Today we shared the news that Chronosphere raised $115 million in an additional Series C round, bringing our total funding to $343 million and increasing valuation to $1.6 billion. Of course this would be welcome news for any hyper growth company, especially in this tight funding market. But for us at Chronosphere, it’s more than just a capital investment. It’s a show of confidence. A mere 14 months after our initial $200 million in Series C funding round, our existing investors doubled down and two new investors came on board.
On: Jan 10, 2023
Long story, short: this latest, massive funding round says Chronosphere has the brightest of futures. It’s the kind of company employees want to join and the kind of company customers can trust to solve their toughest challenges.
We wouldn’t be where we are today without our customers. Robinhood, Snap, Astronomer, DoorDash, Zillow, and Visa are among our fast-growing list of customers and we are extremely grateful for every one of them.
Our team works tirelessly to be able to provide our customers with proven industry leading reliability and effectiveness – having never broken our 99.9% SLA guarantee while reducing their number of severe incidents by 75%!
Our customers are also significantly reducing their costs when switching over from their incumbent solutions — according to a recent Total Economic Impact™(TEI) study from Forrester, an average Chronosphere customer receives $7.9M in total business value over three years with a payback period of less than 6 months. We published the ROI calculator so you can see for yourself how Chronosphere can help your company. As you can imagine, this combination of a more performant and reliable observability solution at a lower cost is resonating with lots of companies in the current economic climate.
A massive funding round and a rapidly growing customer base is great news to share, and tells us we’re heading in the right direction. But we’re also focused on achieving our goals while building a best-in-class company. There’s no greater affirmation of this than winning culture awards that are voted on by your employees (Comparably collects anonymous employee “sentiment ratings” over a 12-month period to determine results for its annual awards.)
From day one, Chronosphere has prioritized diversity and inclusion. We believe the more diverse your organization is, the more productive, happy, and innovative your employees will be. It’s been challenging to grow our workforce tenfold in the space of three years, without wavering on this commitment to DEI. The awards for Best Company for Women and Best Company for Diversity demonstrate that our employees think we are doing a pretty good job. I couldn’t be more pleased.
From day one, my co-founder Rob Skillington and I envisioned Chronosphere as a company that would be a place where people want to work. A place where people would love showing up every day and where they would give it their all. Winning Comparably’s Best Culture and Best CEO awards tells me we’re on the right track. And it tells me our corporate values (no egos, trust & transparency, enduring camaraderie & care, reliability & responsibility, nothing is impossible) are ringing true.
We are extremely grateful that our investors continue to be not only bullish on our observability platform, but bullish on us. Our newest investors working with us include Sangeen Zeb who is a Partner at GV (formerly Google Ventures) and Divya Sudhakar from Geodesic Capital. And we are extremely pleased that all existing Chronosphere investors doubled-down, including: Brandon Reeves from Lux Capital, Anton Levy from General Atlantic, Jerry Chen from Greylock Partners, and Lee Fixel from Addition. Last round we started working with Brian Singerman from Founders Fund and Kim Moore from Glynn Capital, and we are excited to welcome them back as well.
I’ll let you in on a secret. Our investors are part of the Chronosphere team. They are there on the front lines with us, actively helping our company grow and succeed. A great example is how one of our newest investors — GV Partner, Sangeen — helped us find many of the GTM executives who recently joined Chronosphere. Existing investors are always helping too, whether it’s working the phones or joining me in an interview on TheCube.
Our investors are unique and we appreciate their support immensely.
We are day-ten of the new year and there will be much more news to come from us over the next 11 ½ months and beyond. I don’t know the details yet, because my crystal ball isn’t that good. But I know everything will be exciting and I look forward to sharing.
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