Pendo Launches the First Product Engagement Platform
November 4, 2014
Pendo, the product engagement company, today announced the launch of its platform for product managers as well as $1.025 million of seed funding for propelling growth and customer adoption. Pendo has already secured more than 35 early customers for its product, which is designed to help software companies increase feature usage, improve usability, and reduce product churn.
Pendo, installed easily by adding a single snippet of code into any web application, is now available to the public as an open beta via its website at: www.pendo.io.
Pendo’s seed round was led by Core Capital Partners and Contour Venture Partners with participation by IDEAFund Partners and angel investors including Brett Queener, President and COO of Smart Recruiters and former EVP of Salesforce.com. Brett Queener stated, “I see a great opportunity for Pendo to fundamentally change the way companies design and build products, much as Salesforce.com changed the way sales organizations operated.”
Once installed, Pendo provides product teams with a powerful platform to increase engagement. Without requiring any added engineering resources, product teams using Pendo can learn deep insights into customer and user behavior in their products and enable a series of actions including inserting interactive messages in their products to increase engagement. These actions leverage behavioral data to create a personalized experience for all users.
“Pendo was founded to reinvent the way product teams build and increase engagement in their products,” said Todd Olson, CEO of Pendo. “We empower product teams with the data and tools they need to prioritize better and run experiments without relying on other parts of their organization. We’re excited to open the Pendo product engagement platform to a wider audience.”
Pendo was founded in late 2013 by former product managers that have experienced the joys and challenges of creating great products at companies like Rally, Google, Cisco, and Red Hat among others. “We are excited to have the opportunity to back Pendo, a team with deep domain expertise where the founding team includes the 5th employee and first VP of Engineering at Red Hat and the VP of Product at Rally Software. This team is uniquely qualified to change the way products are built, managed and ultimately personalized,” said Matt Gorin, co-founder and Managing Partner at Contour Venture Partners.