Split, the leading platform for Feature Experimentation, today closed a Series B Funding of $17 million led by LightSpeed Venture Partners. Also participating in this round was existing Split investor, Accel Partners, and a new investor, Harmony Partners. The round brings Split’s total funding to date to $26.8 million. Split’s Feature Experimentation Platform unifies continuous delivery and full-stack experimentation, helping engineering and product teams to accelerate the pace of product delivery and make data-driven decisions.
The Series B funding will help Split execute new and existing strategies, including:
Growing the company’s global engineering team to continue delivering architecture and technology enhancements to the industry’s first out-of-the box solution for feature experimentation;
Expanding the company’s go-to-market operations across the U.S. via product management, customer success, sales and marketing; and
Transforming today’s full-stack experimentation landscape, enabling more businesses to reap the benefits of experimentation-driven product development and delivery at scale.
Split’s platform offers enterprises a secure way to roll out software, target specific features to customers, and measure and analyze the impact of features on key metrics. The Split Feature Experimentation Platform is the only offering that can ingest and process the full spectrum of an organization’s product metrics and tie them back to actual features within the product. With Split, organizations can now accelerate time to value, mitigate risk and drive better outcomes – all in a single unified platform.
Arif Janmohamed, Partner at Lightspeed Venture Partners, recognizes Split’s product innovation and execution capabilities, coupled with its ability to assemble a world-class executive team at this early stage in the company’s life cycle as key success factors. “What gives any organization a competitive advantage today is access to their real-time metrics – the ability to monitor, target and correlate these metrics, and to extract value and insights from them,” Arif said. “Split is building the strongest team in the industry to reimagine what experimentation means for agile software delivery and data-driven product development.”
The numbers already show that a critical need is growing among enterprises to have greater visibility into the impact of feature releases and to make better product decisions:
64 percent of respondents said their businesses are dissatisfied with the time it takes to release new features for customers, according to a Forrester Q3 2017 report.
60-90 percent of product features do not result in the desired impact, according to Microsoft study.
“Just three months after the launch of our Feature Experimentation Platform, we’re thrilled to announce a funding round to continue to fuel the innovation and growth needed to serve our growing global customer base,” said Adil Aijaz, co-founder and CEO at Split. “The funding will help us serve our current and future customers, with the best platform for experimentation to drive real value and change within their business.”