PALO ALTO, Calif.--(BUSINESS WIRE)--Oct 25, 2016--Wavefront, the leading metrics monitoring service for cloud and modern application environments, today announced that it has secured $52 million in a Series B funding round. Existing investors Sequoia Capital and Sutter Hill Ventures were joined by new investor Tenaya Capital, and other equity holders. The funding comes as the company is experiencing hyper-growth since its Series A funding, and the company’s valuation increased by 4x from the Series A. The new capital will be used to accelerate research and development to expand its product offerings, as well as expansion of Wavefront’s sales, marketing and support operations across all global regions.
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Wavefront is a cloud-hosted platform for metrics monitoring and analytics at enterprise scale. (Graphic: Business Wire)
“Cloud-enabled companies adopting Wavefront get crucially valuable insights that no other monitoring platform can offer, so their business experiences less degradation, fewer outages and more customer success,” said Pete Cittadini, President & CEO of Wavefront. “We surpassed key milestones this past year, so it became the ideal time to raise this round, and fuel our already impressive adoption into the SaaS 250, as well as into digital enterprises and e-commerce companies that are fully embracing the cloud.”
In addition to closing its Series B funding, Wavefront has achieved several notable milestones since its Series A funding:Increased the aggregate metric data ingestion rate into its service by more than 10x. Moved key customers' wins into production including Workday, Box, Intuit, Lyft, Groupon, Okta, British Gas, Citrix, DoorDash, Xactly, Edmunds.com, and Medallia. Developed 30+ data plugins to ingest metrics across leading application, cloud, and infrastructure sources. Introduced new product functionality including intelligent alerting, expanded query functions, quick start configuration wizards and a suite of default dashboards. Attracted CEO, CFO, CMO, VP Sales, and VP Engineering executives with over 100 years of experience in systems monitoring, enterprise software, and hyper-growth startups.
“In the previous decade, the engineering team at Google faced operational challenges driven by growing complexity,” said Bill Coughran, Sequoia partner and former Google SVP of Engineering. “Today a whole new generation of companies are operating at scale and running into these same issues. At Google, we needed to build our own solution. Now companies can just use Wavefront.”
“We have been impressed with Wavefront’s innovative technology solutions, category creation leadership and impressive growth,” said Brian Melton, Managing Director at Tenaya Capital. “Tenaya Capital has helped build successful IT infrastructure companies including New Relic, Hortonworks, and Palo Alto Networks, and we are looking forward to accelerating Wavefront’s new phase of global growth via this partnership.”
Any enterprise with modern applications and agile infrastructure built on software—including SaaS offerings, digital enterprise platforms, consumer web platforms (e-commerce sites and mobile apps), and IoT systems—can employ Wavefront to improve its performance, availability and customer experience, and also extend beyond operations management to:Prevent, detect and diagnose outages to maintain service continuity. Surpass traditional monitoring to manipulate data with powerful analytics in real-time. Promote enterprise agility with better capacity planning and resource utilization. Eliminate silos and standardize analytics with a unified big data analytics platform across the TechOps, DevOps, and Development functions. Gain insights faster about the relationship between device, software, and end user.
Metrics monitoring as a service is a new and disruptive approach to cloud application monitoring, helping cloud-enabled companies to thrive in the age of big data and the constant need to maintain high performance at scale. It allows users to visualize and query a wide range of metrics, from cloud computing load to application and business performance data. Across every layer of the enterprise, a metrics monitoring platform needs to deliver scale and reliability in real-time. Wavefront’s metrics monitoring service unifies and processes millions of data points per second, delivering insights at the speed of thought, for enterprises at scale.
Wavefront is the ultimate metrics monitoring service for cloud and modern application environments. Its observability and analytics tools enable DevOps functions at SaaS companies where power, scale, performance, and reliability are essential to their business. The company helps software leaders like Workday, Box, Lyft, Microsoft, Intuit and Groupon to ensure superior customer experience with the combination of the most powerful query language in monitoring running against a unified, full detail, big data metric store in real-time with no limits. Visit Wavefront’s blog at https://www.wavefront.com/blog/, and follow us on Twitter, @WavefrontHQ.
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PUB: 10/25/2016 08:00 AM/DISC: 10/25/2016 08:00 AM