Amplitude Raises $15M to Deliver a New Generation of User Behavior Analytics that Helps Companies Drive Engagement, Retention and Conversion
Amplitude Analytics, developer of a powerful user behavior analytics platform for mobile and web that helps companies achieve sustainable growth and retention, today announced that it has raised a $15 million Series B investment led by Battery Ventures with participation from existing investors Benchmark, Data Collective, Merus Capital and Quest Venture Partners. With funding from this round, Amplitude will hire key talent, fuel product development of its analytics platform, and expand sales and marketing to meet growing demand for mobile and web customer insights. Neeraj Agrawal, General Partner at Battery Ventures, will join the Amplitude board of directors.
“With billions of smartphones in use around the world, mobile has emerged as the leading way to access information and services. Amplitude was an early pioneer in recognizing not only the importance of mobile but also the crucial role that analytics would play in helping companies achieve sustained growth,” Agrawal said. “Amplitude’s continued product innovation has resulted in sustained growth and an 80% win rate over the competition.”
Founded in 2012, Amplitude has raised $26M to date. This latest round of financing builds on an exceptional year for the company. With more than 150 enterprise customers including Square, LogMeIn, Instacart, and Thumbtack—all of which have substantial mobile presences–Amplitude has grown year-over-year revenues by 300%, its customer base by 100%, and has grown the number of events tracked to 75+ billion events per month.
“We chose Amplitude because it has a fantastic look and feel and we’ve found it to have better out-of-the-box analytics capabilities than its competitors. I love that I’m able to dive right into Amplitude to better understand our products’ user behavior – I can even give access to folks without an analyst background so they can quickly spin up some segmentation charts and dashboards to share with their teams. It is truly a versatile and powerful platform,” said Mike Murray, BI Systems Analyst at LogMeIn.
“Amplitude is revolutionizing product analytics through the behavioral layer–something previously only companies the size of Facebook could afford to do,” said Spenser Skates, CEO of Amplitude. “Companies like Square, Instacart, Intuit, and LogMeIn rely on our Gen3 analytics platform to identify specific behaviors that will help them drive long-term retention and profits.”
Companies like grocery-delivery app Instacart can use behavioral analytics to find out why their ‘power users’ stay engaged and keep using their product. For example, Amplitude can track which items and stores are popular with Instacart’s customers, along with what channels are driving the most orders, so Instacart knows where to invest to grow their business.
Amplitude unveils Pathfinder to help companies find the best paths to increase conversion and retention
Today, Amplitude also officially unveiled Pathfinder, a new analytics tool that exposes all of the different ways users navigate through a product, showing the best paths to increase conversion and retention. Instead of guessing at the best funnel steps to conversion, product managers can now let their users show them exactly what they’re doing via Pathfinder. They can also compare how different segments of customers behave and identify areas for improvement.
“We heavily use Amplitude’s Pathfinder and user activity streams to get in the heads of our users and understand how they navigate through the product, finding where they’re getting stuck or confused,” said Anne Yeung of Square’s Analytics and Data Warehouse team.
Pathfinder is built on top of Nova, Amplitude’s purpose-built behavioral analytics platform that today processes over 75 billion events per month and returns over 95% of queries in under 3 seconds. With Nova, Amplitude customers have reduced query times by 50% while having access to greater amounts of data, allowing them to understand user behavior faster and at a deeper level than ever before.