data observability – necessary to monitor the infrastructure as it should; To see if apps are returning errors; And to ensure that critical business data is getting where it needs to go – becoming a complex task as organizations demand for cloud-native data and data usage increase. Today a startup that built a scalable platform for management is announcing a massive round of funding to continue its own scaling journey. chronosphere — a cloud-native monitoring platform co-founded by two former Uber engineers — has raised $200 million, a Series C that values the company at more than $1 billion.
Simultaneously, Chronosphere is also announcing a new set of tools specifically for distributed tracing, which will help in more granular observation and quicker response when issues arise on the network.
General Atlantic led the round, which also saw participation from Addition, Greylock, Lux Capital and new backer Founders Fund. In yet another example of how the most promising companies are raising funds with increasing frequency these days, Lee Fixel of General Atlantic, Editions, Greylock and Lux Capital supported Chronosphere in their Series B, which was launched in January of this year. That was only nine months ago. .
Like its previous round, it was opportunistic, not because it was needed. Martin Mao, co-founder and CEO of Chronosphere, said, “We’re in the same situation a year ago: more than 85% of our Series B is still in our bank account and we didn’t need the cash.” “But it was a response to our development this year.” The company is making regular updates to its technology and its revenue has increased tenfold in the past year, which is also happening with data in the industry.
“Demand has grown 10X too,” he said, noting that Chronosphere is not team size, so it will be recruiting. “This is indicative of a product providing value to customers and shows how quickly the market is adopting the cloud. So we are trying to capture the market at the earliest.”
The 2.5 year old company has raised $255 million so far.
Mao and co-founder Rob Skillington (CTO) founded Chronosphere based on early work at Uber, where they built an observation platform for Uber’s needs as a business.
the underlying mass metrics storage technology they created Eventually the M3. as open source. The duo then left Uber to form Chronosphere to take their ideas and concepts for cloud-native surveillance technology to the wider market.
In particular, he saw an opportunity to address a particular gap: Uber built its own observation platform from the ground up to handle its particular mix of microservices and containers because, as Mao describes it, the Googles of the world. had built our own, “so we followed that path.”
But, he said, “there was nothing in the market designed for this type of architecture” that others could equally use, so they could avoid the more general challenges of cloud-native complexity by building that platform themselves. wanted to deal with.
Since its widespread release in GA in January, Chronosphere has found early traction with companies that operate on the same “horsepower” (mao’s term) of Uber — other on-demand businesses like DoorDash that run a similar Architecture can include multiple cloud applications. , on-demand services and real-time analytics.
Other clients include those whose business models are based on moving and analyzing equally large amounts of data, such as cryptocurrency mining platform Qodo, sports data company Genius Sports, and Tekton, for machine learning applications. An enterprise-focused “store”.
The distributed tracing tools being announced today reveal what the chronosphere will be like, going forward, looking for further applications of its monitoring technology. This will give users more detailed information about workflows with root cause analysis, and it will also give engineers, whether they are data science experts or not, more tools to run analysis on their datasets.
While the two co-founders continue to maintain M3, Mao points out that Chronosphere’s platform can operate independently of it; It is aimed at companies whose data needs have increased prometheus, another monitoring and alerting solution that works well with the M3. In reference to competitors, Mao describes Datadog as “an 800-pound gorilla in the room”.
(It’s yet another reason to continue to build rapidly and take market share — and investment — where it can.)
“Chronosphere is built with the aim of meeting the needs of large modern cloud-native enterprises,” said Anton Levy, Co-President, MD and Head of Technology Investments at General Atlantic, in a statement. “Sitting at the intersection of key trends transforming infrastructure software – the rise of open-source and the shift to containers – Chronosphere has quickly become a transformational player in observation. We are excited by the team’s ambitious vision, with distributed tracing There is another solution that sets Chronosphere apart as the next generation leader and paves the way for its continued growth.”