Cloud Monitoring Provider Metricly Raises $9 Million Equity Financing to Accelerate Growth
RESTON, Va. : Metricly, a SaaS-based cloud monitoring service built on a machine learning platform, today announced a $9 million Series A round of financing led by Rembrandt Venture Partners and including Bowery Capital. In addition, the company secured $2 million of funding from Western Technology Investment, a pioneering Silicon Valley-based venture debt firm that has made early investments in some of the most successful technology companies since 1980. The proceeds will be used to accelerate engineering and marketing initiatives.
Metricly customers identify 32% of savings on average in their public cloud spending while optimizing the performance of their public cloud-based infrastructure. According to Goldman Sachs' Cloud Quarterly report, the market for public cloud services is estimated to be $57B in 2018 growing to $72B in 2019 with Amazon Web Services owning nearly 50% of the market share.
"Enterprises of all sizes are rapidly migrating their workload to public cloud and new tools are needed to manage this new platform," said Doug Schrier, general partner of Rembrandt Venture Partners. "Metricly's expertise and machine learning algorithms provide the company a unique advantage and set a high barrier to entry against future competition."
The migration to public cloud is justified by lower total cost of ownership, which is achieved by paying only for resources when they are needed. However, as software and infrastructure environments become increasingly complex, organizations find it challenging to adjust their real-time usage of computing resources by manually analyzing data in spreadsheets and configuring rules.
Ranked number one on the list of "Best Cloud Management Tools of 2018" by Computer World, Metricly's self-service offering can be activated in minutes, and is unique in its ability to cross-analyze performance, capacity and cost together using machine learning algorithms, and deliver real-time dashboards, recommendation reports, and dynamic notifications for automated action taking to reduce cloud spending and avoid performance problems.
The company also announced that Mark Roberge and Vik Duggal have joined its advisory board as consultants to help strengthen and scale the company's sales, marketing and customer success management processes to prepare the company for its next phase of growth. Mark was the fourth employee at HubSpot and served as SVP of Global Sales and Services and then Chief Revenue Office through the company's IPO and also serves on Bowery Capital's revenue council. Vik is the founder and CEO of a revenue acceleration agency that operates out of Santa Barbara, California. He has led rapid revenue and operational growth at multiple startups in San Francisco and Seattle with meaningful exits.
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