SaaS observability company Observe Inc. has secured $115M in Series B funding with Snowflake investing. The funding empowers the company to develop its observability product.
Observe Inc., the provider of a SaaS observability solution built and operated on the data cloud, announced a raise of $115 million in Series B funding. The investment was led by Sutter Hill Ventures with participation from Capital One Ventures, Madrona Ventures, and Snowflake Ventures.
In FY2024, Observe Inc. saw remarkable growth with ARR up by 171%, TCV by 194%, and NRR reaching 174%, indicating strong product retention. This funding, secured at a valuation ten times higher than its Series A round four years ago, is set to fuel the company’s growth further.
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(Image Credit: Observe Inc.)
In a recent press release, Jeremy Burton, CEO at Observe Inc. said: “Too many vendors force their customers to look at data their way. That might be perfectly fine when you’re looking at commodity infrastructure, but falls apart when you start to look at the thing you care about the most – your application. Observe not only provides technical context, i.e. logs for a particular pod that crashed – it also provides business context i.e. which customers were affected by the pod that crashed? And that business context varies by customer – Top Golf cares about locations, golf bays, and Angry Birds crashing… but Capital One doesn’t. No one else does this either.
That’s because when we started Observe we never set out to create another tool – there were way too many of them already. We set out to solve the problem of siloed data that wasn’t understandable or navigable by humans – especially the humans running the business! We believed that if we solved that problem, the consolidation of tooling would be inevitable… which is exactly what is happening today.”
Data cloud company Snowflake shared: “Following the investment, Observe plans to develop best-in-class observability features that will help our customers monitor and manage their Snowflake environments even more effectively. Solutions such as out-of-the-box dashboards and new visualizations will empower developers and engineers to accelerate their work and troubleshoot problems more quickly and easily. In addition, because Observe is built on the Data Cloud, our customers will have the option to keep their observability data within their Snowflake account instead of sending it out to a third-party provider. This further simplifies and enhances their data governance by allowing them to keep more of their data within the secure environment of their Snowflake account.”
The latest funding marks a significant step forward, including the release of Project Hubble — scaling to over one petabyte per day and delivering the latest GenAI innovations such as O11y GPT and OPAL Co-Pilot. Additionally, Observe Inc. launched Trace Explorer, enhancing distributed tracing data analysis. The company plans to expand its market presence in North America over the coming year and expects to continue to more than double the size of its business.
About Observe Inc.:
Observe Inc. is a SaaS observability company revolutionizing the storage of machine-generated data. Founded and nurtured by Sutter Hill Ventures in Palo Alto, its founders bring expertise from leading data-focused companies like Snowflake, Splunk, and Wavefront.
In 2023, Observe Inc. launched The Observability Cloud, a unified solution empowering engineers to troubleshoot distributed applications three times faster and at one-third of the cost.
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