Consumer data management platform Amperity announced on Monday that it has successfully raised $50 million in Series C funding. This latest round of funding was led by New York-based investment firm Tiger Global Management, who also led the company’s $28 million Series B funding round in October 2017. Other investors included Goldman Sachs, Madera Technology Partners, Declaration Partners, Madrona Venture Group and investor Lee Fixel. This latest financing round brings the Seattle-based company’s total raised to over $87 million.
The success of Amperity’s Series C round follows a record year for the company, with growth in annual recurring revenue of 335 percent over the prior year. Amperity CEO Kabir Shahani said that the new capital will allow his company to fast-track “new capabilities” and accelerate expansion into new verticals such as financial services, insurance, health care, automotive, travel, hospitality and retail.
Amperity counts brands such as Alaska Airlines, Gap and Brooks Running as its clients. Shahani believes his firm is able to empower its clients to connect with their customers more meaningfully: “It’s crucial for today’s brands to be directly connected to the consumers they serve, and that can only happen when they have the ability to use the data they have about those customers. In just shy of two years, we’ve been able to develop a platform that, for the first time, helps companies tap into previously unattainable data and unify it so they can better understand and connect with their customers.”
Amperity’s platform works by collecting raw client data from a variety of sources including ecommerce, loyalty, point-of-sale, e-mail, clickstream and others; the platform then standardizes this data to present clients with a complete, current customer view. With machine learning, Amperity’s platform is able to resolve customer identities across existing systems even without unique identifiers as well as providing continual updates and accuracy improvements to group and individual customer profiles with the influx of new data.
As major players such as Salesforce, Oracle and Adobe build out their customer data platform technology, Shahani sees the opportunity to use its new funding to build upon its head start in the sector: “It is a highly coveted space that has significant customer pain. We have ambition to be the dominant player — we think we already are. We have more customers and higher quality customers than anyone else that’s trying to think about this problem. We want to keep that lead.”