Data Observability Funding Soars: Unveiling Growth Trends and Top Investors Shaping the Future
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The data observability industry is quickly becoming a cornerstone of the tech industry, especially for companies that rely on accurate, real-time data. With growing pressure to avoid costly data errors, it’s no surprise that the sector has captured the attention of investors.
In 2022, funding for data observability companies skyrocketed by 220%. Venture capitalists and angel investors are putting millions into startups to meet the rising demand for dependable data tools. As of 2024, the industry is valued at $2.68 billion, a testament to the massive capital influx over the past few years.
What’s driving this surge? It’s simple: companies across sectors—from finance and healthcare to technology—need better ways to monitor and resolve data issues swiftly. This flood of investment reflects a broader recognition that data observability isn’t just a “nice-to-have” anymore; it’s critical for staying competitive and avoiding expensive errors that could derail operations.
Let’s dive into the funding trends that have shaped the data observability sector over the last decade.
Key Takeaways
- The data observability sector experienced a 220% funding increase in 2022, driven by growing demand for real-time data accuracy tools across various industries.
- Leading companies like Monte Carlo, Cribl, and Grafana Labs dominate late-stage funding, showcasing strong scalability and investor confidence in their long-term potential.
- While larger players attract substantial investment, smaller companies like Middleware and Pantomath face funding challenges, reflecting disparities in market backing.
- Investors increasingly favor AI-driven observability solutions, as seen in Edge Delta and Arize AI, highlighting the importance of automation in managing complex data environments.
- The shrinking time between Series A and B funding rounds in the data observability sector signals rapid scaling potential and continued market growth.
Data Observability Funding: Market Growth and Prevailing Trends
Note: These figures are rough estimates based on available industry reports.
The data observability market is on a steady upward trajectory, doubling in size between 2018 and 2024. Several factors are at play:
- Increasing investor interest
- The widespread adoption of observability tools
- A growing dependency on data-driven decision-making
For startups, the median Series A funding is around $18 million, while companies in the data observability sector are securing an average of $10.49 million—indicating some funding disparities compared to other tech sectors.
In the next section, let’s take a closer look at how much funding these companies are securing in various rounds:
Dominant Players and Market Trends
Note: The following analysis is based on publicly available data for 20 companies in the data observability sector and may not reflect undisclosed funding.
A few dominant players, such as Monte Carlo, Cribl, and Grafana Labs, are scooping up the majority of industry funding. At the same time, smaller firms like Middleware and Pantomath need help to secure substantial backing.
However, the rising number of Series C, D, and E rounds indicates the sector’s maturation. More companies are inching closer to IPOs or acquisitions, showing the industry has staying power.
Companies like Cribl, Grafana, and Observe Inc. have all raised significant late-stage funding due to growing demand for their solutions. Their Series C and D rounds fuel substantial growth, showcasing their scalability and bright futures. The market is consolidating around these leaders, positioning them for continued success as the need for data observability tools intensifies.
Explosive Growth: Data Observability Funding Soars in 2021 and 2022
Note: These funding figures are based on our research of the publicly available funding data for 19 data observability companies and may not reflect undisclosed funding.
The sector experienced a significant funding surge in 2021 and 2022, far outpacing earlier years when investments were more modest. While still a niche within the broader tech landscape, data observability is now growing at a breakneck pace compared to traditional tech startups like fintech and SaaS, which typically see slower, more sustained growth over time.
What caused this sudden influx of capital? Several key drivers contributed to the dramatic rise:
- Accelerated Digital Transformation: By 2021, 60% of global GDP was digitized, making observability tools essential for maintaining data accuracy and operational efficiency in increasingly complex cloud environments.
- Increased Data Complexity: Global data volume exploded from 33 zettabytes in 2018 to an expected 175 zettabytes by 2025. This created a pressing need for observability tools to manage the growing complexity and ensure data reliability.
- Regulatory Compliance: With stricter data privacy regulations like GDPR and CCPA, the $2.1 billion data governance market (as of 2020) has fueled investment in observability tools to help companies comply with these rules.
