Qubit, a London-based e-commerce startup, closed a $26 million Series B investment round on Monday, September 29. New investor Accel Partners led the round, which also saw participation from Salesforce Ventures and Balderton Capital, both original investors.
The company, founded by former Google employees, offers a customizable e-commerce and marketing platform. A qubit is a quantum bit, a unit of measurement in quantum computing. This refers to the company's ability to analyze bits of information about website visitors and determine behavior patterns. According to a press release, the company's visitor data hub processes more than 1.5 billion customer events online every day.
Qubit collects data on "underperforming" visitors, or those with a lower than expected conversion rate, and gives them an option to leave feedback as to why they left the site. This gives client companies an idea of the specific pain points that keep visitors from making purchases on their site. This includes data on conversion rates by geographic location and weather patterns.
Users have access to all of the data that Qubit collects throughout the process and can use it to personalize their company's website with hopes of changing user behavior. Users can make changes to the website and control the content seen by each visitor. Companies can instantly A/B test through Qubit to determine which site versions drive the most conversions.
Balderton Capital led a $7.5 million funding round for the company in 2012, with Bernard Liautaud leading the charge. Liautaud said he is happy that Accel and Salesforce are supporting Qubit's growth. As part of the investment, Bruce Golden of Accel Partners will join the Qubit board.
"The unparalleled market expertise on our board and the beginning of a partnership with Salesforce will help us continue to lead in this increasingly relevant space, both in Europe and the strategically important US market," said Graham Cooke, Qubit's CEO and co-founder.
According to the press release, the funds will be used help Qubit continue to expand into the US and grow its product offerings. Qubit customers include: Staples, bebe, Topshop, Dixons, and Uniqlo.
- Ping Li: Venture Capitalist. Big Data Investor. Family Man. (TechRepublic)