Chronosphere, the cloud native observability platform, is announcing its $115 million additional Series C funding that saw participation from new and existing investors, including GV (formerly known as Google Ventures), Geodesic Capital, Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital, and Lux Capital. With a total funding of $343 million, increasing the company’s valuation to $1.6 billion, Chronosphere is positioned to amplify the go-to-market efforts and innovation of its cloud native observability platform.
More and more companies turn to cloud native architectures to keep up with the demands of modern industry; this transition calls for cloud native monitoring and observability solutions that can adequately meet the needs of these complex infrastructures, according to the company.
“Chronosphere is a cloud native observability platform that is specifically built to keep up with the speed, scale, and ephemerality that comes along with cloud native environments. Our goal is to give engineers the ability to rapidly detect, triage, and remediate infrastructure and application issues before they impact customer experiences and the brand’s reputation,” explained Martin Mao, CEO and co-founder of Chronosphere.
The cloud native observability platform and its innovators have already seen remarkable success, as Chronosphere’s funding announcement underscores their recent quarter in which the company tripled its ARR and headcount, attained greater than 145% net revenue retention, and retained 100% of its customers, according to the vendor. The investment will continue to bolster Chronosphere’s go-to-market efforts for its platform, as well as accelerate growth through market expansion and product innovation.
“This funding underscores the crucial market need for powerful, cloud native observability solutions to generate positive business outcomes—especially critical now as companies seek more efficient and effective ways to improve customer experiences," said Mao. "We plan to use this latest investment to bring our forward-looking observability solution to the broader market as we continue to disrupt legacy solutions that provide too little, too late for too much cost."
The success of the cloud native observability platform is not exclusive to Chronosphere itself; the success on behalf of customers utilizing the platform is quantifiably robust. In a recent “Total Economic Impact (TEI)” study conducted by Forrester Consulting for Chronosphere, results showed that the company’s platform returned, on average, $7.9 million in benefits over three years for customers and saved $4.9 million in costs, for 165% return on investment, with an average payback period of less than six months in that same three years.
“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. “Chronosphere has cracked the code to tame the data deluge in complex environments and provides better tools that quickly sift through the most meaningful data for better customer experiences and business outcomes.”
For more information about Chronosphere’s platform and funding, please visit https://chronosphere.io/.