Loops.ai, a San Francisco and Tel Aviv, Israel-based new company that has developed the first product growth platform, announced its public launch with a $14 million seed funding round led by Scale Venture Partners.
Cardumen Capital and several prominent product and growth leaders, including Brian Balfour (Founder/CEO of Reforge, former VP of Growth at Hubspot), Lenny Rachitsky (owner of Lennysnewsletter and former product lead at Airbnb), Casey Winters (Former CPO of Eventbrite and Growth Lead at Pinterest), Darius Contractor (Former Chief Product and Engineering Officer of Vnder and VP of Growth at Airtable) and Ben Shanken (VP of Product at Discord) also participated in the round.
The company will use the funds to continue refining its proprietary insights engine and scaling its team.
“Most of the AI models in the industry are based on correlation, not causation. As companies try to make data-driven decisions, they’re actually relying on potential misleading insights,” said Tom Laufer, co-founder, and CEO of Loops. “By contrast, our models are based on causal inference methodology, enabling product teams to understand what leads to a certain increase or drop in a company’s KPIs. It’s a totally different approach that doesn’t waste resources on strategies and tactics that don’t work.”
Loops' no-code solution plugs into data sources and automatically runs thousands of proprietary analyses and ML models that examine millions of data points to reveal exactly what product and growth teams need to know.
Companies such as Monday, Replit, and Taboola recently chose Loops, with market enthusiasm building.
Company: Loops
Raised: $14.0M
Round: Seed Round
Funding Month: November 2022
Lead Investors: Scale Venture Partner
Additional Investors: Cardumen Capital, Brian Balfour, Lenny Rachitsky, Casey Winters, Darius Contractor, and Ben Shanken
Company Website: https://getloops.ai/
Software Category: AI-Augmented Product Growth and Analytics Platform
About the Company: Founded in 2020 by a group of data addicts who learned the ropes at Google and elite IDF technological units, Loops is a no-code analytics platform that provides product and data teams with growth opportunities hidden in their data. Loops is a revolutionary analytics tool that helps product and data teams find impactful growth opportunities hidden across product data. Customers can get up and running on the Loops platform almost immediately, with Loops connecting directly to all a company’s different analytics solutions and its data warehouse– and they can do so with confidence in Loops’ privacy-first mindset. Loops don’t store any user-level data. Loops is on a mission to transform data into a growth driver for every organization.
Source: https://www.businesswire.com/news/home/20221114006159/en/Loops.ai-Launches-With-14-Million-Seed-Led-by-Scale-Venture-Partners-to-Empower-Companies-to-Crush-Their-KPIs