Observability Platform Chronosphere Raises Another $115M At A $1.6B Valuation

Jan 10, 2023•almost 3 years ago

Amount Raised

$115 Million

New York

Investors

Lux CapitalGlynn CapitalGreylockGeneral AtlanticFounders FundAdditionGeodesic CapitalGv

Description

The market for cloud native observability tools remains hot. As with so many new technologies, containerization solved a fair number of problems but also introduced its share of new ones, including a lot of added complexity that is, in part, driven by the dynamic nature of this architecture. That’s both its strength and downfall, so it’s maybe no surprise that tools for monitoring these systems are so important — and well-funded.

Company Information

Company

Chronosphere

Location

New York, United States

About

The company says its current list of users includes the likes of DoorDash, Zillow and Visa, with Robinhood, Obsidian Security and Astronomer also now using its service. Last September, the company reported that it had tripled its Annual Recurring Revenue and employee count in the preceding twelve months. In a recent report, the company argued that it could save its customers an average of $4.9 million over three years and that it allowed them to consolidate half of their legacy observability tools. Chronosphere says it will use the new funding to “support continued innovation and go-to-market efforts for its market-leading cloud native observability platform.”“In a cloud native world where businesses are looking for both efficiency and effectiveness, there’s a dire need for organizations to get observability right,” said Sangeen Zeb, Partner at GV.

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Funding Insights

Based on industry data

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VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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