“Eppo enables any company to manage sophisticated experimentation and analysis directly related to business impact at the CEO level, which is even more urgent as we look ahead to a potential downturn. – Naomi Ionita, Partner, Menlo Ventures
SAN FRANCISCO (PRWEB)
June 22, 2022
Eppo, the next-generation A/B experimentation platform bringing the high speed of experimentation of Airbnb, Netflix and Facebook to all businesses, today announced $19.5 million in funding, consisting of from a recently closed $16 million Series A and a previously unannounced $3.5 million seed. Menlo Ventures led Series A with participation from Seed leader Amplify Partners and angel investors from Airbnb and the Reforge community. The funding will be used to recruit key people in engineering and product development while accelerating product momentum.
In a struggling economy, maximizing revenue and allocating resources efficiently is the top priority for all businesses. Experimentation allows companies to track the impact of product development on key business metrics. Eppo makes high-quality experimentation accessible to growing businesses with lower data volumes. Current customers include Cameo, Foxtrot and Netlify.
Market leaders like Airbnb, Netflix, and Facebook set the benchmark for data-driven growth, and much of their success can be attributed to their commitment to experimentation. Pervasive and rigorous experimentation has allowed them to effectively allocate budget and resources to products that improve business metrics, generating hundreds of millions of dollars in added value.
Eppo was created by Chetan Sharma, one of the original members of Airbnb’s data science team, to help data teams at businesses of all sizes harness the tools and capabilities only the largest have. . He saw how Airbnb’s growth rate increased during the Great Recession and their data showed a direct link to the experiment. Legacy business tools were designed for simple marketing testing and custom click metrics, while Airbnb’s tools measured deep product changes against basic business metrics.
Eppo leverages modern data capabilities untapped by legacy tools:
- Eppo is native to the data warehouse and does not require companies to pass sensitive customer data to third parties.
- Eppo leverages recent advances in statistical modeling, machine learning, and causal inference to make running experiments faster and easier than ever before.
“With the recent market downturn and potential recession, we are seeing a huge increase in demand for experimentation as companies can no longer take growth for granted,” said Chetan Sharma, CEO and Founder of Eppo. “Data teams need to become revenue-generating teams rather than cost centers, and experimentation is the most effective way for data investments to verifiably improve metrics.”
Eppo’s Series A announcement follows the recent release of its CUPED experience acceleration feature, making it the first commercially available offering of this state-of-the-art statistical method. CUPED dramatically reduces the time needed to conduct experiments by running regressions based on pre-experimental data. Eppo users can now run experiments up to 65% faster.
“Experimentation is a pillar of what I call the Modern Growth Stack,” said Naomi Ionita, Partner, Menlo Ventures. “For product-driven growth, success depends on the speed of learning and driving measurement. Eppo enables any company to manage sophisticated experimentation and analysis directly linked to business impact at the CEO level – which is even more urgent as we face a period of potential recession.”
“Companies that use data to guide their product roadmap and understand the impact of their investments outperform their peers in both bull and bear markets,” said Sarah Catanzaro, general partner at Amplify Partners. “With Eppo, any business can become data-driven by running more rigorous experiments faster. We are excited to partner with Eppo to make best-in-class experimentation accessible to any business committed to unlocking sustainable growth. through data-driven decision-making.”
Eppo is currently recruiting in all departments. To learn more, visit geteppo.com/careers.
Eppo is a next-generation A/B experimentation platform that enables the world’s fastest growing companies to link their product development efforts to revenue and growth rather than clicks. The last great generation of tech companies have each won their market in the midst of a recession thanks to major investments in the infrastructure for online experimentation, including Airbnb, Netflix, Uber and Facebook. Eppo democratizes the capabilities of these companies and extends them to propel SaaS and B2B businesses with statistical signal amplification methods, automated diagnostics and in-depth analysis of underlying trends. All of these features are built into the modern data stack, preserving customer privacy by not requiring individually identifiable data to be sent to a third party. For more information, visit geteppo.com.
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