Piano Raises $88 Million, Adds LinkedIn to Investor Group
On the heels of nearly 400% growth period, strategic fundraise strengthens Piano’s ability to expand end-to-end platform offering, enhance product capabilities and scale global footprint
PHILADELPHIA, May 18, 2021 – Piano, a global analytics, personalization and subscription platform, today announced it has raised $88 million in funding. The round was led by existing investors Updata Partners and with supporting investments from Rittenhouse Ventures and LinkedIn Corporation. The company’s previous funding round, which preceded its acquisition of Norway-based data management platform Cxense, was a $22 million Series B in January 2019 also led by Updata Partners. Since this previous investment round, Piano has grown its revenue by nearly 400%, further expanded into the Asia-Pacific region, integrated its customer journey and data management capabilities and also acquired France-based analytics platform AT Internet.
“The past two years have been an extraordinary period of growth for Piano as we’ve added new capabilities to our platform and grown into new markets,” said Trevor Kaufman, CEO of Piano. “This funding, and the addition of LinkedIn as a strategic investor, will help us continue investing in the best technology and world-class talent, enabling our clients to create compelling, data-driven customer experiences.”
“Members are increasingly turning to LinkedIn to stay informed on the news and views that shape their respective industries - critical to this is the work we do with trusted publishers and journalists,” said Scott Roberts, VP and Head of Business Development at LinkedIn. “The opportunity to collaborate with Piano to help unlock more value for publisher content on LinkedIn makes it a natural strategic investment opportunity.”
The new funds will be used for Piano’s rapid growth across functions, and particularly its data and analytics offerings bolstered by the company’s recent integration of its data management capabilities with its flagship customer journey orchestration product Composer and acquisition of France-based AT Internet.
"Piano's recent growth has been outstanding, and we continue to be impressed by the expanding set of capabilities they bring to both media companies and brands looking to drive more revenue from their audiences,” said Jon Seeber, General Partner of Updata Partners and a member of Piano’s Board of Directors. “They now have a true end-to-end platform that can power all aspects of the customer journey, allowing their clients to incorporate only the highest-quality data from across touchpoints to create the best experiences for users.”
Piano’s end-to-end platform leverages data, artificial intelligence and commerce features to help global, national and local brands and publishers achieve revenue growth while also empowering teams to launch relevant audience experiences. Since the company’s founding in 2015, Piano has shown remarkable gains in a $77B addressable market, netting nearly 1,000 customers globally across six continents.
Piano enables the world's largest media companies and brands to accelerate their subscription, advertising, analytics and personalization initiatives in order to engage, monetize and measure content experiences. Piano works with leading global organizations such as CNBC, The Wall Street Journal, NBC Sports, Insider Inc., The Economist, Gannett, Le Parisien, Nielsen, MIT Technology Review, The Telegraph and South China Morning Post. In 2020, Piano was recognized as one of the fastest-growing, innovative technology companies in the world by Red Herring, World Economic Forum and Deloitte and received Product of the Year from the Business Intelligence Group. For more information, visit piano.io.
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