3 May 2017, LONDON: Decibel Insight, a leader in digital experience analytics for enterprise businesses, has raised $9 million in Series A funding. Eight Roads Ventures led the round, with participation from John Simon, via his Ventureforgood investment entity. The financing coincides with the latest product release from Decibel, which provides customers including Lego, General Motors, Allstate Insurance and Gucci, with revolutionary new ways to measure digital customer experience.
UK-headquartered Decibel Insight has seen strong capital-efficient growth since its launch in 2014. It currently employs over 50 people in London, Boston and Denver and will use this first round of external capital to scale the business and drive continued innovation through data science.
Decibel Insight reveals how individual customers interact with and experience websites and apps. Its analytics platform provides compelling reports, session replays, and detailed data visualizations showing which parts of a site are performing well, which parts are being ignored, where users are dropping off - and why. Powered by machine learning, Decibel’s technology tracks every customer journey and automatically surfaces any poor or unusual experiences.
Understanding and improving customer experience has become increasingly important as organizations shift their attention from mastering traffic acquisition to optimizing conversions and brand loyalty. Companies with an agile web development process will often make hundreds of changes to their website per year, and continuously test the impact on visitors. In Adobe’s 2016 Digital Trends Briefing, CMOs identified “Customer experience optimization” as the most exciting area for future growth and investment.
Decibel Insight's latest release marks a major step in its mission to make customer experience optimization a science. The platform now incorporates hundreds of smart new behavioral metrics, including emotion detection, designed specifically to measure the modern digital customer experience. Businesses can use these behavioral-based insights to quantify and improve customer experiences across the entire organization.
Ben Harris, CEO of Decibel Insight said: “Our rapid growth into a leadership position, working with the world’s largest brands, is beyond our wildest expectations - and is testament to the quality of our technology. Decibel Insight fills a glaring gap in the enterprise marketing stack by exposing problems in the user journey in real time, helping clients earn millions of dollars in extra revenue. The additional capital and calibre of our investors will allow us to innovate in this space at an even faster rate.”
Michael Treskow, Partner at Eight Roads Ventures, will be joining the board and added: “Websites are the shop window into modern businesses and Decibel Insight gives businesses the ability to truly understand their users’ online behavior. We are excited to partner with this ambitious bootstrapped team as they transform how companies track and improve customer experience.”
John Simon added, “There are many things to love about the Decibel Insight team - differentiated technology platform and rapidly-growing business - but the one thing that stood out for me was how much customers love, and benefit from, the solution. We spoke with many incredible customers who raved about what an amazing and unique difference Decibel Insight made for their businesses with immediate and essential ROI; that spoke for itself.”
About Decibel Insight
Decibel Insight reveals exactly how users behave on websites and mobile apps, making it easy for enterprise businesses to quantify and improve the customer experience at every touchpoint. Trusted by the world’s largest brands including Lego, General Motors, British Airways, Toys R Us and Allstate Insurance, our award-winning digital experience analytics technology processes everything that happens during a user’s session – from mouse movements and device rotations to popups and errors – and provides easy-to-action insights through visual reports, session replays and data visualizations of the customer’s digital body language.
Find out more at www.decibelinsight.com.
About Eight Roads Ventures
Eight Roads Ventures is a global venture capital firm that backs entrepreneurs with aspirations for greatness. Together with its associated funds it manages $4 billion of capital across offices in the United Kingdom, India, China, Japan and the United States. A near 50-year history of investing includes partnerships with companies such as Alibaba, CloudByte, Cúram, Future Advisor, GoodData, InnoGames, iPipeline, MADE.com, Manthan Systems, Metaps, Nuance, Ping Identity, Prosper, Treatwell, Recurly, Wallapop and Xoom.
More information at https://eightroads.com/en/ventures
Ventureforgood is an investment holding company set up by John Simon in order to make winning investments and dedicate the "carried interest" (a portion of the ultimate gains) to enable better outcomes for children and families via proven life-changing non-profits like The GreenLight Fund (www.greenlightfund.org). Ventureforgood, llc.