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Glassbox, which designs automated solutions to optimize web and mobile apps, today announced that it raised a $40 million funding round. CEO Yaron Morgenstern says it’ll be used to expand the company’s team globally and further enhance Glassbox’s existing products.
“Now more than ever, enterprises must be synced and engaged with consumers’ every want and need. As the demand rises for digital channels to provide even the most basic customer experiences, it’s crucial for businesses to have actionable insights in real-time,” Morgenstern told VentureBeat via email. “Our aim is to improve functionality and keep up with trends and patterns, enabling enterprises to deliver the best possible customer experience which we achieve through our proprietary technology, harnessing AI to great effect.”
Glassbox’s investments in AI and machine learning manifest in its customer behavior and churn prediction, real-time fraud detection and prevention, and anomaly detection systems, and they could help enterprise clients anticipate issues within apps before they impact the bottom line. Perhaps more importantly, they could enable triaging teams to mitigate problems such as crashes, bugs, or downtime before they occur.
Glassbox’s product is built upon four pillars: customer experience analytics, risk management and compliance, experience performance analytics, and customer support optimization. Drawing on both client-side and server-side data, it generates visualizations of user journeys through websites and apps, automatically highlighting dimensions like audiences, acquisition, traffic type, referrals, attribution, engagement, errors, visitor struggles, conversion rates, and more. Every tap, swipe, and click is indexed and becomes immediately searchable within 3 seconds.
Users can zoom into time-stamped replays to find error root-causes and design campaigns to trigger based on real-time behaviors, as well as configure visual alerts of increases in things like page and element abandonment. Elsewhere, using a funnel builder, they can drag and drop specific customer journeys from a session reply or a query. Alternatively, they can filter sessions according to device, operating system, geographical location, mouse movements, demographics, traffic sources, in-page behaviors, and more.
Glassbox says that thanks to its automatic session-capturing technology, its nearly 100 clients like Air Canada and Investec don’t have to reconfigure settings even if their website or mobile app changes. The platform integrates with existing A/B testing, data lake, business intelligence, and marketing systems, including Adobe Analytics, Medallia, and Opinionlab. And Glassbox’s compression techniques ensure that data captured and stored by the platform occupies only 5% of the recording footprint, at a 1:20 ratio.
Brighton Park Capital led this latest investment, with participation from existing investors Updata Partners, Ibex Investors, Gefen Capital, and CEIIF. It brings Glassbox’s total raised to $70 million, and as part of the investment, Visa global VP of data and AI Lisa Hammitt and Brighton Park partner Zachary Gut will join the startup’s board of directors.
Glassbox — which was founded in 2010 by former HP and Mercury executives Yoav Schreiber, Yaron Gueta, and Hanan Blumstein — has a workforce of over 130 spread across its headquarters in London and satellite offices in New York and Tel Aviv. (It expects to have 200 by 2021.) News of its fundraising follows a record first quarter and a strong 2019, during which revenue more than doubled for the third year in a row — annual recurring revenue is now in the “tens of millions.”
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