LONDON, December 4, 2012 /PRNewswire/ --
Big data analytics technology provider raises funds for new products and international expansion
QuBit (http://www.qubitproducts.com), the customer data platform, has today closed a $7.5 million Series A funding round led by the EU's leading venture investor, Balderton Capital (http://www.balderton.com). Bernard Liautaud, General Partner at Balderton Capital and previously founder of Business Objects, will also be joining QuBit's board.
During 2012, QuBit has seen revenues grow by 300% and has added over 1,000 customers to its SaaS platform. The funding will be used by QuBit to bring to market the company's new SaaS platform as well as to further develop its hugely successful SaaS tag management product, OpenTag. In addition, the funding will be used to help build QuBit's presence in the US and mainland Europe.
Founded by four ex-Google product, marketing and engineering executives, QuBit has developed a suite of products that help major website owners make their online presences more effective. Using advanced big data collection and analysis techniques, QuBit's products are enabling a new generation of optimisation and personalisation strategies on websites. The company works with major eCommerce businesses and publishers including Arcadia Group, John Lewis, BBC and Staples.
QuBit is well positioned to take advantage of the rapidly growing big data market. Gartner Research expect companies around the world to spend as much as $120 billion on their IT spending in 2013 alone as they implement strategies to extract value from the data created by and effecting their businesses.
Graham Cooke, CEO of QuBit, said: "Our technology is about driving website efficiency and that's a compelling message in a market where competition is getting more and more intense. Buyers are shopping around more, traffic is getting more expensive and purchase cycles are becoming longer. Our products help site owners to understand their customers and to seamlessly act upon that understanding to drive revenue and profit.
"To get the backing of an organisation like Balderton is a strong validation of our business and our technology. As well as bringing us finance, we also get the involvement of Bernard, the founder of the most successful business intelligence company in history. That sort of input is going to be invaluable to us and can only help to build this business into a world leader"
Bernard Liautaud, General Partner, Balderton Capital, said: "QuBit is applying big data techniques to the web analytics and optimisation space, bringing together two of the most important technologies right now. What's most impressive with the QuBit approach is that they've created more than a point solution; they've already developed a comprehensive suite of products that let website owners collect, understand and act upon the huge amounts of data generated by customer interaction with their websites."
QuBit was advised on legal matters by Orrick, Herrington & Sutcliffe.
Founded by four ex-Google product, engineering and marketing executives, QuBit is developing a new breed of data-driven website optimisation products. They have a direct focus on enabling businesses to automatically improve and personalise the online experience.
QuBit pioneers Customer Analytics, a new type of analysis that targets the user - this approach offers a true interpretation of the entire customer journey and allows businesses to fully understand consumer's purchasing behaviours. This, coupled with advanced data collection, machine learning and processing techniques help businesses rapidly optimise website conversions - a key factor in driving sales and increasing profitability.
QuBit values agility and actionability - they're able to make immediate improvements to business' websites, as well as ensuring that their findings are directly linked to achieving prioritised business outcomes.
QuBit works with some of the UK's largest ecommerce businesses and publishers to increase conversions, sales and profitability from their web operations.
About Balderton Capital
Balderton Capital is one of the largest venture capital firms in Europe, committed to finding and helping talented entrepreneurs build great companies. Based in London, the firm manages $1.9 billion in committed venture capital. Since 2000, Balderton has invested in over 100 companies, principally in numerous European countries but also in the US and Asia. Notable investments include YOOX Group (the online retailer of leading fashion brands, listed in December 2009), LOVEFiLM (sold to Amazon in 2011), Betfair (the online betting exchange floated in London in October 2010), Bebo (sold to AOL for $850m), and MySQL (sold to Sun for $1 billion). For more information, visit: http://www.balderton.com.
About Bernard Liautaud
Bernard Liautaud founded Business Objects in 1990 and was CEO for 15 years then Chairman until January 2008. With 6,700 employees, 45,000 customers and $1.5 billion of revenue in 2007, Business Objects was the world leader in Business Intelligence and one of the 15 largest software companies in the world. Business Objects was the first European software IPO on Nasdaq in 1994. In January 2008, Business Objects was acquired by SAP for $6.8 billion, making it the third largest software acquisition at the time.