Virtualization Technology News and Information
With $43 Million Sequoia Capital-Led Funding Round, Statsig Supercharges Product Experimentation so Product Teams Can Build and Ship Features Their Users Love

Statsig announced that it has been delivering hundreds of groundbreaking new features every month. These features make it possible for product teams to run rapid, high-quality experiments and analyze how valuable features will be for their users before they are launched just like Airbnb, Facebook and Uber do today. Product teams are then able to make faster decisions around features to optimize for the user experience.

"Understanding the impact of every single feature launched naturally leads to teams shipping better products for their users. So far this process has been manual and error-prone," said Vijaye Raji, founder and CEO of Statsig. "By automatically measuring product health in real-time, product teams can build and ship better products their users love!" 

Raji was at Facebook for more than 10 years where he started and built several multi-billion dollar businesses. There he and his teams used Facebook's highly sophisticated, internally-built, product experimentation tools that made it possible for them to iterate at breakneck speed based on live data. This was a radically new way to build products and is what inspired him to found Statsig and create the state-of-the-art product experimentation platform for all organizations. 

Most organizations have had to rely on inefficient A/B testing methodologies that originated from optimizing marketing websites. These are usually manual, error prone and result in teams only being able to run a handful of product experiments in parallel. Teams are burdened with building hypotheses, allocating samples, isolating experiments, collecting metrics, running backwards analysis and waiting for weeks for statistical significance instead of being able to focus on building new features.

The Statsig platform helps product teams ensure they are consistently delivering the best features for their users. The platform shines by automating the manual lift needed for experiments so teams can focus on building products. Teams can run hundreds of experiments in parallel and evaluate how their products are performing. With a comprehensive view of how every improvement impacts various business metrics, product teams are able to build and ship the right features to their users.

There is no subscription fee or upfront commitment to use Statsig. With a fully transparent pricing model, customers pay only for the data that Statsig analyzes.

Customers on Statsig

  • Brex CPO Karandeep Anand said: "Brex's mission is to help businesses move fast. Statsig is now helping our engineers move fast. It has been a game changer to automate the manual lift typical to running experiments and has helped product teams ship the right features to their users quickly."
  • Headspace Lead Product Manager Shannon Priem said: "Headspace creates moments of delight for customers and supports them in their journey to build healthy habits. Our experiments are at times nuanced and Statsig has enabled us to quickly understand the impact of the features we ship. This speed to understanding removes the need for guesswork in analyzing the data, and in the end helps us improve our customer's experience faster."
  • Notion Data Science Manager Mengying Li said: "At Notion, we're continuously learning what our users value and want every team to run experiments to learn more. It's also critical to maintain speed as a habit. Statsig's experimentation platform enables both this speed and learning for us."
  • Rec Room Head of Data Joel Witten said: "Statsig has been a game changer for how we combine product development and A/B testing. It's made it a breeze to implement experiments with complex targeting logic and feel confident that we're getting back trusted results. It's the first commercially available A/B testing tool that feels like it was built by people who really get product experimentation." 
  • Whatnot Engineering Manager Rami Khalaf said: "Excited to bring Statsig to Whatnot! Statsig plugs into every layer of our product and helps us deliver impact to our users by allowing us to test and deploy new features quickly. We finally found a product that moves just as fast as we do and have been super impressed with how closely our teams collaborate." 

Statsig Raises $43 Million in Growth Funding

Today Statsig also announced $43 million in Series B funding. This follows Statsig announcing a Series A round of $10.4 million in August 2021. Both rounds were led by Sequoia Capital with participation from Madrona Venture Group. The company plans to use the funding to deepen analytics and to scale go-to-market.

Sequoia Capital Partner Dannie Herzberg said: "Statsig reaches far beyond traditional A/B testing, helping companies understand the impact of a launch on any key metric and unlocking a novel way 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 built a product customers love and fueled a bottoms-up growth approach, evident in Statsig's Slack community of effusive champions. We look forward to helping the team build on this incredible traction and solidify their position as a market leader."

Madrona Venture Group Managing Director S. Somasegar said: "Scores of data tools capture historical product usage metrics but developers need the transparency of seeing how consumers interact with and react to the features they are building in real time. Statsig gives product and engineering teams the highest levels of visibility tying outcomes to activities and enables them to operate with agility. For Statsig's global customers, this means quicker to market, increased customer loyalty and an engaged development team that feels connected to the customer in ways not possible before."

Published Wednesday, April 20, 2022 1:42 PM by David Marshall
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