SAN FRANCISCO — PagerDuty, a leader in digital operations management, has closed a $43.8 million Series C investment. The investment, led by Accel, with participation from existing investors Andreessen Horowitz, Bessemer Venture Partners, Baseline Ventures and Harrison Metal, comes as a result of PagerDuty’s sustained strong business growth and product innovation.
“We are thrilled to welcome Accel into the PagerDuty family and appreciate their support and confidence in us. PagerDuty’s strong performance and leadership position in the fast-growing developer solutions market has been built around a mission to help improve customer experience by mobilizing organizations to effectively manage incidents so they have control over their growing digital operations,” said Jennifer Tejada, CEO of PagerDuty. “With growing interest in our solutions, we continue to grow our business thoughtfully and cash-efficiently with a laser-focus on our customers and community of practitioners, as their collective success is our success. This latest round of investment underscores our commitment to cementing our market leadership through solid industry partnerships, continued product innovation and customer success.”
This investment comes on the heels of a banner year for PagerDuty’s digital operations management platform which supports more than 8,700 organizations and nearly 200,000 users across the globe to resolve business-impacting IT and digital incidents. Providing full-stack visibility and actionable insights, PagerDuty helps organizations proactively mobilize people and manage issues in their IT and DevOps environments to deliver seamless customer experiences.
According to the inaugural PagerDuty State of Digital Operations Report, more than one-third of organizations take an average of 30 minutes or longer to resolve IT incidents that impact consumer-facing digital services. Chances of losing customers increase during this time as IT teams are unable to meet consumers’ high expectations for digital service delivery. The business impact of IT incidents continues to rise—an hour of IT downtime costs one-third of enterprises more than $1 million and in North America alone, organizations spend a combined $700 billion per year.