Chronosphere Triples Growth as Cloud Native Transformation Accelerates
Key leadership hires and expanding customer base, including Snap and Robinhood, signals industry's confidence in Chronosphere's cloud native observability solutions
NEW YORK, Sept. 21, 2022 /PRNewswire/ -- Chronosphere, the only cloud native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud native complexity, today announced that it has tripled its Annual Recurring Revenue (ARR) and employee count over the last 12 months, making it one of the industry's fastest growing companies. The organization attributes its accelerated growth to the massive shift to cloud native workloads and the inherent increase in data complexity, infrastructure and management costs.
Founding executives Martin Mao and Rob Skillington led the development of the M3 open source metrics engine to solve massive scale challenges at Uber — forming the kernel of what is now Chronosphere's cloud native observability platform. The company has pioneered a new category of cloud native observability that allows users granular control of their data. Legacy infrastructure monitoring and Application Performance Monitoring (APM) tools are not built for cloud native speed and complexity and over-index on capturing the data (i.e., metrics, logs, and traces), and leave organizations with expensive solutions that don't help them remediate critical customer issues faster. Chronosphere's cloud native observability platform provides immediately actionable detection of customer-facing issues — speeding up time to remediation, streamlining engineering workload, and improving the end-user experience.
"The technology industry is experiencing a momentous shift to cloud native, yet companies are facing challenges caused by ever-growing, complex data. Without the proper tools to monitor, triage, understand and manage this deluge, application downtime becomes more frequent, engineering teams burn out and costs rise," said Mao. "Chronosphere's incredible growth over the past year not only speaks to the demand for cloud native observability, but is a testament to our ability to help our customers think about observability in new ways so they can achieve positive business outcomes."
Chronosphere's financial growth has been bolstered by significant expansion in several key areas over the past year, that include a diverse customer base, innovative technology stack, and experienced leadership team.
Significant customer growth
By utilizing Chronosphere's cloud native observability platform, companies have reduced their observability data footprint by an average of 48%. On top of the savings from storing and managing less data, Chronosphere's customers significantly reduce total cost of ownership by freeing up engineering time, saving millions of dollars in operating costs and delivering more reliable services to their digital-first user bases. As the only cloud native observability solution providing customers complete control over their data resolution and retention, Chronosphere has recently attracted some of the largest consumers of cloud native infrastructure in the world including Snap, Robinhood, Abnormal Security, Aurora and one of the largest real estate platforms in the world — all organizations that manage tens of millions of daily users and promise an always-on experience. These new customers join an impressive roster of existing enterprise clients that include DoorDash and Visa. Over the last year, even as many organizations began scaling back spending, more than 90% of Chronosphere's customers have also expanded their contracts.
"Having a reliable observability function is essential for Snap — our users expect our app to always be available," said Kamran Tirdad, Head of Application Infrastructure at Snap. "Our previous observability solution was taking up a lot of engineering bandwidth and was unable to meet our cost-management standards. Chronosphere helps our team shift from self-managed open source observability to a cloud native observability platform that provides consistent insight and understanding into our infrastructure as we evolve and scale. With Chronosphere, we expect to increase metrics cost efficiency and free up engineering time previously spent on operating an in-house open source observability stack."
According to the recent report by 451 Research, a part of S&P Global Market Intelligence, "Chronosphere Aims to Tame Runaway Observability Data and Costs," by William Fellows and Jean Atelsek, "Chronosphere believes its differentiation is on addressing the root cause of customer-facing issues — not hyper focusing on metrics, logs and traces. The main event is introspecting applications to understand what is going on. In this case, less is more: prioritizing more important data enables faster detection and resolution."
Industry Veterans Join Chronosphere's Growing Leadership Team
Chronosphere tripled its number of employees in the past year to 227, helping fuel the company's rapid customer and financial growth. Among its new hires are three key additions to the C-suite, Scott Mersy, Chief Marketing Officer; Adrian Seet, Vice President of Finance; and Bryan Dell, Chief Revenue Officer.
Chronosphere is the only cloud native observability platform that puts engineering organizations back in control by taming rampant data growth and cloud native complexity while accelerating innovation. Faster alerts and issue resolution ensures responsive and reliable cloud native workloads underlying the most valuable services at leading organizations like DoorDash, Robinhood, and Abnormal Security. Teams at organizations of all sizes trust Chronosphere to help them drive competitive advantage and world-class customer experiences while reducing engineering burnout and eliminating lock-in. Chronosphere is a remote-first company, backed by Greylock, Lux Capital, General Atlantic, Addition and Founders Fund. For more information, visit https://chronosphere.io or follow @chronosphereio.
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