SaaS Provider Datadog Receives $94.5 Million Series D Funding Round
January 13, 2016
SaaS provider Datadog has received $94.5 million investment in a Series D funding round. The company, which has headquarters in New York, United States, competes with companies like IBM and HP by providing Cloud Monitoring-as-a-Service (CMaaS) options to companies of a range of sizes, including giants like Salesforce, Google, Zendesk, and Airbnb. Its solutions monitor metrics and usage, and provide a number of alerts to determine how well apps are running in the cloud. The funding was led by Iconiq Capital, a financial services provider based in San Francisco, California, United States. Existing investors include venture capitalists like Index Ventures, OpenView Ventures, and Amplify Partners.
The latest round of investment brings total investment in the company to date to $148 million - the company was established in 2010. The investment rounds off what has been a very successful period for the company. Since 2011 it increased revenue by 300%, but then last year increased revenue by the same amount again. The latest investment will be used to increase staffing (the company currently employees 180 people mainly in the United States) and push into the European, Asian and South American markets.
Datadog’s services pulls together data from a range of infrastructures and software. The data is aggregated and shown through a control panel in a fashion that its customers can understand. The data allows customers to determine the efficiency of their networks and address issues that might occur in the future (outages, etc.). While other solutions on the market offer a similar services, Datadog’s provides the widest range of features.
“Datadog is fortunate to count some of the most well-known names in the enterprise among our customers, and we will continue to focus on expanding integration and finding new ways to monitor cloud applications to optimize enterprises’ legacy and cloud infrastructures,” explained the company’s cofounder and CEO, Olivier Pomel. “This new funding will allow us to bring new products to market and to continue our international expansion to keep up with market demand as the transition to public and private cloud platforms keeps accelerating.”