Andreessen Horowitz and Charles River Ventures Lead Financing; Devdutt Yellurkar Joins SignalFx Board of Directors
SAN MATEO, CA--(Marketwired - Mar 12, 2015) - SignalFx, provider of the most advanced monitoring platform for modern applications, emerged from stealth today and announced a $20 million Series B funding round led by Charles River Ventures with participation from existing investor Andreessen Horowitz, bringing the company's total financing to $28.5 million. SignalFx will use the funds to significantly expand sales and marketing and to accelerate R&D focused on solving the monitoring problems of the $100 billion cloud software market.* Devdutt Yellurkar, General Partner at Charles River Ventures, will join the SignalFx Board of Directors which includes Ben Horowitz, Andreessen Horowitz Founder and Partner, SignalFx Founder and CEO Karthik Rau and SignalFx Founder and CTO, Phillip Liu. In a separate announcement today, the company announced SignalFx, a SaaS-based monitoring platform powered by the company's streaming and historical analytics technology that delivers the only interactive, system-wide view of application and infrastructure data at any scale.
"Having built a few traditional systems management products, it is quite obvious to me that none of the important, existing products work properly for cloud architectures," said Ben Horowitz, co-founder and partner, Andreessen Horowitz. "Naturally, when I had a chance to fund two great entrepreneurs in Phil and Karthik, who not only understood the problem, but built the definitive solution, I did not hesitate to invest."
Built by inventors of cloud-scale monitoring technologies for today's Internet giants, SignalFx is a SaaS-based monitoring platform that uses SignalFlow™ streaming and historical analytics technology on operational metrics at any scale to provide an interactive, system-wide view of applications and infrastructure. The distributed and dynamic nature of modern applications has turned monitoring into an analytics problem -- SignalFx enables development and operations teams to shift from component-level monitoring to detecting aggregate patterns and anomalies across their distributed applications in real time.
"The move towards SaaS and cloud business models has introduced a major disruption in the world of downstream operations management products, with the monitoring category at the center of this disruption," said Devdutt Yellurkar, general partner at Charles River Ventures. "SignalFx is truly changing the game for monitoring modern applications with its breakthroughs in streaming analytics technology. The opportunities that lie ahead for the company are massive and as a board member, I'm looking forward to working with a talented and experienced team to lead the way to the future of application and systems monitoring technology."
Traditional monitoring products are largely unsuitable for modern applications. They are designed for IT users and for static, on-premise applications -- not for today's scale-out, distributed microservices architectures. Monitoring has historically been one of the largest segments of the operations space and one of the first categories to be transformed by a platform shift. As organizations across the world embrace modern applications, $19B in traditional IT operations management spend will be disrupted by developer-friendly operations products that are designed for distributed and rapidly changing applications.**
"The developers and DevOps teams running modern applications need a monitoring platform that supports dynamic and distributed architectures," said Karthik Rau, Founder and CEO of SignalFx. "Our engineers have been instrumental in pioneering monitoring solutions for leading Internet giants and have unique insight into what it takes to address the analytics gaps required to solve today's monitoring problem."
*IDC, Worldwide SaaS and Cloud Software 2013-2017 Forecast and 2012 Vendor Shares, December 2013. http://www.idc.com/getdoc.jsp?containerId=245084
**Gartner Research, Market Share Analysis: IT Operations Management Software, Worldwide, 2013, May 2014. https://www.gartner.com/doc/2755117/market-share-analysis-it-operations
SignalFx provides the most advanced monitoring platform for modern applications. Built by inventors of cloud-scale monitoring technologies, the SignalFx SaaS-based solution delivers the only interactive, system-wide view of applications and infrastructure data at any scale. The distributed and dynamic nature of modern cloud applications has turned monitoring into an analytics problem. SignalFx SignalFlow™ streaming and historical analytics technology empowers development and operations teams to shift from component-level monitoring to detecting aggregate patterns and anomalies across their distributed applications in real time. Organizations can submit any metric data at any scale into the SignalFx platform, allowing product teams to model and correlate key application and business metrics against underlying infrastructure behavior to answer critical questions about operations. Companies large and small, including Yelp, Tapjoy, Symphony Commerce and Chairish, rely on SignalFx to innovate faster and make their customers happy with well-built, reliably performing, rapidly improving applications.