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Chronosphere Adds Breakthrough Distributed Tracing Capabilities to Observability Platform, Raises $200 Million in Funding

Chronosphere, provider of the leading observability platform for cloud-native, announced that it has added distributed tracing capabilities to its platform. Organizations can now ingest distributed traces at scale, seamlessly integrated alongside with metrics, to more rapidly triage and understand the root cause of problems. This addition extends Chronosphere's platform to have complete coverage across the three phases of observability: notification, triage and root cause analysis. Chronosphere will be showcasing the platform at PromCon North America 2021 and in booth #SU10 at KubeCon + CloudNativeCon North America 2021 next week.

Today's announcement comes on the heels of Chronosphere announcing record momentum with multi-million dollar annual recurring revenues seeing more than 9 times growth so far this year: https://www.globenewswire.com/news-release/2021/09/20/2300029/0/en/Chronosphere-Announces-Record-Revenue-Customer-and-Employee-Growth.html.

Doordash's VP of Engineering Ryan Sokol said: "Chronosphere has been a critical partner as we've transitioned to cloud-native, and their platform has been instrumental during a period of unprecedented growth. In particular, the visibility and control they give us to manage our observability data and costs are a game changer."

Chronosphere delivers scalable, reliable and customizable observability for companies adopting cloud-native. Chronosphere not only allows customers to keep pace with the massive amounts of observability data produced by cloud-native environments but it does so with an order of magnitude more cost efficiency than existing solutions. Additionally, Chronosphere lets customers understand and control their spending and metrics growth, even as the data continues to grow. This level of visibility, control and aggregation is the first of its kind in an industry notorious for unexpected and uncontrollable monitoring bills.

Until now, no one has been able to harness the power of distributed traces to deliver a solution that unlocks distributed tracing's potential and delivers the return on the time and monetary investment. With Chronosphere's cutting edge approach to triage and root cause analysis, Chronosphere solves the challenges that organizations face when adopting distributed tracing, specifically that it is too siloed and lacks context, is too expensive to maintain across the entire system and is too complex and not intuitive. Compatible with open standards like OpenTelemetry, Chronosphere is the only observability platform that allows customers to efficiently collect, aggregate and retain 100% of their distributed trace data without the need for sampling. 

"For years it's been clear that distributed trace data has the power and potential to help customers rapidly get to the root cause of issues, but until now, no solution has found a way to overcome the barriers to implementation and adoption to unlock this power. With this addition, we're helping customers derive an immense amount of value from distributed trace data that previously was left untapped," said Martin Mao, co-founder and CEO of Chronosphere. "Overall, we're seeing an unprecedented demand for our observability platform as more and more organizations make the move to cloud-native." 

The new distributed tracing capabilities, now in preview in production with customers, enable customers to:

              • Extend existing notification and triage workflows with root cause analysis. Start with the broader context from alerts and dashboards and hone in on more granular distributed trace data to quickly understand the root cause of a problem. 

              • Make better decisions with complete data. Capture, store and analyze every distributed trace at scale, allowing users to make the most accurate decisions based on the full distributed trace data set. 

              • Empower both advanced users and beginners. Distributed tracing has suffered from complex tools for too long. To help bridge the gap, Chronosphere offers a guided experience for beginners while still giving power users the freedom to create arbitrary queries of their data set.

Raises $200 Million in Growth Funding, Becomes a Unicorn

Chronosphere also announced $200 million in Series C funding, bringing the total raised to $255 million. This round was led by previous investor General Atlantic, a leading global growth equity firm. Other previous investors Addition, Greylock and Lux Capital and new investor Founders Fund also participated. With this funding, Chronosphere now has a unicorn valuation which it achieved in less than 2 1/2 years. This milestone puts Chronosphere in the top 10 fastest B2B SaaS companies to disclose unicorn status, according to Pitchbook.

Anton Levy, Co-President, Managing Director and Global Head of Technology Investing at General Atlantic, said: "Chronosphere is purpose-built to address the needs of large modern cloud-native enterprises. Sitting at the intersection of the major trends transforming infrastructure software - the rise of open-source and the shift to containers - Chronosphere has quickly become a transformative player in observability. We're excited by the team's ambitious vision, with distributed tracing as yet another solution that differentiates Chronosphere as a next generation leader and paves the way for its continued growth."

Chronosphere plans to use the funding to accelerate hiring across the entire company, from engineering to go-to-market. This will enable the company to rapidly build out new technical capabilities and further extend its lead in the market, as well as tap into new segments.

Published Thursday, October 07, 2021 3:02 PM by David Marshall
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