BURLINGAME, Calif., Sept. 8, 2021 /PRNewswire-PRWeb/ -- Today, unitQ, the first platform that empowers companies to take a data-driven approach to product quality, has announced $30M in Series B financing led by Accel with support from Creandum and Gradient Ventures. Since March 2020 when the company announced its Series A, revenue has increased by more than 300%. Leading consumer technology businesses rely on unitQ, including Chime, Pandora, Strava, The RealReal, and AppLovin.
"Prior to launching unitQ I spent nearly a decade building a consumer application with more than 50 million users worldwide, and I saw just how difficult it was to understand, prioritize, and fix critical quality issues that impacted usage and retention," said Christian Wiklund, Founder & CEO, unitQ. "We've created the first and only offering that tackles this head-on, giving companies a clear path to maintaining and improving product quality by empowering data-driven decision making. This latest funding will allow us to supercharge our important mission and reach our next level of growth"
unitQ allows companies to fix quality issues faster through its AI-enabled platform, unitQ Monitor. The offering determines what specifically is impacting quality at a given time, allowing teams to identify, prioritize, and fix quality issues that matter most. Customers have seen significant improvement in growth, user retention, and engagement by leveraging the product, which then impacts revenue and profits. In the past, businesses only had access to the limited data points available through Net Promoter Scores (NPS) and app reviews which led to decision making based on anecdotal evidence.
"Great companies build great products. One of the best ways technology companies can differentiate is to build products that are reliable and consistently work as intended - unfortunately - this is not always the case." said Andrew Braccia, Partner, Accel. "UnitQ is fixing this by changing how businesses think about product quality, by transforming how they gather, track, and correlate user insights into actionable feedback. We're really excited to partner with the team."
unitQ customers have seen a 20% improvement in product quality within the first 30 days, which correlates to a 20% improvement in their unitQ Score. The platform helps them improve their product quality by identifying actionable insights in user feedback from public sources like app reviews and social media, private sources like support tickets, support chats, and surveys, as well as the unitQ API, which connects to other external data sources. With these data points, unitQ tags and analyzes quality issues and delivers a comprehensive and accurate view of product quality available.
unitQ is the first platform that empowers companies to take a data-driven approach to product quality. Leading technology companies including Chime, Pandora, Strava, The RealReal, and AppLovin rely on unitQ for product quality. unitQ has raised $41M in funding from Accel, Creandum and Gradient Ventures, Google's AI-focused venture fund. The company is based out of Burlingame, California and is founded by Christian Wiklund and Niklas Lindstrom, entrepreneurs who previously founded Skout, a social app with over 50 million users that was acquired by The Meet Group in 2016. Learn more at http://www.unitQ.com.
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Bumble, CrowdStrike, DJI, Facebook, Fiverr, Flipkart, Qualtrics, Slack, Spotify, Squarespace, Tenable, and UiPath are among the companies Accel has backed over the past 35+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit http://www.accel.com or http://www.twitter.com/accel.
Sarah Dresdow, Six Eastern on behalf of unitQ, +1 (415)854-8891, [email protected]