Loops.ai, a product growth platform, announced its public launch with $14 million in seed funding in a round led by Scale Venture Partners with participation from Cardumen Capital and several other investors. The platform plans to use the funding to refine its insights engine and continue scaling its team.
Loops seeks to enable product and growth teams to improve their key performance indicators (KPIs) by automatically identifying concrete opportunities from their data. Key features of the no-code solution include:
- Plugging into data sources and automatically running thousands of proprietary analyses and machine learning models to reveal valuable insights for product and growth teams;
- Identifying and prioritizing the most impactful opportunities and pushing recommended actions to teams; and
- Measuring the impact of actions and refining recommendations over time.
“Most of the AI models in the industry are based on correlation, not causation,” said Tom Laufer, Co-founder and CEO of Loops. “As companies try to make data-driven decisions, they're actually relying on potentially misleading insights. By contrast, our models are based on causal inference methodology, enabling product teams to understand what leads to a certain increase or drop in a company’s KPIs. It’s a totally different approach that doesn’t waste resources on strategies and tactics that don’t work.”