Funding Timelines and Milestones
Note: These calculations are based on the funding timeline of 19 companies.
The typical timeline from seed funding to Series A for data observability companies averages about 394 days. During this time, companies:
- Build their core products
- Gain traction
- Prove value to investors
Interestingly, the transition from Series A to Series B for data observability companies tends to be shorter, averaging 326 days. This marks a period of rapid scaling as companies move from proving product-market fit to expanding their market reach.
However, the jump from Series B to Series C is the most time-consuming, taking an average of 406 days. As companies grow, the criteria for securing larger funding rounds become:
- More stringent
- Requiring robust revenue models
- Proven scalability
- Strong competitive positioning
This timeline gives us a snapshot of the typical growth curve for data observability companies. The relatively short window between Series A and B suggests these companies are poised for quick expansion. At the same time, the longer wait for Series C funding reflects the higher demands placed on later-stage companies.
Data Observability Company Funding Profiles: Rounds and Growth Trends
Here’s a breakdown of how some of the biggest names in data observability have navigated their funding rounds:
Monte Carlo – Aggressive Late-stage Funding Growth
Investors:
- Accel (Seed Funding)
- GGV Capital (Series A)
- Redpoint (Series B)
- Salesforce Ventures (Series C)
- ICONIQ Growth (Series C)
- IVP ((Series D)
- Webb Investment Network (Series D)
2022 was a challenging year for funding due to the COVID-19 pandemic, prompting investors to take a more conservative approach. Despite this, Monte Carlo raised $135 million in Series D funding.
The company secured substantial Series D investment despite challenging market conditions, thanks to its ability to double its annual recurring revenue (ARR) for several consecutive quarters. Its year-over-year revenue also surged by 800%, which helped capture investors’ trust.
Monte Carlo will use the new capital for investments “across the board,” including:
- Engineering
- Data
- Product
- Go-to-market work
Monte Carlo’s funding trajectory is noteworthy for its aggressive expansion. The company saw a 140% increase from Series B to Series C, followed by a further 125% leap to Series D. Rapid scaling is rare and signals Monte Carlo’s strong market traction.
Investors see Monte Carlo as a potential leader in the observability space, possibly setting its sights on an IPO in the near future.
Edge Delta – Strong but Steady Funding
Investors from the latest funding:
- BAM Elevate
- Earlybird Digital East
- Geodesic Capital
- Kin Ventures
- Cisco Investments (strategic backer)
- ServiceNow (strategic backer)
- Menlo Ventures (previous backer)
- MaC Venture Capital (previous backer)
- Amity Ventures (previous backer)
Edge Delta competes in a crowded market with heavyweights like Datadog, Splunk, and New Relic. However, what distinguishes the company is that it’s the first and only edge observability platform offering a modern approach to data analytics. Tim Tully, former CTO of Splunk, played a key role in Menlo Ventures becoming one of Edge Delta’s earliest investors.
The company recently secured $63 million in Series B funding, which will be used for corporate growth, including:
- Harket and product innovation
- Hiring new talent.
Edge Delta raised $63 million in Series B funding, following a 400% growth from Seed to Series A. While its funding may not match larger competitors like Datadog or Monte Carlo, Edge Delta is positioned for continued growth, focusing on product advancements and expanding its market reach.
Datadog – Consistent Funding with Large Growth Milestones
Investors:
- IVP
- Amplify Partners
- ICONIQ Growth
- Meritech Capital Partners
- Index Ventures
- Accomplice
- Contour Venture Partners
- OpenView
- Amplify Partners
- Index Ventures
- NYC Seed
Datadog’s cloud-scale monitoring platform is SaaS-based, offering monitoring for cloud applications and helping enterprises manage dynamic infrastructure. The company has gained significant momentum, with customers that include major enterprises such as:
- Twilio
- Airbnb
- Netflix
- EA
- Spotify
- Warner Bros. Games
- AdRoll
Note: This graph did not account for undisclosed seed and series D funding. In 2020, Datadog received $748M in funding for post-IPO valuation.
