Series B financing is led by Accel with support from Creandum and Gradient Ventures
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.
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“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.
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