The fresh funding is considered to be the company’s Series A round and will be used to expand its line of products, based on the core technology we previously wrote about:
The backbone of SimilarWeb’s technology is based on multiphase analysis, which in plain English means that there are several engines running in the background, analyzing websites based on different mechanics, metrics and workflows. These include: user browsing trends, user ratings, tag analysis, ecosphere analysis, semantic breakdowns, and automated background research.
The company claims to have mapped millions of sites, and adding tens of thousands daily. This means that it will always suggest other sites, regardless of whether the site the user is currently on is a popular one, or one much further down the tail.
The change of the company’s name to SimilarGroup is meant to package all three web plays it now operates: SimilarSites.com, which the company claims to have millions of unique monthly users, SimilarWeb.com, a Firefox add-on, and TopSite.com, a search engine that’s still in beta.