Second Measure, a San Mateo, California company that analyzes everyday customer purchases to answer real-time questions about consumer behavior, announced it has received $20 million in Series A funding to keep innovating new products, continue its growth and grow its technical team.
Bessemer Venture Partners and Goldman Sachs teamed up to lead fund this startup, along with help from CitiVentures. Second Measure has thus far relieved $25.5 million in funding since its launch in 2015.
Second Measure probably wouldn’t had even launched if co-founders Michael Babineau and Lillian Chou had not met as employees at video game maker Electronic Arts while they were working on constructing a large-scale infrastructure to help their co-workers understand video player behavior. While working on the platform, the two realized there was enough raw data to use the same techniques they developed in learning video gaming behavior for consumer data analytics.
The outcome of that research is a platform that helps businesses answer real-time questions about how they are performing and where customers are spending, giving its clients an advantage over traditional market researchers who often use outdated or sporadic data before it’s even released.
In a couple of examples of Second Measure’s benefits, it’s self-service platform helps investors identify fast growing companies, validate investment theses, and analyze a specific company’s intra-quarter performance. Brand marketers can compare their brand’s performance against their competitors with information based on real customer spending behavior and analytics.
“We are beyond excited to have such extraordinary investors on board,” said Babineau in a statement. “Their expertise, networks and financial support will help us realize the massive opportunity in front of us. By providing a clear, accurate, and timely view into consumer behavior-and doing so via an exploratory platform-we can fundamentally change the worlds of investment and market research.”
Photo: Second Measure founders Michael Babineau and Lillian Chou. Credit: Second Measure/PR Newswire