Investors shower cloud monitor Datadog with another $94 million
Having raised $53.4 million in three previous funding rounds while enlisting big-brand reference customers like Airbnb Inc., Netflix Inc., Electronic Arts Inc. and Spotify AB, it would seem that Datadog didn’t really need another big slug of money. But it’s taking the cash just the same.
The maker of cloud monitoring software just closed a $94.5 million oversubscribed series D funding round led by Iconiq Capital LLC along with existing investors Index Ventures, OpenView Venture Partners, Amplify Partners, Contour Ventures and others. The new funding comes almost exactly one year after Datadog raised a $31 million series C round. The company said the cash will be used for new product development and to expand operations into Europe, Asia and the Americas.
Datadog is finding its sweet spot with the many enterprises that are wrestling with the complexity that hybrid clouds present. When virtual machines proliferate into the hundreds or thousands, how do you identify individual bottlenecks that may drag down performance across the board?
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