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Qubit Big Data Analytics Scored a $40 Million Series C Funding

February 23
5:17 AM 2016

Big data analytic platform Qubit announced its a Series C funding of $40 million on Monday. Goldman Sachs was leading the funding for the London-based company.

The company provides product suite to collect and process large data sets. In order to improve online profitability through machine learning, statistical analysis and high performance computing. Its customers are varied from e-commerce companies, publishers and other lead generation businesses.

So far, the company has around 300 customers around the world with a global brands such as Topshop, Jimmy Choo, Emirates, DFS and Thomas Cook. The company claims to manage a 2.5 billion online customer interactions on a daily basis, and it will see a cash-flow break-even in the next 18 months.

Founded in 2010 by quartet of former Google's executives Graham Cooke, Daniel Shellard, Ian McCaig and Emre Baran. The company was listed as one of the most innovative startups in the UK in Bloomberg's Business Innovator List 2016. Its data analytics and intelligence tools enable its clients to build personalised website features.

Its tools allow company to keep update of its customers' changing expectation, as co-founder and CEO Graham Cooke told Tech Crunch, "When I started at Google at 2005 the amount of conversions that were one-click purchases was huge." Former Googlers also added the solution his company provides, "Click on a Google ad, go to the website, make the purchase and you're done. But now, without a doubt, it's harder. People are on a lot of different devices, sometimes five or six, and they are on a longer journey of discovery where they may have heard about you and just want to look a little closer."

On Monday, Qubit announced its Series C investement led by Goldman Sachs Merchant Banking Division. The company's previous investors Accel and Salesforce Ventures also participated in the investment, along with Sapphire Ventures. Following the investment, Goldman Sachs in Europe will join Qubit's board and named David Reis to represent the American multinational investment banking in the board.

Regarding Goldman Sachs involvement in Qubit, David Reis told PE Hub Network, "We're delighted to be a part of the Qubit story and we share its belief that the next era of commerce requires a flexible platform capable of delivering differentiated customer experience."

CEO Graham Cooke welcome David Reiss on board as quoted by Startups, "We're delighted to welcome Goldman Sachs into the Qubit family and David Reis onto our board of directors. We're also excited to have the support of Sapphire Ventures, whose significant experience scaling companies internationally and extensive connections within the enterprise ecosystem will be valuable assets to our growth."

With its new round of investment, Qubit will double its its engineering capability. As for now, the company has received a total of $76 million investment.

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