New York, USA-based provider of a cloud-native observability platform, Chronosphere, raised an additional financing of USD 115 million in Series C. The round took place on January 10, 2023. New investors, including GV (formerly Google Ventures) and Geodesic Capital, participated in the financing. Meanwhile, existing investors, including Addition, Founders Fund, General Atlantic, Greylock, Glynn Capital, and Lux Capital, joined in the Series C round.
So far, the company’s total financing amounts to USD 343 million. With the latest Series C funding, the valuation of the company stands at USD 1.6 billion.
Purpose of financing for Chronosphere
With the latest proceeds from the additional Series C round, Chronosphere intends to support continued innovation as well as go-to-market efforts for its platform.
What the company’s official has to say
Chronosphere CEO and co-founder Martin Mao said, “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. 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.”
What the investor has to add
In addition, Sangeen Zeb, Partner at GV, said, “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. 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.”
What the Door Dash official has to say
Ryan Sokol, VP of Engineering at DoorDash, further commented, “Chronosphere’s game-changing platform gives us the visibility and control to manage our observability data, especially with our unprecedented growth.”
About the company
In 2019 Founders Martin Mao and Rob Skillington launched the company. Chronosphere is the only cloud-native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud-native complexity while accelerating innovation. DoorDash, Zillow, and Visa already use the company’s platform. Chronosphere tripled its ARR and headcount, attained greater than 145% net revenue retention as well as retained 100% of its customers. Meanwhile, it received recognition on Otta’s “ROCKET LIST 2022 – 100 of the fastest-growing companies to accelerate your career.”
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