Chronosphere Announces Record Revenue, Customer and Employee Growth

NEW YORK, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Chronosphere, the company redefining monitoring for the cloud-native world, today announced record momentum as it heads into Q4 2021.

"Chronosphere is filling a much needed gap in the marketplace with a scalable, reliable and cost efficient cloud-native monitoring solution. The Chronosphere team has accomplished a tremendous amount in a very short period of time -- they are now one of the fastest growing companies in the Greylock portfolio," said Jerry Chen, partner at Greylock.

Today’s monitoring tools are not equipped to handle the complex and dynamic nature of cloud-native environments and while the recommended open source tools like Prometheus help get companies started, they do not scale.

Chronosphere delivers scalable, reliable and customizable monitoring purpose-built for companies adopting cloud-native. Chronosphere not only allows customers to keep pace with the massive amounts of monitoring data produced by cloud-native environments but it also 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 and control is the first of its kind in an industry notorious for unexpected and uncontrollable monitoring bills. Chronosphere empowers cloud native engineering organizations to control for data volumes, rampant costs and organizational friction that comes from rapid scale and technical complexity.

Chronosphere’s product is powered by the open source metrics engine M3 that Chronosphere co-founders Martin Mao, CEO, and Rob Skillington, CTO, developed while at Uber and scaled to be one of the largest production monitoring systems in the world, storing tens of billions of time series and analyzing billions of data points per second in real-time.

Martin said: “I’m incredibly proud of the growth we’ve achieved so far this year. We’re helping some of the most advanced engineering organizations in the world gain reliable visibility of their cloud-native workloads while simultaneously helping them control their rampant growth in data volume and cost. These are challenges that no other SaaS provider has been able to address.”

Chronosphere set new records so far this year:

Revenue Growth
Chronosphere’s multi-million dollar annual recurring revenues saw more than 9 times growth as the company continues to do 6 and 7 figure deals.

Customer Growth
Chronosphere continued to onboard customers from startups to well-known global brands in the Fortune 500. Chronosphere also saw existing customers significantly expand their usage.

PlanetScale Vice President of Engineering Nicholas Van Wiggeren said: "Chronosphere provides PlanetScale with best-in-class observability without the operational overhead of running complex tooling ourselves."

Abnormal Security Software Engineer Dhruv Purushottam said: “We evaluated the market thoroughly and found that Chronosphere was the only solution with a first-class focus on both scale and cost management. The expertise they had built from running M3 at Uber was obvious, and we reaped the benefits of their team's knowledge immediately. We found their team to be attentive and deeply focused on solving their customers' problems.”

Employee Growth
Chronosphere added more than 40 employees this year, nearly doubling its employee count from 45 to more than 80. The new hires included a head of product marketing, head of growth marketing and head of sales to form a GTM leadership team to meet the unprecedented demand for Chronosphere. This year the company also transitioned to be remote-first.

Series B Growth Funding
In January this year, Chronosphere announced $43.4 million in Series B funding, bringing the total raised to $55 million. The round was led by previous investors Greylock, Lux Capital and venture capitalist Lee Fixel with participation from General Atlantic.

Industry Recognition
Chronosphere has received numerous industry accolades since it was founded in 2019. The company has been named a Gartner Cool Vendor in Performance Analysis[1], a Vendor to Watch by EMA, one of the 50 most promising startups by The Information, one of 31 commercial open source software startups that will thrive during Covid in Business Insider, a Startup to Watch by Built In NYC and The Startup Weekly’s 2021 Diverse & Inclusive Employer award.

About Chronosphere
Chronosphere’s mission is to enable organizations to operate reliably at scale and make precise, data-driven decisions. Chronosphere provides solutions that are best-in-class in scale, performance, reliability and cost efficiency. Chronosphere is backed by Greylock, Lux Capital, General Atlantic and Lee Fixel. For more information, visit https://chronosphere.io or follow @chronosphereio.

[1] Gartner, Cool Vendors in Performance Analysis, by Padraig Byrne and Gregg Siegfried, 5 October 2020 (report available to Gartner subscribers here: https://www.gartner.com/document/3991389)

Media and Analyst Contact:
Amber Rowland
amber@therowlandagency.com
+1-650-814-4560

 

Image: https://www.globenewswire.com/newsroom/ti?nf=ODMyODQ2OSM0NDEyNjIyIzUwMDA2OTE3OQ==
Image: https://ml.globenewswire.com/media/NTI3NGZjNzctNjJmZC00MTY3LWExN2MtOWUxNDdhM2JkOTMwLTUwMDA2OTE3OQ==/tiny/Chronosphere.png

Image: Primary Logo

Source: Chronosphere

News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.