Statsig grows revenue from 0 to 7 digits in 5 months, serving hundreds of millions of end users from top brands like Brex, Headspace, Notion, Rec Room, TelevisaUnivision and Whatnot monthly
Founder and CEO of Statsig
KIRKLAND, Wash., April 20, 2022 (GLOBE NEWSWIRE) — Statistics, the modern product experience platform company, today announced that it is delivering hundreds of groundbreaking new features every month. These features allow product teams to perform fast, high-quality experiences and analyze the value of features for their users before launch, much like Airbnb, Facebook, and Uber do today. Product teams are then able to make faster decisions about which features to optimize for the user experience.
“Understanding the impact of every feature released naturally leads teams to deliver better products to their users. Until now, this process was manual and error-prone,” said Vijaye Raji, Founder and CEO of Statsig. Automatically measuring product health in real time, product teams can create and ship better products that their users love!”
Raji was with Facebook for over 10 years where he started and built several multi-billion dollar businesses. There, he and his teams used Facebook’s highly sophisticated, in-house built product experimentation tools that allowed them to iterate at breakneck speed on the live database. It was a radically new way to create products and it was what inspired him to found Statsig and create the cutting-edge product experimentation platform for all organizations.
Most organizations have had to rely on ineffective A/B testing methodologies from marketing website optimization. These are typically manual, error-prone, and result in teams only being able to run a handful of product experiments in parallel. Teams are tasked with building hypotheses, allocating samples, isolating experiments, collecting metrics, performing back-end analyses, and waiting weeks for statistical significance instead of being able to focus on creating new features.
The Statsig platform helps product teams ensure they consistently deliver the best features to their users. The platform shines by automating the manual lifting needed for experiments so teams can focus on building products. Teams can run hundreds of experiments in parallel and evaluate the performance of their products. With a complete view of the impact of each enhancement on various business metrics, product teams are able to build and deliver the right features to their users.
There are no subscription fees or upfront commitments to use Statsig. With a fully transparent pricing model, customers only pay for the data analyzed by Statsig.
Customers on Statsig
Karandeep Anand, CPO of Brex, said, “Brex’s mission is to help businesses move fast. Statsig now helps our engineers to act quickly. Automation of the manual elevator typical of ongoing experiments has been a game-changer and has helped product teams quickly deliver the right functionality to their users. »
Headspace Lead Product Manager Shannon Priem said, “Headspace creates fun times for customers and supports them on their journey to adopting healthy habits. Our experiences are sometimes nuanced and Statsig allowed us to quickly understand the impact of the features we offer. This speed of understanding eliminates the need for guesswork in data analysis and ultimately helps us improve our customers’ experience faster. »
Mengying Li, Head of Data Science at Notion, said, “At Notion, we are constantly learning what our users value and we want every team to conduct experiments to learn more. It is also essential to maintain speed as a habit. Statsig’s experimentation platform allows us both this speed and this learning. »
Joel Witten, Head of Playroom Data, said, “Statsig has been a game changer in how we combine product development and A/B testing. Now it’s easy to run experiments with a complex targeting logic and to be sure that we get reliable results.It is the first commercially available A/B testing tool that gives the impression of having been designed by people who really experience the products.
Whatnot’s Director of Engineering, Rami Khalaf, said, “I’m thrilled to bring Statsig to Whatnot! Statsig connects to every layer of our product and helps us impact our users by allowing us to quickly test and deploy new features. We finally found a product that moves as fast as we do and we were very impressed with the close collaboration between our teams. »
Statsig Raises $43M in Growth Funding
Today, Statsig also announced $43 million in Series B funding. This follows Statsig’s announcement of a $10.4 million Series A round in August 2021. Both rounds were led by Sequoia Capital with participation from Madrona Venture Group. The company plans to use the funding to further the analyzes and expand the market launch.
Dannie Herzberg, Partner at Sequoia Capital, said, “Statsig goes far beyond traditional A/B testing, helping companies understand the impact of a launch on any key metric and unlocking a new way to to ship products. Companies like Headspace and Notion have leveraged Statsig to embrace a culture of experimentation and drive user growth. Vijaye is a world-class technical and product leader. He and the team have created a product that customers love and fueled a bottom-up growth approach, evident in Statsig’s Slack community of enthusiastic champions. We look forward to helping the team capitalize on this incredible traction and solidify their position as market leaders. »
Madrona Venture Group Managing Director S. Somasegar said, “Dozens of data tools capture historical product usage metrics, but developers need transparency to see how consumers are interacting and reacting to features they create in real time. Statsig gives product and engineering teams the highest levels of visibility linking results to activities and enables them to operate with agility. For Statsig’s global customers, this means faster time to market, increased customer loyalty, and an engaged development team that feels connected to the customer in ways that weren’t possible before.
Statsig’s mission is to enable product teams to accelerate their growth through data. Statsig does the hard work of assigning impact to features so teams can focus on building products. The company is based in Seattle and backed by Sequoia Capital and Madrona Venture Group. For more information, visit https://statsig.com or follow @statsigio.
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