Friday January 8, 2021 0 comments
COLORADO SPRINGS -- Quantum Metric today announced $200 million in Series B financing led by Insight Partners at a valuation exceeding $1 billion, securing its place as one of the first tech unicorns of 2021.
Quantum said the new funds will be used to support its massive growth, enabling it to continue to build features and functionality on its platform, while also investing in its product and support teams to better enable the output of its growing customer base with Continuous Product Design (CPD).
Quantum Metric said its CPD methodology uses real-time customer data to build and rapidly iterate digital products. This agile and customer-centric approach to the product lifecycle allows companies to overcome organizational silos, streamline priorities, and deliver products that improve the business and customer experience.
CPD has proven to be successful and is amassing a devoted following, particularly during COVID-19 when digital strategies have been expedited.
Quantum Metric said it has quickly emerged as the leading solution for Continuous Product Design and has already seen impressive, unmatched industry growth with a customer base made up of today's leading brands.
"Quantum Metric was founded to support global brands' ability to deliver on digital, and 2020 put those companies to the test," said Mario Ciabarra, founder and CEO of Quantum Metric.
"With the growing pressure for companies to complete their digital transformations, we are seeing interest and implementation of Continuous Product Design across organizations increase at a staggering rate as brands look to adapt quickly to new digital demands and better meet the needs of their customers.
“With this mega-round of funding, we're excited to continue our rocketing growth, and help brands navigate the ever-changing digital landscape."
Quantum said the financing and valuation reflect the increasing market demand for digital solutions to meet rising customer expectations, which spiked during the pandemic. In fact, Salesforce research shows digital sales surged 71% globally in Q2 and significantly grew 55% in Q3.
"Economic downturns have a way of shining a light on high-growth ScaleUps that are particularly compelling to customers, and this year, the surging customer demand for Quantum Metric's product from customers hit hard by the pandemic, has been extraordinary," said Lonne Jaffe, managing director at Insight Partners.
"Quantum Metric lets enterprises use real-time qualitative and quantitative data to take the guesswork out of improving their digital features and products.
“We are excited to double down on our partnership with the Quantum Metric team as they bring their powerful analytics capabilities to customers across the world."
By the close of 2020, Quantum Metric achieved 1B unique visitors monthly, accounting for ~20% of the world's internet users. Capitalizing on this unprecedented growth, Quantum Metric said it will continue to build momentum in various verticals including retail, financial services, travel, telecommunications, and more.
To meet ever increasing industry demand, the additional funding will not only enhance product and customer teams, but also grow a roster of globally-established enterprise clients, which currently includes United Airlines, lululemon, 3M and many others, the company said.
"At United Airlines, we believe it is paramount that our customers have a seamless digital experience throughout their journey. Especially during this time of uncertainty, we want to ensure every product decision better enables their mobile and web interactions," said Michael Petermann, managing director of Digital Products & Strategy at United Airlines.
"As an organization in one of the hardest hit industries during this pandemic, we uphold our partnership with Quantum Metric as critical to our digital operations. The platform allows us to create a continuous feedback and interaction loop which results in better product development for our customers."
The investment follows a Series A of $25 million in 2018 and a $25 million debt facility established in 2020.
To learn more about Quantum Metric and the momentum of Continuous Product Design, join the user conference Quantum LEAP on Feb. 3-4.