SAN MATEO — SignalFx, a provider of real-time cloud monitoring and observability for infrastructure, microservices, and applications, has raised $75 million in Series E funding led by Tiger Global Management with participation from existing investors. The company now has total funding raised to $179 million and plans to use the funds to accelerate product development and global expansion.
SignalFx’s growth comes as organizations have increasingly turned to cloud-native technologies such as microservices, containers, Kubernetes and serverless functions to speed their rate of innovation. SignalFx’s annual revenues have increased by a compound annual growth rate of 170 percent since sales began in 2015 as traditional monitoring tools have failed to keep pace with new requirements for speed, scale and automation. According to Gartner, by 2022, more than 75 percent of global organizations will be running containerized applications in production, up from fewer than 30 percent today.
SignalFx’s customer list include both high-tech organizations born in the cloud, such as Acquia, Carbon Black, Cloudreach, Freecharge, HubSpot, Kayak, Namely, Rappi, Shutterfly, Square, and Yelp, as well as traditional enterprises investing in digital transformation, such as Amtrak, athenahealth, Lululemon, NBCUniversal, and the Warehouse Group.
“The addition of Tiger Global Management to our team comes at an important time for SignalFx,” said Karthik Rau, CEO, SignalFx. “SignalFx is at an inflection point in its growth as organizations are investing aggressively in their cloud and digital transformation initiatives and reevaluating their systems management and monitoring strategies. The additional capital from this financing allows us to invest even more in our industry-leading products while also extending our go-to-market reach to more organizations around the world.”
SignalFx pioneered the use of streaming analytics for monitoring cloud infrastructure and applications, building a highly scalable, low latency platform that can process massive amounts of data using advanced data science to accurately identify patterns of behavior and alert on anomalies in seconds. In November the company further increased the technical leadership of its platform by adding Microservices APM™, the industry’s first real-time application performance monitoring solution designed to accelerate the troubleshooting and triaging of microservices-based applications. Microservices APM is powered by a unique NoSample™ architecture that observes every transaction—instead of just a small random sample—and accurately reports on every anomaly.
SignalFx was founded in 2013 by the original developers of Facebook’s metrics-based monitoring solution (ODS), one of the industry’s first DevOps monitoring platforms. During the last two years, the company has expanded its executive bench to include: Chief Operating Officer Mark Cranney, Chief Financial Officer Mark Resnick, Executive Vice President of Engineering Leonid Igolnik, Chief Marketing Officer Tom Butta, and Chief People Officer Laura MacKinnon.
In February, SignalFx announced the opening of a Research and Development Support Office in Krakow, Poland and expanded sales operations throughout EMEA and Australia. Global headcount is now 270 and growing.