With $110 million raised to date, the latest funding led by Owl Rock will extend Split’s leadership in feature delivery and experimentation to power data-driven innovation at scale
REDWOOD CITY, Calif., August 17, 2021--(BUSINESS WIRE)--Split, the leading feature delivery and experimentation platform, today announced $50 million in Series D funding led by Owl Rock, a division of Blue Owl Capital, with participation from Northgate Capital and existing investors including Accel, Lightspeed Venture Partners, Harmony Partners, Microsoft’s venture capital fund M12, Atlassian Ventures, and ServiceNow. This latest round of investment brings Split’s total funding to $110 million of which $83 million was raised within the past year.
Funds from this round will be used to execute the company’s global growth initiatives towards enabling development agility and data-driven innovation at enterprise scale. The primary focus will be product innovation for Split’s industry-first feature delivery and experimentation platform, bringing to market new capabilities that software development teams need to rapidly develop new features, make informed product decisions, and generate customer value with every release. Split will be investing to accelerate go-to-market functions to meet surging demand for its platform, including international investments to continue providing world-class service and support to global customers such as ABN AMRO Bank, Qantas, Cazoo, Naranja, Swedbank, Mobiliar, and ABYAT.
"Split has built a category-defining platform that brings best-in-class data ingestion and experimentation capabilities into DevOps to help measure feature impact and improve end-customer experiences," said Andy Lefkarites, an investor at Owl Rock, in a statement.
In less than a year since its Series C funding, Split has seen massive growth with sales doubling and its global workforce growing by over 70%. The new funding comes as the company sets its course for sustained growth and increasing customer demand. Earlier this year, Split was named in the inaugural industry report The Forrester New Wave™: Feature Management and Experimentation, Q2 2021. According to the report, authored by Christopher Condo, Principal Analyst at Forrester, "Moving forward, expect feature management and experimentation products to be the latest must-have DevOps tools to help teams not only create faster release cycles but also do so while staying completely connected with the customer."
Split solves major challenges for the enterprise, helping product and engineering teams reduce risk and delays around software releases, and prevent wasted resources on features that detract from the customer experience. Too often, teams spend release nights resolving merge conflicts and troubleshooting bugs with no insight as to how their new features will impact customers or the business. With Split’s feature delivery platform, these teams can leverage feature flags to ensure smooth releases and experiment at each stage to measure the effect on key performance and business metrics. This allows teams to spend more time innovating on impactful features and less time pushing code safely to production.
"Development agility and safety aren’t enough to compete in today’s digital world," said Brian Bell, Split CEO. "Feature flags bring enormous speed and control, but feature monitoring and experimentation is what drives business impact. Split brings together feature flags and data, enabling enterprises around the world to experiment and innovate their way to success. With this new round, we are doubling down on data as an integral part of the feature delivery lifecycle, and I am excited to see how our team and product evolve to achieve this."
"Split is emerging as the center of a growing ecosystem of partners who depend on us to provide feature context and control," said Trevor Stuart, Split President and co-founder. "Today roughly two-thirds of our customers integrate Split with one of our technology partners. We intend to invest more in building these alliances and integrations to ultimately deliver greater value to enterprise customers."
Key milestones following Split’s Series C funding in August 2020:
Product Usage — Split feature flag usage grew 300% as consumers and businesses transitioned to remote transaction and collaboration during the COVID-19 pandemic.
Industry Recognition — Forrester recognized Split in the inaugural report, The Forrester New Wave™: Feature Management and Experimentation, Q2 2021.
Community Engagement — Split hosted Flagship, its first virtual user conference, welcoming change-makers around the world from companies including Comcast, Experian, Deloitte, Twilio, Wayfair, GoDaddy, Google, Atlassian, and more.
Partnership Integrations — Split added to its best-in-class ecosystem of 25+ and growing solution and technology partners, including integrations with Microsoft, Atlassian, Amplitude, Datadog, and FullStory to help development teams tackle the challenges of feature delivery at enterprise scale.
Executive Appointments — Christina Singh, a seasoned customer champion and advocate, joined as VP of Customer Success from UserTesting. Kristin Vines, who brings over 25 years of human resources leadership experience, joined as VP of People from Directly. Matthew Cordasco, a Silicon Valley veteran and repeat entrepreneur, joined as VP of Product from SurveyMonkey.
Quotes from Split investors:
"The demand for these solution capabilities has seen increased growth in the enterprise, as organizations move towards highly-iterative, continuous development cycles to stay ahead of their competition and push product innovation. There is a substantial market opportunity for Split given that organizations across most industries and scale size need to prioritize their digital interactions with end-customers to retain and drive new revenue."
— Pravin Vazirani, Managing Director, Owl Rock
"We are excited to be partnering with Split; rarely do you find a combination of an extremely high calibre management team and the rapid uptake of a software platform that is not only fundamentally changing the way DevOps teams release and measure software features, but also increases the quality of the end user experience."
— Justin Stebbins, Partner and Co-Head of Direct Investments, Northgate Capital
"Split is a clear leader in enterprise-grade security and compliance. We're excited to continue to support the team as they focus on making data-driven innovation smoother for software development teams at organizations around the world."
— Ping Li, Partner, Accel
"Product and service innovation is critical for the enterprise but feature updates can sometimes have a negative impact on the customer experience. Split’s integration with Microsoft Azure DevOps enables experimentation in the development process to minimize business risk with sophisticated data insights. Through partnership with the tools that developers already use, Split makes engineering agility seamless and accessible."
— Priyanka Mitra, Principal, M12
"Atlassian Ventures is incredibly excited to take part in Split’s latest funding round, our second investment in the company in less than a year. Split has been an outstanding partner, and we look forward to driving more alignment across our best-of-breed products to continue to enhance value for our customers."
— Chris Hecht, Head of Corporate Development, Atlassian
"I invested in Split because we share the belief that controlled experiments enable organizations to use data and science to accelerate innovation. Feature flags and online experiments are a powerful combination that's exploding in usage and proving its immense value across a wide spectrum of software companies."
— Ron Kohavi, co-author of the best-selling book: Trustworthy Online Controlled Experiments, ex-VP and technical fellow at Airbnb, ex-Corp VP and Technical Fellow at Microsoft
Split is the leading Feature Delivery and Experimentation Platform for enterprises that want to release features as fast as they can develop them confidently. Split’s fine-grained management, real-time monitoring, and data-driven experimentation ensure that new features improve the customer experience without breaking or degrading performance. Split ingests performance data and runs real-time statistical analyses on every new feature so that engineering teams can respond immediately to bad releases, measure changes in user experience, and build high-quality software. Engineering teams at GoDaddy, Twilio, Salesforce, Electronic Arts, Healthfirst, and WePay, a Chase company, trust Split to power their feature delivery. Get started for free at www.split.io/signup.
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