Even with all the years of work that has gone into improving the way screen-based interfaces work, our experiences with websites, mobile apps, and any other interactive services you may use often fall short – we can’t find what we’re looking for. . , we are bombarded with exactly what we don’t need, or the flow is full of errors in one form or another.
Now, Full story, one of the startups that created a platform to identify when all of the above happens and provide suggestions to publishers to fix it; is obsessed enough with the problem that the phrase “Angry Clicks” came to register, the focus of her mission – is to announce a big round of funding, a sign of her success and ambition to do more.
The Atlanta-based company has closed a $ 103 million Series D round, a round of excessive subscriptions that was actually still growing between interviewing the company and posting this story (when we spoke last week, the figure was $ 100 million). Permira’s growth fund, which has previously invested in other customer experience startups such as Klarna and Nexthink, is leading this round, with previous investors Kleiner Perkins, GV, Stripes, Dell Technologies Capital, Salesforce Ventures and Glynn Capital also participating. .
FullStory, which has raised about $ 170 million to date, has confirmed that the investment values the company at $ 1.8 billion.
Scott Voigt, Founder and CEO of FullStory, tells me that FullStory currently has some 3,100 paying customers on its books across verticals such as retail, SaaS, finance, and travel (customers include Peloton, Financial Times, VMware, and JetBlue), which collectively are ongoing to accumulate more than 15 billion user sessions this year, which equates to 1 trillion interactions including clicks, navigations, highlights, scrolls, and signs of frustration. It says that annual recurring revenue to date has increased by more than 70% year-on-year.
The plan now will be to continue investing in R&D to bring more real-time intelligence to its products, “and transmit that knowledge to customers,” and also “move more aggressively to Europe and Asia Pacific,” he added.
FullStory competes with others like Glassbox and Decibel, although it also claims that its tools have more of a website presence than its three biggest competitors combined.
Working across different divisions such as product, customer success, and marketing and engineering, FullStory uses machine learning algorithms to analyze how people navigate websites and other digital interfaces.
FullStory then packages the information it collects into data streams that can be used with various visualization tools (having Salesforce as a strategic sponsor is interesting in this regard, since it owns Tableau), spreadsheets, or whatever. customer choose. put them on. While it does not offer direct remediation (perhaps an area you could address in the future), it does offer suggestions for alternative actions to fix any issues that arise.
Part of what has given FullStory a huge boost of late – this round is by far the largest fundraiser the company has ever done – is the fact that in today’s world, digital businesses are They have become the centerpiece of all businesses. Due to Covid-19 and the need for social distancing that has taken away some of the traffic from in-person experiences like going to stores, organizations that have created experiences online or natively are seeing unprecedented amounts of traffic; And now they are joined by organizations that have switched to digital experiences simply to stay in business.
All of that has contributed to a great deal of online content and a huge mindset shift to improve it (and in the most urgent cases, even more basically just usable), and that has resulted in stars aligning for businesses. . like FullStory.
“The category was so nascent to begin with that we had to explain the concept to customers,” Voigt told me of the early days of the company, where selling meant selling potential customers the very idea of digital experience insights. “But the digital experience, in the wake of Covid-19, suddenly mattered more than ever before, and the continued amount of incoming interest has been an incineration for us.” He noted that demand is increasing among mid-sized and enterprise organizations, and something that has also helped FullStory grow is the overall movement of talent in the industry.
“Our clients tend to take their tools with them when they change jobs,” he said. Those tools include FullStory analysis.
The evolution of bringing more artificial intelligence to the world of basically structuring what could otherwise be unstructured data has been a huge boost for the analytics world, and investors are interested in FullStory for how it has taken that trend and he has grown his business on it. .
“We are very excited to partner with the FullStory team as they continue to expand and build a truly extraordinary technology brand that enhances the digital experience for all stakeholders,” said Alex Melamud, who led the transaction on behalf of Permira Growth, it’s a statement. .
“Traditional analytics has been disrupted by AI and ML-enabled approaches that can instantly uncover nuanced patterns and anomalies in customer behavior,” said Bruce Chizen, senior advisor at Permira, in a statement. “Leveraging both structured and unstructured data, FullStory has quickly established itself as the market and technology leader in DXI and is now the fastest growing company in the category and the de facto system of record for all data in digital experience “. Chizen joins the FullStory Board with this round.