Product analytics startup Kubit AI Inc. today announced that it has closed a $18 million Series A funding round led by Insight Partners.
The round, which also included the participation of Shasta Ventures and TSVC, will reportedly help Kubit triple its 13-strong team this year. The startup is seeking to triple revenues in the same time frame.
San Francisco-based Kubit provides a product analytics platform that helps companies track business metrics related to their applications and websites. A software-as-a-service startup, for example, can use Kubit’s platform to track how the number of users who log into its application at least weekly changes from quarter to quarter. An e-commerce company could monitor metrics such as the average value of customer purchases.
Kubit’s platform enables organizations to map out common ways that users interact with their software. Kubit can, for example, highlight what sections of an e-commerce app consumers usually access before making a purchase. Such data can help a retailer optimize its user interface in a way that encourages customers to make more purchases.
As part of their data analytics initiatives, companies often move the information they’re processing between analytics tools such as Kubit and their data warehouse environments. Moving information between two different systems in many cases requires changing its format. The task has historically been carried out using complex ETL, or extract, transform, and load, tools.
Kubit says that, unlike competing products, its platform doesn’t require using ETL tools. The result is that data can be moved between the startup’s platform and data warehouses with less manual work. Moreover, the startup argues that its approach helps companies avoid certain cloud infrastructure costs often associated with running ETL software.
“Cloud data warehouses have empowered every enterprise to take control of their data. The days of requiring SDK or ETL for product analytics are over,” said Kubit founder and Chief Executive Officer Alex Li. “Self-Service analytics must be established upon the data model controlled by the customers. Kubit is founded to challenge the status quo of these siloed blackbox solutions in the market.”
Kubit offers a number of automation capabilities as part of its feature set to save time for users. The startup’s platform can generate an alert if it detects an accuracy issue in the dataset that a company uses to evaluate the success of a product. Built-in machine learning features automatically highlight notable events, such as a sudden jump in application sign-ups or e-commerce purchases.
“The trend towards control and transparency is only going to continue in building the next generation of data apps,” said Insight Partners managing director George Mathew. “Kubit’s No-ETL platform is a game changer not only for product managers, but for any business user that is building digital products.”