Amplitude, the product analytics company, announced today that it raised $30 million in Series C funding led by IVP. Existing investors Benchmark Capital and Battery Ventures also participated in this round, bringing total funding to date to $59 million. Amplitude continues to grow its business at over 30 percent each quarter and now serves more than 5,000 companies, including Microsoft, Twitter and PayPal. The company will use the funds to further scale its operations globally and build new solutions to help product teams succeed.
“The future of building a highly successful business lies in product,“ said Spenser Skates, CEO of Amplitude. “While the influence and importance of product teams inside large enterprises is skyrocketing and product teams are now being held accountable for business metrics such as user growth and revenue, they’re stuck using solutions built for marketing that don’t tell them how their products are being used and what features drive revenue. Many of these companies are turning to Amplitude because we are the only solution custom built to serve their needs.”
Product experience has become the new competitive battleground, and businesses are increasingly searching for better software that helps them build, analyze and monetize great products. However, no software solution exists today explicitly for product teams, forcing them to either cobble together marketing, business intelligence and revenue reporting tools for an incomplete view of their products, or rely on analysts to try to help them understand their own core metrics.
Modern product teams require advanced analytics with behavioral queries to help them understand drivers of their core metrics, such as the best pathways in their product for driving recurring value or what early user actions correlate best with long term retention. Product teams at companies like Microsoft, Hubspot and Under Armour use Amplitude for its powerful behavioral analytics solution.
“Product teams serve an essential function in companies, and yet there is no platform dedicated to helping empower their success today,” said Somesh Dash, General Partner at IVP, who will join Amplitude’s Board as an Observer. “IVP is investing in Amplitude because we know they have the potential to transform critical business outcomes for product leaders. We see the same possibilities for a paradigm shift in product analytics as we saw with Adobe Omniture galvanizing marketing analytics and Salesforce catalyzing sales process and analytics.”
Amplitude has assembled an experienced executive team to execute on this massive opportunity, including Chief Financial Officer, Caitlin Haberberger, previously at Flite; Chief Revenue Officer, Matt Althauser, previously at Optimizely; Chief Development Officer, James Donelan, previously at MuleSoft; and VP of Marketing, Michelle Kim, previously at Okta.
It’s been a banner 12 months for Amplitude as the company:
- Signed new enterprise customers including Microsoft, Capital One, Hubspot, Booking.com, Twitter, Daily Motion, Yellow Pages, and Autodesk.
- Doubled headcount to 100 in the past 12 months, with plans to double again in the next 12 months.
- Added Tien Tzuo, founder and CEO of Zuora, Jyoti Bansal, founder and former CEO and Chairman of AppDynamics, and Phil Fernandez, Venture Partner at Shasta Ventures and co-founder and former CEO and Chairman of Marketo, as investors.
- Opened an office in Amsterdam to serve increasing demand from product leaders globally.
- Analyzed more than two trillion user actions in more than 20,000 applications across the world.
“Amplitude has saved us months of engineering investments into understanding user behavior in our products. This platform greatly reduces the barrier to data analysis and has helped our teams finally unlock the ability to use insights to build a better product.”
- Gooi Chungheong, principal engineering manager, Microsoft
“Amplitude gives our team powerful insights that help drive video product development. We use the platform to test ideas and how they perform in the product, which leads to building a stronger video offering.”
- Alex Khoshnevissan, business development manager, Twitter
“Using Amplitude, we feel closer to our customers and their usage patterns. We’re able to apply resources to the biggest opportunities in removing friction from the user experience. You can’t envision how powerful their behavioral cohorts are until you start using the feature throughout the platform.”
- Dan Wolchonok, growth and analytics manager, Hubspot