Amperity, a startup developing a range of AI-powered customer data management solutions, today announced that it has raised $50 million in a series C round led by Tiger Global Management, with participation from Goldman Sachs, Declaration Partners, Madera Technology Partners, and Madrona Venture Group. The capital infusion comes after a $28 million series B round in October 2017 and brings the Seattle, Washington-based company’s total raised to over $87 million.
The new funds come after a banner year for Amperty, which saw annual recurring revenue grow 335% over the previous year. CEO Kabir Shahani said the cash infusion will accelerate “new capabilities” and fuel the firm’s expansion into new verticals, including financial services, automotive, insurance, health care, retail, travel, and hospitality.
“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,” said CEO Kabir Shahani, who sold his previous company, Appature, to IMS Health prior to cofounding Amperity with Derek Slager in 2016. “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.”
So how does it work? Amperity ingests raw client data from ecommerce, email, loyalty, point-of-sale, clickstream, and other systems spanning organizations, which it standardizes to create a complete and current customer view. It’s able to resolve identities across virtually all existing systems (even those without unique identifiers) using machine learning, and to continually update and improve the accuracy of group and individual profiles as new information comes in.
Amperity’s platform augments the information it collates with custom attributes like lifetime value, and its dashboards enable managers and team leaders to explore data and create segments visually or with SQL. Thanks to these tools’ robustness, claims Shahani, most customers manage to integrate Amperity’s platform in weeks and achieve upwards of a 198% increase in conversions and a 2.3 times improvement in customer identity and loyalty match rates.
“When customers are consistently seeing a minimum [10 times] return on their investment, we know we’re delivering a solution that works,” added Shahani. “It’s incredibly gratifying to play a part in seeing our users unleash their best ideas for the very first time.”
In any case, Amperity has managed to convince heavy hitters like TGI Fridays, Gap, and Lucky to climb aboard. Among its other paying customers are recognizable brands like Planet Fitness, Kendra Scott, Alaska, Endeavour Drinks Group, Brooks, Moet Hennessy, Wynn, Seattle Sounders FC, Stanley, Servco, and Topgolf.
“Amperity aligns with our strategy of investing in established and growing companies with proven management teams,” said Declaration Partners’ Brian Stern. “Amperity solves an incredibly difficult consumer data problem through an innovative and fresh approach, helping their clients harness this information to better serve their customers.”
Amperity recently launched two new products in Stitch, which surfaces connections among customer records, and Customer 360 Database, which unifies disparate client identities and attributes to deliver insights. In other news, it forged a strategic partnership with Snowflake, adding to similar cloud collaborations with Microsoft, Slalom, and AWS, and appointed former Tableau executive Lynn Girotto as its first chief marketing officer and former Facebook engineering leader Aria Haghighi as head of data science.