Wavefront raises $52 million for its cloud-based data analytics software
Wavefront, a Palo Alto-based startup behind a metrics monitoring cloud application for enterprises and SaaS companies, announced recently that it closed a $52 million investment led by Tenaya Capital.
Thought the startup wouldn’t offer specific figures, it said Wavefront’s valuation has quadrupled since its $13.5 million series A investment. Wavefront plans to “accelerate research and development” to expand its offerings and bring its workforce to 70 employees by the end of 2017.
The service already has companies like Lyft, Groupon, and Microsoft in its customer portfolio.
“Cloud-enabled companies adopting Wavefront get crucially valuable insights that no other monitoring platform can offer, so their business experiences less degradation, fewer outages and more customer success,” said Wavefront CEO Pete Cittadini, who took the position earlier this year.
Previous investor Sutter Hill Ventures and Sequoia Capital also joined Wavefront’s funding round. To date, Wavefront has raised at least $65.5 million.