Seattle-area startup Statsig raised $43 million in new funding to further develop and market technology that helps product teams test and evaluate new features, using live data from real customers, prior to launching them widely.
Based in Kirkland, Wash., Statsig was founded a little more than a year ago by former Facebook engineering executive Vijaye Raji, inspired by the social network’s internal tools for experimenting with new product features.
Silicon Valley’s Sequoia Capital led the Series B funding round, with participation from Seattle’s Madrona Venture Group. The venture capital firms played the same roles in Statsig’s $10.4 million Series A round last year. Total funding to date now exceeds $53 million.
Statsig pitches its approach as a major improvement over traditional A/B testing, giving product teams fine-tuned controls and the ability to conduct hundreds of experiments in parallel, with detailed analysis of outcomes based on the metrics of their choice.
The company has grown to 31 employees, up from about a dozen last summer. Statsig says its revenue has gone from zero to seven figures (somewhere north of $1 million) in five months.
The startup lists customers including Brex, Headspace, Notion, Rec Room, TelevisaUnivision and Whatnot, and says companies are using Statsig for products that reach hundreds of millions of end users monthly.
Statsig itself, meanwhile, has been rolling out hundreds of new features a month.
