Chameleon, a San Francisco, CA-based deepest product adoption platform for modern software companies, announced that it raised $13 million in Series A funding to help SaaS companies personalize and customize their UX, thereby improving feature discovery and user engagement.
The round was led by Matrix Partners, with General Partner Ilya Sukhar joining the board of directors. Previous investors, True Ventures and operators, including Kevin Wang (SVP Product at Braze) and Kevin Mahaffey (Co-founder at Lookout), also participated in the round.
Funds will be used to scale the team to meet demand and develop new products and features.
Chameleon's funding comes as the consumerization of SaaS business models continues; more than 50% of SaaS companies now leverage usage-based pricing(1), which makes product adoption vital to success.
In addition to funding, Chameleon has launched HelpBar; this new free product provides a 'Spotlight Search' experience within products so users can search across a company's existing help articles, developer docs, blog posts, and more, all from inside the product.
"We see a future where SaaS applications look and behave differently for each individual user, leveraging data about background, intent, and activity to provide a dynamically adjusted and personalized UX that helps more people succeed," said Chameleon Co-founder and CEO Pulkit Agrawal. "We are in Act I for this at Chameleon-- enabling customers to create targeted in-product announcements, flows, banners, etc. but there is a lot more to come."
Company: Chameleon Intelligent Tech, Inc.
Round: Series A
Funding Month: September 2022
Lead Investors: Matrix Partners
Additional Investors: True Ventures, Kevin Wang, and Kevin Mahaffey
Company Website: https://www.chameleon.io/
Software Category: Product Adoption Platform
About the Company: Chameleon, the remote-first company, co-founded by Pulkit Agrawal and Brian Norton, is the most comprehensive product adoption platform designed to enable modern software companies to personalize and customize their user experience (UX). Chameleon's no-code product adoption platform enables teams to create rapidly, deploy, test, and iterate in-product experiences such as banners, tooltips, modals, walkthroughs, and more. Its expanding team spans eleven countries. To date, Chameleon has served more than 100 million users and displayed more than 150 million experiences. Additionally, it publishes an annual report containing statistical benchmarks and insights on in-product experiences. Its headquarters are located in San Francisco, California.