In a Press Release, Wavefront today announced that it has secured $52 million in a Series B funding round. The funding comes as the company is experiencing hyper-growth since its Series A funding, and the company’s valuation increased by 4x from the Series A. The new capital will be used to accelerate research and development to expand its product offerings, as well as expansion of Wavefront’s sales, marketing and support operations across all global regions.
“Cloud-enabled companies adopting Wavefront get crucially valuable insights that no other monitoring platform can offer, so their business experiences less degradation, fewer outages and more customer success,” said Pete Cittadini, President & CEO of Wavefront. “We surpassed key milestones this past year, so it became the ideal time to raise this round, and fuel our already impressive adoption into the SaaS 250, as well as into digital enterprises and e-commerce companies that are fully embracing the cloud.”
“In the previous decade, the engineering team at Google faced operational challenges driven by growing complexity,” said Bill Coughran, Sequoia partner and former Google SVP of Engineering. “Today a whole new generation of companies are operating at scale and running into these same issues. At Google, we needed to build our own solution. Now companies can just use Wavefront.”
“We have been impressed with Wavefront’s innovative technology solutions, category creation leadership and impressive growth,” said Brian Melton, Managing Director at Tenaya Capital. “Tenaya Capital has helped build successful IT infrastructure companies including New Relic, Hortonworks, and Palo Alto Networks, and we are looking forward to accelerating Wavefront’s new phase of global growth via this partnership.”
Wavefront’s metrics monitoring service unifies and processes millions of data points per second, delivering insights at the speed of thought, for enterprises at scale.