Decibel, a London-based customer experience analytics platform, has raised a $40 million Series B round led by Perwyn, a family fund in the UK. The round also includes an initial investment of $17 million from Draper Esprit, Eight Roads Ventures and Ventureforgood. The company has raised $54 million to date.
The platform measures the “digital experience” of customers so that brands can convert more and recoup revenue that’s lost from a poorly functioning website or app. According to Decibel’s own survey, 95 percent of people will leave a website due to frustrating experiences, such as links not working or ads blocking the page view. Through machine learning, the UK software analyses data to identify these frustration points.
“Decibel provides a window into the digital customer experience through its ability to automatically identify and prioritize critical conversion opportunities. Across our customer base, we have identified hundreds of millions of revenue dollars lost due to poor digital experiences — and more importantly, hundreds of millions in potential revenue.”
Founded in 2013, the enterprise software serves 250 brands across retail, financial services, travel and media, including names like Toyota, CVS and Fidelity. The company reports over 50 percent of its revenue in the last three years has come from North America, and that’s where much of the Series B funding will be invested.