Product analytics startup Kubit lands $18 million in fresh capital – TechCrunch

Showing that the product analytics industry is alive and well, Kubit today announced that it has raised $18 million in a Series A funding round led by Insight Partners, bringing its total capital raised to $24 million. of dollars. Kubit says he will put the fresh cash into growing his team and expanding his platform, which helps customers manage their data quality.

CEO Alex Li says he founded Kubit in 2018 to solve what he sees as one of the biggest problems in the product analytics space: loss of data control and lack of transparency. Previously, Li spent 10 years building mobile apps and using product analytics tools at companies including Smule, Booyah and eBay. These tools fell short of his expectations, he says, as they often required sending data to third parties and created siled analytics practices.

“Product analysis has proven its importance to the success of many large companies. [But as] an industry, product analytics is still young and has become more open and transparent,” Li told TechCrunch via email. “No business wants to be locked into a siled black box solution that demands control of a customer’s valuable data.”

As a reminder, product analytics is the process of analyzing how users interact with a product – be it an app, website, or service. subscription – to allow businesses to track and analyze user engagement data. The idea is to use the data to improve and optimize the product, and to identify bugs as they appear in the deployment process.

Kubit

Kubit’s Product Analytics Dashboard. Picture credits: Kubit

Kubit’s platform is designed to work with existing cloud data warehouses (i.e. central repositories of business data) without the need to transform, normalize or convert data from product analysis. This way, Kubit eliminates the need for batch jobs and data duplication, Li argues, potentially reducing cloud computing costs.

“We help our clients analyze the behavior of their users through their user data. Kubit does not store or process any personally identifiable information, and most user data is already anonymized,” Li said. “With our integration[s]our customers have full control of their data and can make changes whenever they want, including deletion. »

Li considers Amplitude, June and Mixpanel to be direct competitors in the product analysis segment. Mixpanel and Amplitude have formidable warchests. But Li tells TechCrunch that Kubit’s revenue and headcount (13 people) are expected to triple this year, driven by a growing customer base that includes “several larger companies in entertainment, social and education.”

“[I]It seems that the consumer segment has recovered very well [from the pandemic] and surviving companies are the winners who really see the need for product analytics to maintain strong growth,” Li said. [during the pandemic] has given many data teams the opportunity to strengthen their modern data stack and realize the importance of data control and transparency.

Lance B. Holton