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.
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“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 that 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.
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.
SOURCE: PR Newswire