The company plans to use the new proceeds to build features for its continuous product design platform, which allows companies to use real-time customer data across all of their departments to build their digital products.
“We help companies do what they are already doing, but we help them do it faster,” said founder and CEO Mario Ciabarra.
With the COVID-19 pandemic, many companies accelerated their digital strategies as so much of business moved online, Ciabarra said.
“COVID shrunk timelines (for digital products) down to days,” he said.
That even included verticals such as health care, insurance and banking, sectors that traditionally moved slower on their own digital transformation.
That growing market was a clear sign to investors.
“There is an incredible amount of tailwinds for some of the slower moving industries to get their digital product right,” said Lonne Jaffe, managing director at Insight Partners.
Companies like Adobe and Google also have analytics tools for building digital products. However, Ciabarra said those solutions are often siloed and used by one team in an organization. Quantum Metric is often used throughout a company’s many departments, he added.
With that differentiation and the growth in the market, Ciabarra agreed an IPO is a possibility for the company. He said the company has received interest from suitors in the past, but it already is making initial plans for a public market entry. And later this month, the company plans to name a new CFO to help on the “IPO journey,” Ciabarra said.
“I think we can be on the same magnitude of a Salesforce,” he added.