Amplitude, developer of a user behavior analytics platform for mobile and web that helps companies achieve growth and retention, recently announced a $15 million dollar Series B funding round. The investment was led by Battery Ventures with participation from existing investors. The funding round will allow Amplitude to hire talent at key positions, fuel product development of its behavioral analytocs platform, and expand sales and marketing to meet the growing demand for their products. As a result of the deal, Neeraj Agrawal, GM Partner at Battery Ventures, will join the company’s board of directors.
In addition to the funding round, Amplitude unveiled Pathfinder, a new analytics tool that exposes all the different ways that users navigate through a product, revealing the best paths to increase conversion and retention. Instead of leaving the guessing up to each user to find the best funnel steps to conversion, product managers are now able to let their users show them exactly what they’re doing via the Pathfinder tool. This also allows them to compare different segments of customers behave and identify areas for improvement.
Pathfinder is built on top of Amplitude’s purpose-built behavioral analytics platform, Nova. The platform currently process over 75 billion events per month and returns 95 percent of queries in under 3 seconds. As a result, Amplitude customers have reduced query times by half while gaining access to greater amounts of data, allowing them to understand behavior and at a deeper level than ever before.
Amplitude was founded in 2012 and has raised a cool $26 million to date. Their Series B investment builds on a great year for the analytics company. Amplitude currently touts more than 150 customers and has grown year-over-year revenues by 300 percent, its customer base by 100 percent, and has grown the number of events tracked to more than 75 billion per month.
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