Amplitude, a product intelligence company, announced that it raised $80 million in Series D funding led by Sequoia Capital. Lead Edge also joined this round as a major investor and existing investors Benchmark Capital, IVP and Battery Ventures also participated. In conjunction with this round of funding Sequoia partner Pat Grady is joining Amplitude’s Board of Directors.
How does Amplitude work? Amplitude’s product intelligence platform is used by companies for insights around customer behavior data in digital properties. These insights are used for driving growth in business outcomes such as revenue. And product and growth teams tap into Amplitude to understand user experience, ship features, and run digital product portfolios.
“Today, every company’s future is tied to their digital products. Products with great customer experience are driving growth in the economy,” said Amplitude chief executive Spenser Skates. “These products have become the most critical revenue centers for businesses pursuing digital transformation and yet leaders underinvest in them. At Amplitude, we work with CEOs, product executives and growth leaders to help them run and scale digital businesses with democratic access to product intelligence across their organization.”
Amplitude is going to use this round of funding to further scale operations globally and create new solutions to help digital product leaders achieve business growth. Currently, Amplitude is used by more than 26,000 customers such as Microsoft, Under Armour, Intuit, PayPal, Cisco, Capital One, Samsung, Thomson Reuters, Ola Cabs, Qazkom Bank, Twitter, Bonobos, and Peloton.
“When we spoke to Amplitude’s Fortune 100 customers, it was clear that Amplitude is becoming to product what Adobe is to marketing and Salesforce is to sales: the platform those teams can’t live without,” added Grady. “Every business is becoming a digital business, and digital businesses must deliver delightful experiences for customers. Amplitude is the perfect partner to provide product teams with the platform and processes required to build great products and deliver those delightful experiences.”
Amplitude’s platform has nearly 6 trillion behavioral records across 30,000 applicationsin its proprietary database. These records help Amplitude improve customer engagement, acquisition efficiency, and retention. Amplitude also now employs 230 people, which means that the company double its headcount over the last year.
“Amplitude is a transformative company that helps its clients create the best possible product experiences for end users. We believe Amplitude’s addressable market is endless, especially today, when so many companies are focused on product-led growth,” explained Lead Edge Capital founding partner Mitchell Green. “It is no wonder to us that many of the world’s best product companies are Amplitude customers, and we’d expect it is only a matter of time until many more follow suit. We couldn’t be prouder to partner with such a special company.”