GIC leads $50m funding in user behaviour tracker Amplitude Analytics

A GIC signage is pictured during their results announcement in Singapore July 2, 2019. REUTERS/Anshuman Daga

Singapore sovereign wealth fund GIC has anchored the $50-million Series E funding in Amplitude Analytics, a San Francisco-based startup that tracks online user behaviour in real-time.

The funding round, which takes the product intelligence startup to unicorn status, was also participated by Sorenson Capital and existing investors Sequoia Capital, Benchmark, Battery Ventures, IVP, and Lead Edge Capital, according to an announcement.

Founded in 2012 by Spenser Skates, Curtis Liu, and Jeffrey Wang, Amplitude provides software the helps companies monitor how their customers are using their products. The software analyses what experiences improve retention and are likely to drive business growth.

The company said it tracks over 1 trillion user actions monthly for 40,000 digital products from more than 180 countries, and demand for its services continue to spike as the coronavirus forced companies to engage with customers online.

In the past 90 days, Amplitude said it has seen a 44 per cent increase in behavioral actions tracked across digital customers. Among its clients are NBC Universal, Burger King, PayPal, Peloton, Atlassian, Instacart, and 24 Fortune 100 companies.

“Product teams can’t afford to fly blind — they need a real-time understanding of how customers are using their products,” said Amplitude CEO and co-founder Spenser Skates.

The latest funding, which brings Amplitude’s total to $186 million, will be used to further boost the company’s AI-enabled analytics technology, expand its investments in enterprise data trust, ecosystem integration, and finance its operations in Europe and Asia-Pacific.

Amplitude, which has offices in New York, London, Paris, Amsterdam, and Singapore, operates in cloud-based software sector currently dominated by Google Analytics, which tracks website traffic, and Adobe Experience Cloud, a provider of online marketing and web analytics tools, among others.

The firm first raised $9 million in 2015 in its seed funding round led by Benchmark a San Francisco-based early-stage venture firm that focuses on mobile, marketplaces, social, and enterprise software.

Amplitude’s biggest funding came in 2018 when Sequoia anchored the $80-million Series D investment in the company.

Skates, the company’s CEO and co-founder, previously worked as an algorithmic trader at DRW Trading Group and studied Bioengineering at Massachusetts Institute of Technology (MIT) where he won Battlecode, MIT’s largest programming competition, twice.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.