Next-gen A/B testing brings the experimentation capabilities of Airbnb and Netflix to companies at every stage.
SAN FRANCISCO, June 22, 2022 /PRNewswire-PRWeb/ -- Eppo, the next-gen A/B experimentation platform bringing the high experiment velocity of Airbnb, Netflix, and Facebook to all companies, today announced $19.5M in funding, consisting of a newly closed $16M Series A and a previously unannounced $3.5M Seed. Menlo Ventures led the Series A round with participation from Seed leader Amplify Partners and angel investors from Airbnb and the Reforge Community. The funding will be used to make key hires in engineering and product development while accelerating product momentum.
In a struggling economy, maximizing revenue and efficient resource allocation is the highest priority for all companies. Experimentation allows companies to track how product development impacts core business metrics. Eppo makes high-quality experimentation accessible to growing companies with lower data volumes. Current customers include Cameo, Foxtrot, and Netlify.
Market leaders like Airbnb, Netflix, and Facebook represent the gold standard in data-driven growth, and much of their success can be attributed to their commitment to experimentation. Pervasive, rigorous experimentation allowed them to effectively allocate budget and resources to products that improve business metrics, leading to hundreds of millions of dollars of added value.
Eppo was created by Chetan Sharma, an early member of Airbnb's Data Science Team, to help data teams at companies of all sizes tap into the tooling and capabilities that only larger ones enjoyed. He saw how Airbnb's growth rate increased during the great recession and their data showed a direct tie to experimentation. Legacy commercial tools were built for simple marketing tests and vanity click metrics, while Airbnb's tools measured deep product changes against core business metrics.
Eppo leverages the modern data capabilities untapped by legacy tools:
- Eppo is data warehouse-native and doesn't require companies to pipe sensitive customer data to 3rd parties.
- Eppo leverages recent advances in statistical modeling, machine learning, and causal inference to make running experiments quicker and easier than before.
"With the recent market dip and potential recession, we are seeing a huge boost to the demand for experimentation as companies can no longer take growth for granted," said Chetan Sharma, CEO and founder, Eppo. "Data teams need to become revenue-generating teams rather than cost centers, and experimentation is the most effective way for data investments to verifiably improve metrics."
Eppo's Series A announcement comes on the heels of the recent release of its CUPED experiment acceleration functionality, making it the first commercially available offering of this cutting edge statistical method. CUPED drastically cuts down on the time required to conduct experiments by running regressions based on pre-experiment data. Eppo users can now run experiments up to 65% faster.
"Experimentation is a pillar of what I call the Modern Growth Stack," said Naomi Ionita, Partner, Menlo Ventures. "For product-led growth, success hinges on the velocity of learning and driving metrics. Eppo allows any company to manage sophisticated experimentation and analysis linked directly to CEO-level business impact--made even more urgent as we look toward a potential recessionary period."
"Companies that use data to guide their product roadmap and understand the impact of their investments outperform their peers in bull and bear markets," said Sarah Catanzaro, General Partner at Amplify Partners. "With Eppo, any company can become data driven by running more rigorous experiments faster. We're excited to partner with Eppo to make top-notch experimentation accessible to any company committed to unlocking sustainable growth through data-informed decision making."
Eppo is currently hiring across all departments. Learn more at geteppo.com/careers.
About Eppo
Eppo is a next generation A/B experimentation platform that enables the world's fastest growing companies to tie product development efforts to revenue and growth instead of clicks. The last great generation of technology companies each won their markets amidst a recession via significant investments in online experimentation infrastructure, including Airbnb, Netflix, Uber, and Facebook. Eppo democratizes the capabilities of these companies, and extends them to power SaaS and B2B companies with signal-boosting statistical methods, automated diagnostics, and deep analysis into underlying trends. All of these capabilities are built native to the modern data stack, preserving customer privacy by not requiring individually identifiable data to be sent to a 3rd party. For more information, visit geteppo.com.
Media Contact
Julia van Broek, PressFriendly for Eppo, 1 510-612-0875, [email protected]
SOURCE Eppo
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