Qubit, a big data analytics platform, raised $40 million in a Series C funding round led by Goldman Sachs Merchant Banking Division. Sapphire Ventures, and returning investors Accel and Salesforce Ventures also participated. With the new funding, the London-based company has raised a total of $76 million to date. As part of the investment, David Reis of Goldman Sachs in Europe will join Qubit’s board.
Qubit, the pioneer in delivering data-first customer experiences, today announces a $40m Series C investment led by Goldman Sachs Merchant Banking Division, with participation from Sapphire Ventures, and previous investors Accel and Salesforce Ventures.
The funding will enable Qubit to more than double its engineering capability and help the leading digital experience management company to continue its growth trajectory. With this funding round, the company has received a total of $76m funding to date.
Qubit powers the most ambitious ecommerce businesses in the world to transform their customer experiences into greater incremental revenues and deeper, more loyal customer relationships. It plans to explore new applications of its Visitor Cloud, its customer data platform, in new use cases as well as continue to expand into new industries.
Gartner recently identified customer experience management (CEM) as the number one technology investment priority for CEOs to improve their business in the next five years1. Qubit believes its market-leading platform is helping enterprises deliver on this.
The investment round sees a new addition to Qubit’s Board of Directors. David Reis, Managing Director and Head of Technology at Goldman Sachs Merchant Banking Division in Europe, will join Accel’s Bruce Golden and earlier investor Balderton Capital General Partner Bernard Liautaud on the board.
The firm added five new web solutions to its platform in 2015, increasing its Digital Experience Management portfolio and helping increase its average account size by more than 40%. In 2016 Qubit is set to evolve its capability into omnichannel customer experience management with the ability to stitch together the customer journey across every touchpoint; from website, apps, email, call center, advertising and more.
Qubit’s Visitor Cloud collects detailed information about consumer interactions with the web and mobile internet and identifies patterns of behavior in real time that drive revenue and create business-wide optimization opportunities.
Qubit’s unique technology stack, built on the Visitor Cloud customer data platform, processes more than 2.5 billion online customer interactions every day, enabling its clients to understand their visitors’ behavior and build profitable relationships with them.
David Reis said: “We’re delighted to be a part of the Qubit story and we share its belief that the next era of commerce requires a flexible platform capable of delivering differentiated customer experience.
“Qubit saw early how powerful a lever customer experience is going to be for businesses and built an infrastructure that starts with the data and allows its clients to engage with their customers based on a richer and deeper understanding of their behaviors and needs.”
Graham Cooke, Qubit’s CEO and co-founder, said: “We’re delighted to welcome Goldman Sachs into the Qubit family and David Reis onto our board of directors. We’re also excited to have the support of Sapphire Ventures, whose significant experience scaling companies internationally and extensive connections within the enterprise ecosystem will be valuable assets to our growth.
“Our investors see that Qubit continues to benefit from a long-term commitment to a sustainable business model in a rapidly growing market.
“The industry has been dogged by ineffective front-end point solutions. Now the market is quickly realizing that customer experience delivery is not a ‘front-end play’ but rather requires a large, integrated enterprise scale resource and a deep understanding of the customer. This is an area that Qubit invested in very early on. Our platform allows deeper customer understanding, better insights and faster action meaning our clients can give their customers more than their competitors can.
“As we continue to give our growing client list the market’s best, most flexible and integrated range of personalization applications, we’re uniquely positioned to turn customer data into high and sustained ROI for our clients.”