Wednesday, September 27, 2023

Chronosphere raises $115M in Series C funding at $1.6B valuation

By ET Bureau - January 10, 2023 3 Mins Read

Chronosphere raises $115M in Series C funding at $1.6B valuation

Chronosphere, the only cloud native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud native complexity, has raised an additional $115 million Series C funding.

New investors include GV (formerly Google Ventures) and Geodesic Capital, bringing Chronosphere’s total funding to $343 million, and increasing the company’s valuation to $1.6 billion. Existing Chronosphere investors also participated in the round including Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital, and Lux Capital. The round will support continued innovation and go-to-market efforts for its market-leading cloud native observability platform.

The funding comes on the heels of a record year for Chronosphere. As of their most recent quarter, Chronosphere tripled its ARR and headcount, attained greater than 145% net revenue retention, retained 100% of its customers, and was named to Otta’s “ROCKET LIST 2022 – 100 of the fastest-growing companies to accelerate your career”.

Chronosphere also chalked up key wins at Robinhood, Snap, Obsidian Security, and Astronomer who join Chronosphere’s growing list of enterprise customers that include DoorDash, Zillow, and Visa.

Chronosphere’s game-changing platform gives us the visibility and control to manage our observability data, especially with our unprecedented growth,” said Ryan Sokol, VP of Engineering at DoorDash.

In fact, customers use Chronosphere’s cloud native observability platform, which enables customers to transform their data based on the need, context, and utility to optimize costs, improve user experience, and solve problems faster. The average customer optimizes their data set by 48% for significant additional cost savings.

Also Read: How to ensure effective business continuity plans for the post-pandemic world 

DoorDash’s success is in line with results from a recent Total Economic Impact™(TEI) study, conducted by Forrester Consulting on behalf of Chronosphere. The study examined cost savings and business benefits enabled by Chronosphere, and found that customers using the company’s cloud native observability platform returned on average $7.9 million in benefits over three years. During the same timeframe, companies on average also saw $4.9 million in cost savings for 165% return on investment, with an average payback period of less than six months.

“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.”

“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 Chronosphere CEO and co-founder, Martin 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.”

Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.


ET Bureau

The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.

Subscribe To Newsletter

*By clicking on the Submit button, you are agreeing with the Privacy Policy with Enterprise Talks.*