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.