London-based startup Decibel Insight Ltd. today announced that it has raised $40 million in funding for its customer experience analytics platform, which is used by Adidas AG, Sony Corp. and about 200 other companies on the Fortune Global 500 list.
Private equity firm Perwyn led the round. The financing represents an expansion of a $17 million Series B investment Decibel closed late last year, which included the participation of Draper Esprit, Eight Roads Ventures and Sigma Prime Ventures Managing Director John Simon.
Decibel’s customer experience analytics platform, DXS, uses artificial intelligence to give companies information on how they can improve their websites to generate more revenue. DXS produces this information by drawing on data gleaned from analyzing about 11 billion web pages every month.
According to Decibel, its AI algorithms pinpoint specific issues on a web page that may increase the chance of a visitor leaving before making a purchase. The platform can identify e-commerce forms that have a higher-than-average abandonment rate compared with other parts of a site. DXS also flags more indirect contributors to user attrition, such as images that render too slowly, pages that take too long to scroll and JavaScript errors.
Decibel claims that helping its enterprise customers spot these types of problems has had a tangible revenue impact. “Across our customer base, we have identified hundreds of millions of revenue dollars lost due to poor digital experiences – and more importantly, hundreds of millions in potential revenue,” said Chief Executive Officer Ben Harris.
For scenarios where it’s not immediately apparent why a company is experiencing user attrition, Decibel’s DXS platform provides a so-called session replay tool. Customer experience teams can use it to see every action a given visitor took before navigating away from the site and identify pain points. Decibel also offers integrations with popular marketing toolkits, such as Adobe Marketing Cloud, to help companies incorporate the data from its platform into ad campaigns and other parts of their operations.
The startup said nearly half of its revenue currently comes from North America. Decibel will use the the new funding to expand its North American presence, which already includes offices in Boston and San Francisco, and scale up product development operations. “With our unique data set, we’re positioned to become a very large organization,” Harris said.
This article originally appeared in SiliconAngle.
