[Update: 5:30 pm PT — Space Pencil does business as Kissmetrics]
Serial entrepreneurs Hiten Shah and Neil Patel have raised $7 million for Kissmetrics, a web analytics startup that helps small e-commerce companies make data-driven decisions.
An SEC form filed today for Space Pencil lists True Ventures’ Tony Conrad and Azure Capital’s Cameron Lester as investors. The company’s AngelList profile cites SoftTech VC and fellow tech influencers/mentors Shervin Pishevar and Dave McClure as previous investors. Before this round, Space Pencil/Kissmetrics raised just shy of $4 million, closing a $2.86 million Series A in 2009.
Patel and Shah are well-known figures in the tech community, known for mentoring startups and passing along entrepreneurial expertise. They are also cofounders of Crazyegg, a company that uses eye tracking technology to create heat maps for websites. Crazyegg is self-funded and works with 50,000 businesses around the world, including eBay, Dell, Zappos, Amazon, and Costco.
Kissmetrics is designed to give small online businesses the ability to make use of data analytics for customer acquisition and retention, like their larger competitors do. The technology tracks individuals across multiple platforms and brings that data together to create a holistic perspective of each customer. Businesses can use this information to “boost [their] bottom line.” The software is available on a monthly subscription basis. Kissmetrics works with clients including Adobe, Intuit, eBay and Foursquare.
The company has not yet responded to request for comment.
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