NEW YORK, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Chronosphere, provider of the leading observability platform for cloud-native, today announced that it set new records, doubling the business in the past four months and overall 16x growth in the past 12 months. This puts the company on pace to be one of the fastest B2B SaaS companies to go from $1 million to $50 million in annual recurring revenue, faster than well-known SaaS companies like Datadog, CrowdStrike and Confluent.
Today’s legacy cloud monitoring and APM tools are not equipped to handle the complex and dynamic nature of cloud-native environments and while the recommended open source tools like Prometheus help get companies started, they do not scale.
Chronosphere founders Martin Mao, CEO, and Rob Skillington, CTO, experienced first-hand the complexity and scale required to monitor cloud-native workloads at Uber where they ran the observability function. They solved this by creating and scaling an observability solution that became one of the largest production monitoring systems in the world that stores tens of billions of time series and analyzes billions of data points per second in real-time.
Mao and Skillington founded Chronosphere to deliver scalable, reliable and flexible observability purpose-built for companies adopting cloud-native. Chronosphere not only allows customers to keep pace with the massive amounts of observability data produced by cloud-native environments but it also does so with an order of magnitude more cost efficiency than existing solutions.
With Chronosphere, customers improve competitive edge by speeding time to market with greater engineering efficiency and productivity. This leads to an accelerated transition to cloud-native and more opportunities for innovation.
“We’re on a mission to guide modern businesses to be able to leverage observability as an essential competitive advantage. A rapidly increasing number of organizations recognize the impact a powerful observability function has on the overall business,” said Martin Mao, co-founder and CEO of Chronosphere.
Record Momentum Over the Last 12 Months:
Unicorn Valuation
Chronosphere achieved a unicorn valuation in less than 2 1/2 years. This milestone put Chronosphere in the top 10 fastest B2B SaaS companies to disclose unicorn status in September 2021, according to Pitchbook.
Revenue Growth
In September, the company announced their multi-million dollar annual recurring revenues saw more than 9 times growth as the company continued to do 6 and 7 figure deals: https://chronosphere.io/news/chronosphere-announces-record-revenue-customer-and-employee-growth/
Customer Growth
Chronosphere’s customer base expanded significantly as they continued to onboard customers, bringing onboard two of the top five publicly traded fintech companies. Chronosphere also saw existing customers like Aurora Innovation and Doordash significantly expand their usage.
Aurora, for example, extensively leverages simulation to safely and quickly train the Aurora Driver, which requires robust and sophisticated cloud infrastructure. Chronosphere effectively monitors cloud metrics, enabling Aurora to use virtual learning more efficiently.
Product Innovation
Chronosphere added distributed tracing capabilities to its platform. Organizations can now ingest distributed traces at scale, seamlessly integrated alongside with metrics, to more rapidly triage and understand the root cause of problems. This addition extends Chronosphere’s platform to have complete coverage across the three phases of observability: notification, triage and root cause analysis.
Chronosphere released Query Builder so users can easily and quickly chart Prometheus data in PromQL. Query Builder removes PromQL’s high barrier of entry, enabling engineers to spend more time driving value for their organizations.
Chronosphere introduced Monitors, a new way to set up alerts that removes repetitive tasks and guesswork. Monitors saves engineers time by allowing them to set up broad alerts that cover many different teams and environments while still reducing signal-to-noise ratio.
$243 Million in Funding
Chronosphere announced $43.4 million in Series B funding and $200 million in Series C funding, bringing the total raised to $255 million. Investors include Addition, Founders Fund, General Atlantic, Greylock and Lux Capital.
Employee Growth
Chronosphere added more than 70 employees over the past 12 months, more than doubling its employee count from 50 to more than 130, including a new VP of People. Other notable hires include a head of product marketing, head of growth marketing, head of customer success and head of sales to form a GTM leadership team to meet the unprecedented demand for Chronosphere. The company also transitioned to be remote-first.
Industry Recognition
Chronosphere has received numerous industry accolades since it was founded in 2019. The company has been named a Gartner Cool Vendor in Performance Analysis[1], a Vendor to Watch by EMA, one of the 50 most promising startups by The Information, one of 31 commercial open source software startups that will thrive during Covid in Business Insider, a Startup to Watch by Built In NYC and The Startup Weekly’s Diverse & Inclusive Employer award.
For more on Chronosphere’s record momentum, read the 12 Months in Review: Chronosphere’s Top 10 Highlights blog here: https://chronosphere.io/learn/february-2022-momentum/
About Chronosphere
Chronosphere is the provider of the only observability platform that puts engineering organizations back in control by taming rampant data growth and cloud-native complexity, delivering increased business confidence. Teams at startups to well-known global brands in the Fortune 500 trust Chronosphere to help them operate scalable, highly available and resilient applications. Chronosphere is a remote-first company, backed by Greylock, Lux Capital, General Atlantic, Addition and Founders Fund. For more information, visit https://chronosphere.io or follow @chronosphereio.
[1] Gartner, Cool Vendors in Performance Analysis, by Padraig Byrne and Gregg Siegfried, 5 October 2020 (report available to Gartner subscribers here: https://www.gartner.com/document/3991389)
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