Observe Raises $145 Million in Series B

by Kay Aloha Villamor in September 27th, 2024

Observe, a San Mateo, CA-based SaaS observability company, has raised $145 million in Series B funding. 

The company also announced the launch of "Project Voyager," its most significant product update to date, which includes an AI Investigator and OpenTelemetry-Native APM.

Investors 

The funding round was led by Evolution Equity Partners and Madrona Ventures. Soma Somasegar from Madrona Ventures will join Observe's board of directors. 

Evolution Equity Partners, headquartered in New York City, partners with rapidly growing cybersecurity software companies that safeguard our digital world. The firm has invested in over fifty cybersecurity companies, building a growing portfolio of market leaders. 

Madrona Ventures is a seed, early-stage, and acceleration-stage investor and partner for founders. With over 25 years of experience, Madrona has invested in startups across the Pacific Northwest and the U.S., focusing on machine learning, AI, marketplaces, DevOps, biotech, and a wide range of technology sectors. 

Observe Use of Funds 

The funding will be used to build out Observe’s engineering and sales functions further. 

About Observe 

Observe is a SaaS company specializing in observability solutions. It focuses on reinventing the way business data is stored, managed, and analyzed. Observe eliminates silos of logs, metrics, and traces by storing all data in a single, more cost-efficient data lake. By integrating various telemetry data into a single observability product, Observe helps Engineering, DevOps, and Site Reliability Engineering (SRE) teams effectively address incidents and enhance the overall customer experience. The company now serves nearly 100 customers, including major enterprises like Capital One and the Commonwealth Bank of Australia. 

Funding Details 

Company: Observe, Inc. 

Raised: $145.0M 

Round: Series B 

Funding Date: September 2024 

Lead Investors: Evolution Equity Partners, Madrona Ventures 

Additional Investors: 

Company Website: https://www.observeinc.com/  

Software Category: Observability Solutions 

Source: https://www.prnewswire.com/news-releases/observe-inc-introduces-ai-powered-observability-closes-series-b-funding-of-145m-302259523.html 

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