Amplitude Raises $50M Round Led by GIC to Meet Surging Demand
SAN FRANCISCO, May 21, 2020 – COVID-19 shifted the world online overnight, creating a dramatic and sustained growth in demand for digital products. Product experience is now the best competitive advantage any business can have. Amplitude, the leader in product intelligence, today announced $50 million in Series E funding, led by GIC, bringing its valuation to over one billion. Alongside GIC, Sorenson Capital joined existing investors including Sequoia Capital, Benchmark, Battery Ventures, IVP, and Lead Edge Capital, bringing Amplitude’s total funding to $186 million.
Amplitude pioneered product intelligence, which helps teams understand how customers are using their products. They can track user behavior in real-time, analyze what experiences improve retention and drive systematic growth for the business.
Amplitude’s product intelligence platform 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. In the past 90 days, Amplitude has seen a 44% increase in behavioral actions tracked across digital customers.
“Building the best digital product experience has never been more critical for businesses,” said Spenser Skates, Amplitude CEO and Co-founder. “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.”
Twenty-four Fortune 100 companies use Amplitude. Companies like NBC Universal, Burger King, PayPal, Peloton, Atlassian, Instacart and more rely on Amplitude’s platform to build the products that define the way we live and work.
“Media companies are competing on innovation speed and customer engagement,” said Eddie Lee, SVP of Product and Technology at NBC Entertainment Digital. “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.”
This funding news follows significant company momentum, with highlights including:
- Leading product innovation: Over 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. Amplitude also recently acquired predictive analytics pioneer ClearBrain.
- Expanded leadership team and global employee headcount: Amplitude added Chief Revenue Officer Matthew Heinz to its leadership team, who joined from Adobe and Marketo. The company expanded its footprint in Europe and Asia Pacific, increasing international headcount rapidly in the past year.
- Industry recognition: Amplitude is a Forbes Cloud 100 and Product School’s Best Data Product winner, and a G2 Spring 2020 leader. The company was also recognized for having one of the best D&I programs among San Francisco-based companies.
“Now more than ever, we must build products to unlock the potential of teams working in an all digital world,” said Ivan Galea, VP Analytics and Data Science, Atlassian. “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.”
With the new fundraise, Amplitude will accelerate machine learning innovation for AI-enabled analytics that help teams prioritize what to build next, personalize experiences, and predict outcomes. 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 founded in 2012 by Spenser Skates, Curtis Liu and Jeffrey Wang to help the world build better products. The company is headquartered in San Francisco and currently has 324 employees.
To learn more about Amplitude, please visit www.amplitude.com.