Amplitude, a provider of analytics for product teams, reels in $30M
Google Analytics and the other leading user monitoring tools on the market can provide a great deal of insight into how people interact with a service. But they’re mostly geared toward marketers, which makes it difficult for developers and designers to uncover the data they need to inform their work.
Amplitude Inc. is working to do away with this obstacle. The startup today announced the completion of a $30 million funding round that will be used to widen the adoption of its flagship analytics platform, which is specifically geared toward product teams.
Amplitude can record how users interact with a service via the web and native apps to create a detailed picture of activity. The information collected from the different platforms is brought together in a centralized dashboard that automatically organizes everything without the need for manual cleansing, according to the startup. Visual controls then enable workers to weave the individual data points into meaningful patterns.
One of the handier features built into Amplitude is Compass, a tool that can be used to draw connections between user actions and retention. For a cloud-based accounting service, it might show that subscribers who link their account to an external payment processing platform are more likely to keep returning than those who don’t. The provider behind the service could then change the interface to promote its third-party integrations more aggressively.
Pathfinder, another built-in tool, enables companies to apply the same approach to analyzing lead conversion. The feature shows the different steps that users take on their way to making a purchase and helps identify opportunities for improvement. Workers can then employ a third tool offered under the name Microscope to drill down into specific data points for a more granular view.
These features have helped Amplitude win more than 5,000 customers since launching three years ago. Notable adopters include PayPal Holdings Inc., Autodesk Inc. and, not least, Microsoft Corp., which stands out particularly because it sells its own analytics tools. The platform’s strong adoption was no doubt one of the main factors that drew in investors.
Early Netflix Inc. backer Institutional Venture Partners provided the biggest share of the new funding while the rest came from returning backers Benchmark Capital and Battery Ventures, which led the startup’s previous two rounds. Amplitude has raised a total of $59 million to date.
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