Statsig, a US-based product experimentation platform, has secured $100m in its Series C round at a valuation of $1.1bn.  

The funding round was spearheaded by ICONIQ Growth, with contributions from previous investors Sequoia and Madrona.

Statsig offers a platform aimed at streamlining data-driven product development.

It provides tools that allow cross-functional teams to manage feature rollouts, conduct experiments to measure impact, unify product data, assess insights in real time, monitor application performance and gather qualitative feedback.

The company said the platform replaces multiple stand-alone solutions including feature flagging, A/B testing and product analytics by connecting product data with conventional developer tools.

ICONIQ Growth principal Murali Joshi said: “Statsig is committed to solving one of the most pressing challenges in modern product development; their platform transforms how teams build and iterate, replacing guesswork with data-driven decision-making.

“We are seeing a ton of demand for a single source of truth across experimentation, feature flagging, analytics and more. We believe Statsig’s growing and comprehensive platform can serve this for enterprises end-to-end.”

Statsig intends to use the newly secured funding to enhance its platform features, grow its workforce and support more organisations in adopting a data-driven approach to product development.

Statsig founder and CEO Vijaye Raji said: “Product development used to be an art, with visionary engineers and product managers relying on intuition to guide changes. That simply doesn’t cut it today.

“We are doubling down on our mission to help every product team embrace both the art and science of building great products by providing a complete platform for data-driven decision-making.”

This latest funding follows a $43m Series B round announced in April 2022 and a $10.4m Series A round in August 2021.

Both earlier rounds were led by Sequoia Capital, with participation from Madrona Venture Group.