ThousandEyes has announced details of a $50m Series D funding round led by GV.
Last December, network intelligence firm ThousandEyes announced it would be opening a key new office in Dublin. Today (20 February), the company announced that it has raised $50m in a Series D round of funding led by GV, formerly known as Google Ventures. The cybersecurity firm’s total funding now rests at more than $110m.
Major funding injection for ThousandEyes
Thomvest Ventures joined the round as a new investor, along with existing investors Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures and Tenaya Capital.
ThousandEyes plans to use the funds to aid its existing strategic growth initiatives, including accelerating go-to-market activities and expansion of global operations, as well as investing in digital experience innovations.
As the number of apps, services and workloads moving into the cloud continues to grow, this can present worries for IT teams when it comes to troubleshooting issues that involve a service path element they do not own or operate.
ThousandEyes offers broad visibility of entire service delivery paths, including the cloud, internet and end user, to provide more control for IT departments.
General partner at GV, David Munichiello, said: “ThousandEyes is seeing remarkable traction with Fortune 500 customers, and this sustained growth is a testament to the scope of the network visibility problems they continue to solve.”
“As enterprises increasingly rely on applications and services in the cloud, their CIOs and CTOs are losing visibility and control of the networks and outages impacting end-user digital experiences,” Munichiello noted.
He added that ThousandEyes delivers “mission-critical visibility into every network an enterprise relies on, and ultimately has an objective view of enterprise services, clouds and their performance that is unparalleled in the technology ecosystem”.
CEO of ThousandEyes, Mohit Lad, said: “Over the last year, we have seen unprecedented growth as both domestic and international demand for digital experience intelligence continues to increase at an extraordinary pace.”
The company, which was founded in 2010, also shared year-end earnings for its fiscal year 2019, which ended on 31 January of this year. It experienced growth in markets such as technology, financial services and retail, and now counts 20 of the 25 top SaaS companies and six of the top seven US banks as clients, as well as more than 65 of the Fortune 500.
Lad added: “This new funding round will allow us to further invest in both product innovation and global expansion as we quickly find our solution becoming a non-negotiable piece of the modern operations stack that’s necessitated by the rapidly growing $206bn cloud market.”