California based analytics platform, Amplitude has secured a $15 million Series B investment. The round was led by Battery Ventures with participation from existing investors Benchmark, Data Collective, Merus Capital and Quest Venture Partners.
Amplitude provides mobile and web-based analytics and will be using the investment in hiring new personnel to expand its sales and marketing team. Currently, it has a team of about 40 employees and is eying to take up the team count to 70 by the end of the year.
As a part of the deal, Neeraj Agrawal, General Partner at Battery Ventures, has joined the board of directors. It also includes Eric Vishria, General Partner at Benchmark who joined the crusade after the $9 million Series A funding by Benchmark in 2015. Till date, the company has raised a total of $26 million.
“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,” said Agarwal.
Founded in 2012, the organization took shape out of Y Combinator as a voice-recognition company called Sonalight before its founders introduced an analytics suite. Today, it competes against companies like Mixpanel and other analytics providers to tracks user behavior for enterprises.
The Analytics suite is built on the Nova platform which gives companies access to user behavior analytics for mobile and reach better retention, engagement, and conversion results. According to the claims, it can “processes over 75 billion events per month and returns over 95% of queries in under 3 seconds”. It will help customers track and leverage data with point-and-click analytics that lets one perform queries that would’ve once required teams of data scientists.
Spencer Skates, Co-founder and CEO, Amplitude, said:
“Amplitude is revolutionizing product analytics through the behavioral layer something previously only companies the size of Facebook could afford to do. 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.”
In its spirit of extending its efforts, Amplitude has launched a product by the name ‘Pathfinder’ which is aimed at showing the different ways that users navigate through a website or app. It serves as a funnel and can also investigate how certain segments or behavioral sects of users behave differently. It has also added another resource tool, Retention Playbook that entails data-backed retention strategies, frameworks, and best practices for user retention.
The company claims to have a client base of over 150 enterprise customers including Square, LogMeIn, Instacart, and Thumbtack.