Amplitude, an analytics startup that helps companies study online consumer behavior, has raised $30 million in a series C round of funding led by IVP, with participation from Benchmark Capital and Battery Ventures.
Founded out of San Francisco in 2012, Amplitude’s core product analytics platform allows companies to tune in to their customers’ activities and figure out why they use and pay for a specific product. The ultimate goal is to help companies improve their products by understanding how a customer engages with them through analyzing their arrive onto a website or app, tracking their journey through it, and observing the points at which they may have jumped ship.
It also helps establish the optimal path to convert a visitor to a customer by showing the various routes from entry to exit, and which ones are most successful.
Y Combinator-alum Amplitude’s ultimate aim is to get product-focused companies to ditch established rivals such as Mixpanel, a clear and direct competitor that has raised around $80 million in funding, as well as heavyweights like Adobe and Google Analytics. With another $30 million in the bank — in addition to the $29 million it has raised previously — it has more firepower to achieve that. Indeed, it said that its fresh cash influx will be used to “further scale” its operations globally and “build new solutions to help product teams succeed,” according to a statement.
“The future of building a highly successful business lies in product,” explained Amplitude CEO Spenser Skates. “While the influence and importance of product teams inside large enterprises is skyrocketing and product teams are now being held accountable for 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.”
Amplitude already claims more than 5,000 customers, including a number of big names such as Twitter, Microsoft, PayPal, Adidas, and Under Armour. It also said that it has doubled its employees to 100 in the past year, and plans to double this number again over the next 12 months.