USA-based Observe, Inc., the SaaS observability company reinventing the way machine-generated data is stored, managed and analyzed, Observe closed a Series B funding round of USD 115 million. The round took place on March 28, 2024. Sutter Hill Ventures led the company’s financing. Existing investors Capital One Ventures and Madrona and new investor Snowflake Ventures joined in the funding.
Purpose of financing for Observe
With the latest funding, the company seeks to build on Observe’s momentum, including the release of Project Hubble, also scaling to over one petabyte per day and delivering the latest GenAI innovations such as O11y GPT and OPAL Co-Pilot, and riding the recent launch of Trace Explorer, a powerful new environment for analyzing distributed tracing data. Observe further plans to expand its market presence in North America over the coming year. It also has plans to continue to more than double the size of its business.
The Series B funding, raised at a valuation 10x higher than the earlier Series A round four years ago. It further promises to accelerate Observe’s growth.
What the company’s official has to add
Jeremy Burton, CEO at Observe, said, “Legacy monitoring and APM players, shackled by outdated architectures, are dead companies walking. As private equity or strategic acquirers strip them down for parts, Observe is taking a new approach designed for today’s modern distributed applications and massive data volumes. We’re thrilled to have investors who are thinking big and validating Observe’s approach in one of the fastest-growing segments in tech.”
What the investors have to comment
Mike Speiser, Managing Director at Sutter Hill Ventures, further said, “We believe Observe is the future of Observability, and we’re incredibly excited to lead the Series B round. Observe has built a world-class team and delivered a product that is architecturally different from everyone else. The incredible growth in ARR and NRR is a testament to the fact that this new architecture is now paying off for their customers.”
In addition, Stefan Williams, VP of Corporate Development & Snowflake Ventures, said, “At Snowflake, we believe there’s no such thing as an AI strategy without a data strategy,” “Observe recognized this from the outset and built a data company. Our team has worked closely with Observe as a partner since the company’s founding, and with this investment, we’re bolstering that relationship and emphasizing our belief in Observe as the company enters its next stage of rapid growth.”
Besides, Mark Cauwels, managing vice president of Enterprise Platforms Technology, Capital One said, “Capital One is focused on building seamless customer experiences that make banking and commerce simpler and easier — wherever those customers are, digital or in-person,” said. “Like many cloud-first organizations, our data volume continues to expand. Observe provides a centralized and pre-correlated data layer that meaningfully organizes telemetry data from many sources at scale, helping drive faster response times.”
About Observe, Inc.
Observe, Inc. is a San Mateo, California-based observability startup that is revolutionizing the management, analysis, and storage of business data. Only Observe stores all data in a single, more economical data lake, eliminating silos of logs, metrics, and traces. Compared to other observability solutions, customers may troubleshoot dispersed applications three times faster because to the company’s unique Data Graph technology. Companies like F5, Topgolf, and Capital One rely on Observe to transform their business data into useful insights.
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