Startup Funding News Technology Sector
1. Engineering Management Platform Jellyfish Raises US$ 31.5M. 2. Software Company Cockroach Labs Raises US$ 160M

These are a few US-based technology startups that raised funding on 12 January 2021:

1.     Engineering Management Platform Jellyfish Raises US$ 31.5M

Jellyfish

Boston-based Engineering Management Platform Jellyfish raised US$ 31.5 million in a Series B round. The startup helps engineering leaders align engineering work with strategic business objectives. This allows the engineering leaders and their teams to focus on important matters and deliver desired results. 

Founders: Andrew Lau, David Gourley, Philip Braden

Investors: The funding round was led by Insight Partners along with participants Accel and Wing Venture Capital.

What the funding is for: Jellyfish will utilize the funding to help engineering leaders connect their team’s day-to-day operations to business priorities and scale its customer base.

What the CEO has to say: “We are thrilled to welcome Insight to the Jellyfish family to scale our mission. Today, most executives have easy access to data to inform business decisions. But engineering insights for business decisions are still scarce, even in a world where software development has become the foundation of modern business. We’re on a mission to change that with the Engineering Management Platform that allows engineering leaders to enable the strategic conversation, adding to product strategy and overall company direction,” said Andrew Lau, Co-Founder and CEO at Jellyfish.

What Investors have to say: “Jellyfish’s impressive growth signals that there is a crucial market need for an informed, data-driven approach to engineering leadership. Companies spend millions of dollars on engineering resources with little understanding of where it’s being spent or how resources are being allocated. Jellyfish is the clear leader in solving this, and we’re excited to partner with them as they seize this massive market opportunity,” said Matt Gatto, Managing Director at Insight Partners. He will be joining the Jellyfish Board of Directors.

2. Software Company Cockroach Labs Raises US$ 160M

Cockroach Labs

New York-based software company Cockroach Labs raised US$ 160 million in a new round of funding, at a valuation of US$ 2 billion. It is a software company that develops cloud-native SQL database for modern cloud applications. Cockroach Labs is the maker of Cockroach DB, that helps companies move transactional data to the cloud and manage it there. The company had raised US$ 86.6 million Series D in May 2020.

Founders: Benjamin Darnell, Peter Mattis, Spencer Kimball 

Investors: The funding round was led by Altimeter Capital, with participation from existing investors, Bond, Benchmark, FirstMark, GV, Tiger Global Management and Index Ventures, as well as new investors Lone Pine Capital and Greenoaks Capital.

What the funding is for: The funds will be utilized to accelerate product engineering and marketing and sales efforts.

What the CEO has to say: “It’s quite a remarkable growth in the business and growth in the valuation. I think a lot of what’s driving that is people are realizing that data management is an extraordinary part of the journey of the cloud that’s been underway over the past decade,” said CEO Spencer Kimball.

What Investors have to say: “As the business continues to move to the cloud, a new set of technologies has emerged as the foundation for how all software will run in this era of cloud computing. Cockroach Labs has quickly become the cornerstone database for all transactional workloads by offering a disruptive leap forward in scalability, reliability, and performance. Cockroach is proving to be a key piece of the multi-cloud reference architecture of the future,” said Kevin Wang of Altimeter Capital.

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