、Anthropic和Sweetgreen。Listen Labs和Simile并非唯一利用AI颠覆客户研究市场的初创公司。

除Simile外，该领域的竞争对手还包括Outset、Keplar和Aaru。一些平台自动化进行与真人的访谈，而另一些初创公司——如Aaru和Simile——则采用合成方法，利用AI模拟人类行为并预测回答，完全不需要访谈任何人。

Listen Labs此前在1月底宣布完成由Ribbit Capital领投的6900万美元B轮融资时，估值为5亿美元，现有投资方红杉资本、Conviction和Pear VC也参与了该轮融资。

英文来源：

Listen Labs, a market research startup that uses voice AI to conduct customer interviews, recently signed a term sheet for a $125 million Series C at a $1.5 billion valuation, with Menlo Ventures set to lead the round, according to several people with knowledge of the matter.
But that round never closed, the people said. Listen Labs walked away from the signed term sheet, a rare occurrence in the venture world and one that is generally frowned upon, according to VCs.
The financing likely collapsed because of acquisition talks with Salesforce. The CRM giant has recently held talks to buy Listen Labs for around $2 billion, Business Insider reported. The discussions are not finalized, however, and may not result in a deal, the outlet notes.
Listen Labs is one of the leading startups in the rapidly growing field of automating customer research with AI. The three-year-old startup has about $30 million in annualized revenue, about three times more than Simile, a competing startup that predicts human behavior, according to two people familiar with the companies’ financials. In late July, Simile announced that it had closed a $200 million Series B at a $2 billion valuation led by Greenoaks — likely setting a new valuation benchmark for Listen Labs, one person said.
If talks with Salesforce collapse, several VCs told TechCrunch that they expect Listen Labs to return to market and target a valuation of $2 billion or higher.
While acquiring Listen Labs could strengthen Salesforce’s AI capabilities by using the startup’s AI to help predict customer needs, the CRM giant may ultimately decide that paying a 67 times revenue multiple is too steep a valuation, according to a person with experience negotiating exits to Salesforce.
Listen Labs, Salesforce, Menlo Ventures, and Simile did not immediately respond to requests for comment.
Listen Labs was co-founded in 2023 by Florian Jüngermann, a former German national champion in competitive computer programming, and Alfred Wahlforss, who previously founded a staffing startup called Bemlo. The two met while pursuing master’s degrees at Harvard.
Listen Labs’ AI develops survey questions and interviews customers over audio or video. The resulting conversations are then packaged into reports and PowerPoint presentations, similar to those traditionally produced by human market researchers.
Fortune 500 companies rely on this type of research to gauge customer needs and satisfaction with their brands and products, but traditional market research is expensive and can take weeks to complete.
Listen Labs’ technology helps reduce the time and cost of these projects, enabling companies to quickly understand how customers are reacting to product changes and iterate on them more efficiently.
The startup’s customers include Microsoft, Canva, Anthropic, and Sweetgreen. Listen Labs and Simile aren’t the only startups using AI to disrupt the customer research market.
Besides Simile, competitors in the space include Outset, Keplar, and Aaru. While some platforms automate interviews with real humans, others startups — like Aaru and Simile — take a synthetic approach, using AI to simulate human behavior and predict responses without interviewing anyone at all.
Listen Labs was previously valued at $500 million when it announced a $69 million Series B round in late January led by Ribbit Capital, with participation from returning backers Sequoia, Conviction, and Pear VC.