- Product intelligence company Amplitude recently announced it raised $50 million in Series E funding led by GIC at a valuation of more than $1 billion
Product intelligence company Amplitude recently announced it raised $50 million in Series E funding led by GIC at a valuation of more than $1 billion. Sorenson Capital also joined the round along with existing investors including Sequoia Capital, Benchmark, Battery Ventures, IVP, and Lead Edge Capital. Including this round of funding, Amplitude has raised a total of $186 million.
Amplitude is known for pioneering product intelligence — which helps teams understand how customers are using their products. And they can track user behavior in real-time, analyze what experiences improve retention and drive systematic growth for the business.
And Amplitude’s product intelligence platform currently powers over 40,000 digital products, used by customers across more than 180 countries, and has insight into more than 1.4 trillion customer actions each month. Over the past 90 days, Amplitude has seen a 44% increase in behavioral actions tracked across digital customers.
Around 24 out of Fortune 100 companies use Amplitude. And companies such as NBC Universal, Burger King, PayPal, Peloton, Atlassian, and Instacart tap into Amplitude’s platform in order to help build their products.
This round of funding follows significant company momentum with highlights such as leading product innovation, expanded leadership team and global employee headcount. Plus the company experienced industry recognition.
In the past few months, Amplitude launched Conversion Drivers to instantly uncover why users convert or drop-off, re-architected their custom database NOVA for even faster insights, and introduced several integrations, including to Adobe Analytics, Intercom, and Amazon Appflow. And Amplitude also recently acquired predictive analytics pioneer ClearBrain.
Plus the company added Matthew Heinz as chief revenue officer of the company — who joined from Adobe and Marketo. And the company expanded its footprint in Europe and Asia Pacific, increasing international headcount rapidly in the past year.
With this round of funding, Amplitude will accelerate machine learning innovation for AI-enabled analytics that help teams prioritize what to build next, personalize experiences, and predict outcomes. And the team is also expanding technology investments in enterprise data trust, ecosystem integrations, and support for its growing global presence in Europe and Asia-Pacific.
Amplitude was originally founded in 2012 by Spenser Skates, Curtis Liu, and Jeffrey Wang. The company is based out of San Francisco and currently has 324 employees.
Sequoia Capital partner Pat Grady told Forbes that the pat two months have accelerated “an inevitable digital transformation and packed a decade of worth of evolution into the span of a few weeks.” Amplitude — which is able to collect user behavior — was able to help Peloton learn that its customers were frequently using the “virtual high five” function to send encouragement to other riders. And the meditation app Calm used Amplitude to determine that users were frequently setting up meditation reminders with the company’s software.
Key Quotes:
“Building the best digital product experience has never been more critical for businesses. Product teams can’t afford to fly blind — they need a real-time understanding of how customers are using their products. With product intelligence, they have an edge on the competition and are able to drive growth and retain customers when it matters more than ever.”
– Spenser Skates, Amplitude CEO and Co-founder
“Media companies are competing on innovation speed and customer engagement. We needed to clearly understand our users’ behavior and the impact of product features and experiments. After switching to Amplitude, our team has been able to grow key business metrics and enabled true data democratization and collaboration across the organization.”
– Eddie Lee, SVP of Product and Technology at NBC Entertainment Digital
“Now more than ever, we must build products to unlock the potential of teams working in an all digital world. The real-time insights we get from Amplitude enable us to uncover new opportunities and create amazing products exponentially faster. We rely heavily on Amplitude in our product development cycle with over 1,000 active users across multiple functions, teams, and geographies.”
– Ivan Galea, VP Analytics and Data Science, Atlassian
