Chronosphere has achieved unicorn status in less than three years.
The company announced a $ 200 million Series C round this week, pushing its valuation past $ 1 billion. It comes nine months after the startup raised a $ 43 million Series B round.
Founded in 2019 by former Uber and Microsoft engineers, Chronosphere offers “data observability” software that helps companies using a cloud-native architecture monitor their data. Clients include DoorDash, Genius Sports, and Cudo. Your annual recurring income has grown 9 times in 2021.
Chronosphere CEO Martin Mao and CTO Rob Skillington met in the Seattle area at Microsoft, where they worked on the migration of Office to the cloud-based Office 365 format.
Later, they both spent time at Uber on engineering teams. Uber couldn’t find any product to meet its growing demands for data, so Mao and Skillington helped the company build one. The result was M3, Uber’s open source production metrics system, which is capable of storing and querying billions of data points per second.
With Chronosphere, Mao and Skillington are building an end-to-end solution on top of M3 that helps companies collect and analyze their data in the cloud with the help of visualization and analysis tools. The product works on various cloud platforms, including AWS and Azure.
Chronosphere recently decided to be the first remote. Its largest center is in New York City, and there are a handful of employees in Seattle, including Mao. The company has a total of 80 employees and expects to add another 35 people this year.
General Atlantic led the Series C round. Other sponsors include Greylock Partners; Lux Capital; Addition; Founders Fund; Spark Capital; and Glynn Capital. Total funding to date is $ 255 million.
“Sitting at the intersection of major trends transforming infrastructure software, the rise of open source, and the shift to containers, Chronosphere has quickly become a transformative player in observability,” said Anton Levy, Managing Director, General Atlantic, in a statement.