Boston-based Stackdriver announced Wednesday the close of a $10 million round of Series B funding, led by Flybridge Capital’s Chip Hazard, as well as existing investor Bain Capital Ventures. In addition to the funding, Stackdriver also announced the general availability of their new Stackdriver Intelligent Monitoring, a monitoring-as-a-service solution that uses advanced analytics to proactively identify performance issues and bottlenecks within distributed applications. The program is designed to work natively with Amazon Web Services.
Aimed at Software-as-a-Service companies, the new Intelligent Monitoring builds on Stackdriver’s performance monitoring system that was designed specifically for the cloud. The new system scans entire stacks and tracks billions of metrics, identifies anomalies and outliers, and recognizes patterns to alert customers when a potentially problematic event is impending.
Stackdriver Co-founder Izzy Azeri believes this new service is what really separates Stackdriver from its competitors.
“Most other companies focus on one layer of a stack, but really you have to understand all the layers to fully get the analytics,” Azeri said.
Stackdriver was not actively seeking funding. Rather, the team was approached by several investors based on the growth it has experienced since Azeri founded the company with Dan Belcher in 2012. And Chip Hazard was too good of a partner to pass up.
“We chose Chip because he’s a good person, there was a good cultural fit with him and he has experience building out models to expand to millions of developers really quickly,” explained Azeri.
Interestingly, Hazard had much the same thing to say about why he chose Stackdriver.
“We have a lot of respect for the team,” Hazard explained. “They are high-quality, thoughtful guys.”
He added that there is a “fundamental structural shift to the cloud and [a] monitoring performance service is an important part of that market dynamic,” and that “[Stackdriver] had built tremendous momentum…and they stacked up well against their peer-group universe.”
This latest round of funding brings Stackdriver’s year-to-date financing to $15 million. When asked what the new financing would be used for Azeri told Bostinno:
We plan on hiring and scaling out our sales and marketing organization to reach customers globally. In addition, we believe there’s a lot more technology we can build in the area of analytics to help customers zero in on performance issues and how to remediate them.
The monitoring system has a free version and a subscription, depending on how many cloud environments a customer wants. Current Stackdriver customers include Smugmug, 99designs and Vocalocity.
