Statsig closes on financing and launches product platform that helped fuel Facebook's growth
Statsig Announces $10.4 Million in Series A Funding Led by Sequoia Ex-Facebook team unveils product experimentation platform that helped fuel Facebook’s growth
Statsig today announced general availability of the Statsig platform that enables product teams to quickly assess the impact of new features and deliver products that their customers love.
Statsig also announced $10.4 million in Series A funding led by Sequoia Capital with participation from Madrona Venture Group and several individual investors including Aparna Chennapragada (CPO at Robinhood), Calvin French-Owen (Co-founder of Segment), Dylan Field (CEO & Cofounder at Figma), Fidji Simo (ex-Facebook and CEO at Instacart), Gokul Rajaram (Product Leader at DoorDash), Hadi Partovi (CEO and Founder at Code.org), Jay Parikh (ex-VP at Facebook and co-CEO at Lacework), and Sriram Krishnan (ex-Twitter and General Partner at a16z).
Founded in February 2021, Statsig brings the power of Facebook’s growth engine and data-driven product decisions to anyone building the next generation of digital products. “At Facebook, we empowered every engineer to make faster, better decisions with fully automated A/B tests and tools such as Gatekeeper, Quick Experiments and Deltoid,” said founder and CEO, Vijaye Raji. “Our goal at Statsig is to put the same capabilities in the hands of every product team so they can make faster, data-informed decisions and build remarkable products.”
The Statsig platform enables product developers to run rapid, high-quality product experiments and analyze how their users are responding to new features and functionality the same way product teams at Facebook, Amazon, Airbnb and Uber do today. Statsig’s experiment analytics and decision-making tools such as Pulse, Experiments+, and AutoTune allow product teams to run hundreds of experiments every week and evaluate how their products are performing every day. With a comprehensive view of how every improvement impacts various business metrics, product teams can always build and ship the right products to their customers. Statsig is already serving millions of end-users every month for customers such as Clutter, Common Room, and Take App. 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.
“Statsig is going to be a transformational product for most technology companies. It enables product teams to operate quickly and decisively in a decentralized way by understanding the impact of the changes they are shipping,” said Mike Vernal, Partner at Sequoia. “We’re thrilled to partner with Vijaye and team as they transform how companies build products and enable product-led growth.”
“We have been looking for a tool that can empower our engineers to run A/B tests more independently without having a big data infrastructure and tooling team for a long time,” said Xiaojie Zhang, Senior Engineering Manager at Clutter. “Statsig came in at the perfect time, and we are now able to easily set up experiments and most of the analysis results just flow in automatically, which saves us tons of our data team's bandwidth to focus on more important initiatives.”
“Common Room is creating a new way for enterprise customers to deepen engagement with their communities. Statsig's product experimentation platform is at the center of our ability to ship the right product to our customers,” said Viraj Mody, Cofounder and CTO of Common Room. “We loved that the Statsig platform captures our product-led culture and allows us to iterate fast. Their round-the-clock responsiveness was the icing on the cake.”
“Data is the incredible bridge bringing teams together to quickly respond to customers and to answer key business questions. Unfortunately, organizations still spend a lot of time wrangling data to make sense of it. In spite of the infinite cloud resources, prevailing analytics tools continue to inhibit the use of data for common product decisions that teams make every day,” said S. Somasegar, Managing Director at Madrona Venture Group. “With their simple and modern product experimentation and decision-making platform, Statsig is already lifting its customers into a technical and cultural trajectory that will soon become the norm.”