Venture Capital News: Productiv Raises $20M in Series B
PALO ALTO, CA, Application engagement analytics company, today announced the close of $20M in Series B financing led by Norwest Venture Partners.
Productiv, the application engagement analytics company, today announced the close of $20M in Series B financing led by Norwest Venture Partners with additional participation from strategic investor Okta Ventures and existing investor Accel. Productiv's approach to Software-as-a-Service (SaaS) management gives companies visibility into their SaaS application engagement in order to drive business value from their software investments. Since launching in April 2019 with a commitment to helping enterprises unlock business value with SaaS engagement data, Productiv has experienced significant business momentum. With today's announcement, Productiv has raised a total of $28M in funding and added enterprise customers including Apttus, LiveRamp, and Blue Diamond Growers. Additionally, the company has built out engineering, sales, marketing, and customer success functions with hires from industry-leading companies including Slack, eBay, Facebook, and Netskope.
"The rapid growth of the SaaS industry and escalating enterprise adoption highlights a prime market opportunity for application engagement analytics"
"SaaS has democratized enterprise application purchasing and made everyone a buyer, with multiple teams using multiple applications simultaneously. Redundancy is high and productivity is low, with employees sometimes checking five different tools to access one document. All of this creates unnecessary cost and friction among teams," said Jody Shapiro, co-founder and CEO of Productiv. "Productiv's application engagement analytics address this widespread enterprise need, and the combination of today's funding with our customer traction in the last six months is strong validation of our mission to provide enterprises with the insights they need to drive maximum value from their SaaS applications."
In a business environment where every company is now a technology company, the rapid adoption of SaaS applications has streamlined many routine business processes. However, the ease-of-use and wide-scale deployment of SaaS applications has created a number of challenges. As the number of applications scales into hundreds per enterprise, IT organizations lack the visibility into applications employees are using and how well they are being used. The result is that enterprises cannot make effective application portfolio decisions or determine application value, undermining their overall business productivity.
Productiv is rethinking SaaS management with application engagement analytics, which surfaces meaningful insights that allow enterprises to understand how employees collaborate and drive team productivity. This SaaS application engagement intelligence enables enterprises to maximize application value in a way that is right for their people, their budget, and their business.
"The rapid growth of the SaaS industry and escalating enterprise adoption highlights a prime market opportunity for application engagement analytics," said Rama Sekhar, Partner, Norwest Venture Partners. "When there is a substantial gap between the number of provisioned users and the number of engaged users across applications, companies waste money and employees waste time - and that's bad for business. Productiv offers powerful engagement analytics to help organizations understand how apps are being used after users log in, enabling enterprises to standardize on specific apps and eliminate redundant ones."
Productiv does more than track login activity, license data and renewal notices; it showcases real-time application usage and engagement statistics at the team, geography, device, and feature level. CIOs and senior IT staff can then analyze, drive, and improve adoption of and engagement in the right applications. With Productiv application engagement analytics, enterprises leverage more than 50 application engagement dimensions to view benchmarks for their entire SaaS portfolio in real time. Armed with this engagement insight, enterprises can drive adoption, improve collaboration, and accurately predict future application use.
"Okta is committed to enabling any organization to securely use the technologies that make them more productive and successful. For today's modern organizations, this means adopting a number of cloud applications that support their digital transformation initiatives, and ultimately make them more efficient," said Monty Gray, SVP, Corporate Development, Okta. "Productiv solves a critical challenge for organizations by enabling them to understand the value delivered from each application they deploy and we're excited to see the benefit they bring to our current and future customers."
"Innovation is at the heart of Uber's culture, and SaaS applications accelerate innovation by providing our employees a seamless collaboration experience no matter where in the world they are located," said Shobhana Ahluwalia, Head of IT at Uber. "Feature-level visibility into SaaS application engagement gives organizations a complete picture of how employees use applications to do their jobs, enabling them to focus adoption efforts on the applications that drive maximum value."
"At LiveRamp, SaaS applications enable our employees to move fast and collaborate efficiently, but the ease with which SaaS applications can be purchased or replaced makes evaluating and rationalizing our total SaaS portfolio a challenge," said Amit Sharan, Head of Global Business Technology at LiveRamp. "With Productiv engagement analytics, we have a 360-degree view into the apps our people use and feature-level visibility into how they are being used, enabling us to continuously evaluate and rationalize our portfolio and focus adoption efforts on the applications with the most engagement."
Productiv provides application engagement analytics for IT leaders who are rethinking SaaS management. Only Productiv goes beyond login data by looking at more than 50 engagement dimensions, helping enterprise customers continuously rationalize their application portfolio and answer questions about application investments and effectiveness with contextual insights about actual use. Backed by Accel and Norwest Venture Partners and founded by veterans from Amazon, Google, and LinkedIn, Productiv helps companies like Fox and Equinix maximize application value in a way that is right for their people, their budget, and their business.
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