- The Chronosphere announced recently that it has raised an additional USD 115 million in series C investment.
- According to a total economic impact (TEI) analysis done by Forrester, organizations utilizing Chronosphere’s platform returned an average of USD 7.9 million over a three-year period.
Chronosphere, situated in New York, is a platform designed to manage the volume and complexity of cloud-native metrics. The firm recently announced that it has raised an additional USD 115 million in series C investment.
Chronosphere’s M3 metrics engine fuels the platform’s monitoring capabilities and enables teams to ingest and analyze billions of high cardinality metric data points every second, created by containerized infrastructure, microservices applications, and business services. It analyzes the measurements, generates in-depth insights into each stack tier, and produces near-instant alarms when concerns arise.
The alerts are sent immediately to the relevant teams with all the context required to fast-triage the event and resolve the issues before the customers know them. Enterprises also receive a control pane where they can specify what metric and trace data should be preserved, for how long, and at what resolution. All of these factors immediately result in cost reductions.
According to Forrester’s Total Economic Impact (TEI) analysis, organizations utilizing Chronosphere’s platform returned an average benefit of USD 7.9 million over three years. During the same period, businesses saved an average of USD 4.9 million in costs, yielding a return on investment of 165% with an average payback period of fewer than six months.
Sangeen Zeb, the partner at GV, which joined the series C round, 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.”
Recently, the firm has collaborated with industry leaders such as Robinhood, Zillow, Snap, Tecton, Obsidian Security, Astronomer, DoorDash, and Visa. In addition, it tripled its ARR, achieved better than 145% net revenue retention, and retained 100% of its clients over the previous quarter.
With the latest financing, which raises Chronosphere’s total capital to USD 343 million and its value to USD 1.6 billion, the firm intends to drive more innovation to enhance its platform and expedite its go-to-market initiatives.
Martin Mao, Chronosphere CEO, and co-founder 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.”