The world is going through a never-seen-before digital stress test now thanks to the effects of COVID-19. For brands, the importance of a solid digital experience has never been as important as it now given the sudden and sweeping shift to digital channels as much of society is sheltering in place and at home. Glassbox is the customer experience and analytics platform that ensures brands are able to understand users’ digital interactions. The platform generates automatic insights to improve all aspects of the digital customer experience, leading to improved conversion.
London TechWatch sat down with Audelia Boker, the VP of Global Marketing at Glassbox, to learn more about how Glassbox is ensuring the internet experience doesn’t break in the age of Corona, the company’s future expansion plans, and latest round of funding, which brings the total funding raised to $70.5M over four rounds since the company’s founding in 2010.
London TechWatch: Who were your investors and how much did you raise?
Audelia Boker, Glassbox: Glassbox just closed a $40M Series C round with investors that include Brighton Park Capital, IBEX and Credit Ease.
Tell us about your product or service.
Glassbox unveils real customer experiences that help the different departments in your organization perfect their user and audience understanding and align themselves around meaningful CX KPIs.
Its tagless deployment enables it to automatically capture all users’ digital interactions and provide instant video replays of their sessions. Using deep behavioral analytics driven by machine learning, Glassbox extends traditional analytics capabilities to provide you with powerful automatic insights to improve digital CX and optimize conversions.
What inspired the start of Glassbox?
In 2010, three seasoned HP/Mercury executives recognised that Digital would become the dominant channel. At the time, the market was poorly served and fragmented: there were only quantitative analytics packages, technical IT solutions, and lightweight replay solutions. The leading player was using an old technology, complex to deploy, that required extensive ongoing configurations. Our founders, Yoav Schreiber, Yaron Gueta and Hanan Blumstein identified the need for a complete package supporting web and mobile, built for high volume, data-sensitive environments that was fast to install and easy to maintain.
How is it different?
Automatic recording, aggregation, and retention of ALL sessions and data web, mobile web, mobile apps. All in real-time. – Glassbox is the only session replay solution that is capable of server-side recording! Our unique server-side-recording-on-cloud is a patented technology.
What market you are targeting and how big is it?
Based on existing internal and external researches, we size the market at $15B:
- $5B MOBILE ANALYTICS by 2023 (2017-2023 CAGR 24%)
- $32.5B CEM by 2025 (CAGR 22.9%)
- $8.8B APM by 2023 2017-2023 (CAGR 11.25%)
- $7.3B CUSTOMER ANALYTICS by 2023 (2017-2023 CAGR 15%)
Digital experience orchestration solutions have tapped into existing needs, only partly fulfilled by traditional digital analytics tools and went on to create a whole new market.
What’s your business model?
Licensing based on the number of sessions and use case required.
Who do you consider to be your main competitors?
Despite many industry players claim to be offering deep analytics of some sort, none of them offers the depth of real-time insight we provide our customers on both web and mobile platforms.
What was the funding process like?
Smooth considering the uncertain times we are going through.
What are the biggest challenges that you faced while raising capital?
No significant challenges. With the outbreak, the process slowed down a bit as the leading investor became extra cautious and wanted to see that Glassbox is stable and continues to grow despite the crisis. We closed the round without seeing the investment shrink.
What factors about your business led your investors to write the check?
Because of the growth potential that the market in which Glassbox has operated in the short and long term and the specific role that Glassbox plays in being able to help organisations come out on the other side of the pandemic with strategic digital capabilities they didn’t have before.
What are the milestones you plan to achieve in the next six months?
Glassbox will be using the funding to expand the team globally, as well as invest in further enhancing products.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Spend extra time planning the rest of the year, your activities and role within the market. With a bit of luck, the worst part of this crisis will be behind us by summer.
Where do you see the company going now over the near term?
Serving an exponentially growing number of global enterprises across several industries.
What is your favorite restaurant in London?
Clos Maggiore.
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