Decibel, an AI-powered real-time online customer experience analytics platform for enterprises, closed its Series B funding round at $40 million.
Perwyn, an entrepreneurial, family-funded investment firm based in the UK, led the funding round, with participation from Draper Esprit, Eight Roads Ventures, and John Simon, via his Ventureforgood investment entity.
Decibel has raised a total of $54 million to date. The company plans to use the new funds to expand operations and its business reach.
According to a Decibel survey, 95% of people will leave a website due to frustrating experiences, such as links not working or ads blocking the page view. To optimize digital experiences, organizations need to look beyond traditional analytics such as page views, click-through, and bounce rates, which show brands what customers do.
Decibel provides a digital customer experience analytics platform for companies to convert, engage, and increase customer loyalty across their digital offerings. The platform crunches billions of data points to automatically identify poor experiences on websites and apps and provides digital teams with the insights they need to optimize them.
The company has over 250 clients, including Toyota, CVS, Fidelity, LEGO, Adidas, and Sony.
“One significant, long-term impact of the current health pandemic is the pace at which businesses engage with their customers digitally. Decibel provides a window into the digital customer experience through its ability to automatically identify and prioritize critical conversion opportunities. 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 Ben Harris, CEO, and Co-founder of Decibel.
Image by David Schwarzenberg from Pixabay