Riding a new wave of growth, analytics startup Mixpanel today announced that it had raised $10 million in new funding.
Led by Andreesen Horowitz (a new investor), the round also included PayPal co-founder Max Levchin, Salesforce.com Chairman and CEO Marc Benioff and Yammer Chairman and CEO David O. Sacks. The company said it will use the new funding to accelerate growth in a bid to overtake incumbents in the mobile and Web analytics market.
The San Francisco-based startup also reported that it expects to reach 7 billion actions tracked in the month of May, more than doubling the number of monthly actions tracked since February. In addition to tracking visitor traffic, Mixpanel monitors other activity, such as engagement in desired behavior and conversion rates through funnel analysis. The company also said revenue was up 50 percent.
Adobe’s Omniture, Chartbeat and Google Analytics are among the leaders in the data tracking space. But Mixpanel said its service gives publishers and developers the ability to monitor more granular behavior.
“There is a massive shift afoot in the analytics space because companies have moved away from page views as an important metric for their business. Today, what matters in an application is user experience, and that’s what we measure,” Suhail Doshi, CEO of Mixpanel, said in a statement.
Last month, Chartbeat announced that it raised an additional $9.5 million to give publishers better analytics around reader engagement.
The company said its recent surge of activity has been driven by new enterprise clients and more usage from current customers. Silicon Valley darlings of the moment, such as Viddy, Path and SocialCam, also recently signed on with Mixpanel, the company said.
A Y Combinator-backed startup, Mixpanel launched to capitalize on the growing market for real-time data analysis. Last year, it raised $1.25 million from Sequoia Capital, Levchin, Bebo co-founder Michael Birch and Square COO Keith Rabois. Along with the funding, Mixpanel said today that Peter Levine, Andreessen Horowitz’s general partner, has joined Mixpanel’s board of directors.