Amplitude is a next-generation analytics company helping organizations leverage data to refine their digital product offerings, particularly on mobile, and better serve customers.
Amplitude started off as a different business with a different name, Sonalight, in 2012. Sonalight—founded by Spenser Skates, Curtis Liu and Jeffrey Wang—made a mobile application to help turn text messages into voice missives. But the team soon noticed that many people were spending significant time with company’s related software that helped them observe how people were using the app. That led the founders, two years later, to pivot the company’s focus into Web and mobile analytics to help organizations refine products to better serve customers. Amplitude was built against the backdrop of a huge industry shift toward mobile, with companies across industries—from retail to consumer products to banking to insurance—betting their companies on mobile interactions with customers.
Battery felt strongly that Amplitude had a valuable business, even in its early stages. In many ways, the company was like a next-generation version of Omniture*, a previous Battery investment that provided Web analytics for websites. Battery and General Partner Neeraj Agrawal had hoped to lead the company’s Series A financing round in 2014, but the firm had to wait two years to become officially involved; Battery led Amplitude’s Series B round in 2016 when the company had less than $10 million in revenue. As the second-largest institutional shareholder, and through its early position on the board—which was made up of just four people when Battery first got involved—the firm was able to help Amplitude in a variety of ways, including:
- Counsel on team building and executive hires, including helping to recruit a new engineering leader.
- Insights around mobile marketing and analytics gleaned from previous Battery research and investments, such as Omniture.
- Strategic advice on moving up-market and selling into larger enterprises.
- Counsel on financial issues through its position on the audit committee.
Amplitude went public in September 2021 (NASDAQ: AMPL).
The presented case study investment was made in particular economic and market conditions. There can be no assurance that Battery Venture would elect, or be able, to exploit similar opportunities in a similar manner under similar or different economic and market conditions. More generally, there can be no assurances that the Battery vehicles will have comparable investment opportunities in the future. No assumptions should be made that any investments identified above were or will be profitable. It should not be assumed that recommendations made in the future will be profitable or comparable to the portfolio company described in this case study. For a full list of all Battery Ventures investments, please click here.
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