Quantum Metric Inc., a startup providing big brands with data on how they can improve their websites and mobile apps, today said that it has landed a $200 million funding round at a more than $1 billion valuation.

The startup is the latest in a series of companies to have publicly joined the $1 billion-plus valuation club since the start of 2020.

Quantum Metric says the enterprises using its technology reach 20% of the world’s internet users. It counts United Airlines Inc. and 3M Co. among its customers.

The new $200 million in funding will go toward developing new features for Quantum Metric’s cloud service, which provides analytics tools that companies can use to find ways of enhancing their websites and apps. The service collects data on the various ways users interact with an online property. It then turns the raw data into useful information, such as projections estimating how much additional revenue an online store could generate by speeding up a particular web page’s loading time.

Companies can use Quantum Metric’s service before they roll out new features to assess if a change will have a positive or negative impact on sales. The service also provides information on the effectiveness of website and app changes after they’re deployed.

Quantum Metric competes with other venture-backed user analytics providers such as Decibel Insight Ltd. and Amplitude Inc., which joined the unicorn club last year. One way Quantum Metric has sought to stand out is by equipping its service with a session replay engine, a commonly used type of analytics tool that marketing departments normally have to buy separately. Session replay engines provide a detailed step-by-step view of how users interact with a website or app to help companies spot optimization opportunities.

Quantum Metric’s latest round implies its service has seen significant customer momentum in recent years. At $200 million, the investment is eight times larger than the startup’s previous $25 million raise in 2018. The new round, which was led by Insight Partners, gives Quantum Metric a valuation north of $1 billion.

Quantum Metric is at least the fourth startup to have achieved unicorn status since the start of the year. There was also Lacework Inc., which announced a $525 million round at a more than $1 billion valuation earlier today, and Starburst Data Inc., whose analytics platform helped it recently secure a $100 million investment led by Andreessen Horowitz. Yet another analytics startup, Dremio Corp., became a unicorn as well this week following a Series D funding round led by Sapphire Ventures. 

Image: Quantum Metric