User behavior tracking firm Amplitude Inc. announced today it has raised $50 million in new funding to accelerate machine learning innovation for analytics and expand its investments in enterprise data trust.

The Series E round was led by Singapore sovereign wealth fund GIC and included Sorenson Capital, Sequoia Capital, Benchmark, Battery Ventures, IVP and Lead Edge Capital. The valuation on the round was in excess of $1 billion, making Amplitude a newly minted tech “unicorn.”

Founded in 2012, Amplitude provides product intelligence tools that are designed to help teams run and grow digital businesses. Amplitude records how users interact with a service via the web and native apps to create a detailed picture of activity.

The information collected from different platforms is brought together in a centralized dashboard that automatically organizes everything without the need for manual cleansing. Visual controls enable users to weave the individual data points into meaningful patterns.

Customer retention is at the top of the list of features. The software analyzes user behavior in real time to provide recommendations that improve retention rates and drive business growth.

The company is often compared to Google Analytics, but the key difference is in the market focus. Whereas Google Analytics is mostly geared toward marketers, Amplitude has a focus on providing actionable data for developers and designers.

Amplitude’s product intelligence platform powers more than 400,000 digital products used by customers in 180 countries, providing insight to more than 1.4 trillion customer actions each month, the company said. With the COVID-19 pandemic driving millions online, the company added, it has seen a 44% increase in behavioral actions tracked across its customers in the last 90 days.

Clients include 24 Fortune 100 companies, with notable customers including NBCUniversal Media LLC, Burger King, PayPal Inc., Peloton Interactive Inc., Cisco Systems Inc., Atlassian plc and Instacart.

“Building the best digital product experience has never been more critical for businesses,” co-founder and Chief Executive Spenser Skates said in a statement. “Product teams can’t afford to fly blind — they need a real-time understanding of how customers are using their products.

Including the new funding, Amplitude has raised $186 million to date.

Image: Amplitude