Glassbox collects $40M in funding a year after getting called out for data collection transparency issues
The coronavirus pandemic has resulted in increased usage of online services and entertainment, the likes of which we have never seen before. Seeing how many are staying at home, there’s a whole new level of surge into online services, tech companies are determined to make the user experience better than it currently is.
Glassbox, a customer experience analytics company is focused on making the user-driven field better in all aspects, their service is based on tracking customer interface and reporting the data to online-run businesses, suggesting which gaps to fill in order to fix the issues.
Glassbox has announced that the start-up has raised $40 million, money that will be used to expand the business and its tech. The funding comes as no surprise considering more people are relying on online services, which urgently need fixing in certain areas now more than ever.
However, there’s also another thing that makes this funding compelling.
A year ago it was revealed that certain businesses haven’t been able to mask the data collected properly, notably Air Canada’s data breach of 20.000 profiles on their app. On top of that, the users were not disclosed that their data was being collected, the screenshots were taken, every tap and keyboard entry was essentially reported back to the company.
Air Canada, along with other apps Glassbox has listed as customers were tested using Charles Proxy to try and intercept the data sent. The data collected was mostly unclear, but in some cases postal codes and email addresses were visible.
It’s worth noting that it helped Glassbox’s customers who operated the apps seriously tackle that issue.
Glassbox CEO Yaron Morgenstern claims that the issue is behind them and that last year was very successful since they have managed to more than double their business. Working with the vendors made them understand the measurements that need to be taken to follow the rules and regulations since the security of customers is their main concern.
We should still watch closely to see how privacy issues are going to be treated in the future since we are living in a world where being tracked while going online has taken a whole new kind of priority.
But for now, at least a turn in user experience is taking place, where services with bugs slipping or inaccessible apps are no longer acceptable, with detections and fixes happening in a user-transparent way hopefully, and organizations should change how they treat their customers.
The issue definitely didn’t graze Glassbox, they are pulling in new investors, their business is holding on better than ever with some of the customers like Segurors and Air Canada on top of some largest banks in the world.
Morgenstern states that there is a shift happening in the market on two fronts.
On one there are new audiences who are forced to interact with digital channels, like elderly people who have no other choice but to interact with an online world.
On another side are companies themselves, who need to push their products and services online, something they haven’t accounted for in the near future, but have no other choice but to do so, which means services like Glassbox are becoming crucial to expanding their business to the forefront.
Zach Gut, a Brighton Capital partner who is joining Glassbox’s startup board says that he is thrilled to be partnering, saying that in his opinion Glassbox stands out with their product in a growing market since it enables businesses to remain competitive and enhance their capabilities in an evolving world which is defined by digitization.
Brighton Capital has led the $40 million Series C funding, along with existing investors which include CEIIF, Ibex Investors, Updata Partners and Zachary Capital making the total funding $70 million.
Glassbox believes it can continue their strong momentum this year like they have done in the past three years, more than doubling their revenue each year in a row, and helping companies grow in the digital world.