Datadog raised $94.5 million across five rounds, marking a 205% jump from Series C to Series D. This steady progression paved the way for its IPO and established it as a leader in the cloud monitoring space.
The company’s funding progression reflects a well-executed growth strategy. Each round of funding appears to have been carefully timed to align with critical business milestones, such as:
- Product development
- Customer acquisition
- Market expansion
The steady increase in funding highlights strong backing from early and new investors, signaling confidence in Datadog’s ability to maintain its leadership in cloud monitoring and observability.
New Relic – Gradual and Steady Funding Approach
New Relic Investors:
- Slow Ventures
- Wellington Management
- T. Rowe Price
- Fidelity
- BlackRock
- Passport Ventures
- Tenaya Capital
- Trinity Ventures
- Insight Partners
In August 2023, private equity firms Francisco Partners and TPG successfully negotiated the acquisition of New Relic for $6.5 billion. In May, the firms initially offered over $90 per share, but New Relic rejected the bid, deeming it insufficient.
After walking away from negotiations, Francisco Partners and TPG returned in July when New Relic’s business had slowed due to reduced technology spending. This shift led New Relic to lower its price expectations, allowing both parties to settle on a final deal at $87 per share. This strategic pause saved the private equity firms hundreds of millions of dollars. Once the acquisition is complete, New Relic will transition to a private company.
Note: In February 2013, New Relic received $80M in conventional debt funding. In 2008, undisclosed seed funding was also obtained. Both funding amounts were not included in the graph.
New Relic’s funding progression has been more moderate than that of some newer companies, such as Monte Carlo. For instance, there was a 67% increase between its Series A and Series B rounds. This suggests that New Relic prioritized sustainable growth, focusing on reaching critical business milestones before seeking additional capital, in contrast to the rapid, high-funding rounds seen in newer startups.
Middleware – Modest Early-Stage Funding with Growth Potential
The seed round was led by 8VC and included participation from:
- Fin Capital
- Guillermo Rauch, CEO and founder of Vercel
- Tokyo Black
- Angel investors and additional funds such as:
- Decent Capital
- Begin Capital
- Beat Venture
- Gokul Rajaram
Middleware aims to simplify cloud observability by offering AI-driven solutions to analyze the vast amounts of data generated by modern architectures such as microservices, Kubernetes, and distributed systems. The company emerged from Y Combinator’s Winter 2023 batch, and its seed funding will be used to:
- Grow its team
- Develop new features
- Acquire more customers
Although Middleware is a smaller player in data observability, its ability to secure early-stage funding demonstrates promise for future expansion. While its current funding may be modest compared to larger competitors, its steady growth suggests it is well-positioned for continued success.
Pantomath – Rapid Early-Stage Funding Escalation
Pantomath Series A investors:
- Sierra Ventures
- Additional participation came from:
- Bowery Capital (Seed investor)
- Epic Ventures (Seed investor)
Pantomath is a data pipeline observability and traceability platform designed to help businesses ensure data reliability. It offers real-time monitoring, automated cross-platform pipeline lineage, and rapid troubleshooting. Using AI-driven tools, Pantomath detects data reliability issues, provides root-cause analysis, and automates impact assessments.
The company plans to use its $14 million Series A funding to:
- Innovate through AI
- Expand into new markets
Pantomath raised $4 million in Seed funding in March 2022, followed by $14 million in Series A by September 2023, marking a 250% increase. This rapid growth shows that the company gained significant traction quickly, positioning itself as a competitor to larger players like Monte Carlo and Edge Delta.
Sierra Ventures led the Seed and Series A rounds, reflecting strong investor confidence. This suggests that early backers see long-term potential in Pantomath, which could result in further substantial funding rounds.
Kloudfuse – Cautious Early-Stage Funding
Investors:
- Newlands, a global investment partnership
- Additional investors include:
- Blumberg Capital
- Aspenwood Ventures
- High Sage
- Exponent
Kloudfuse is a Cupertino, CA-based startup founded by Krishna Yadappanavar, Pankaj Thakkar, and Ashish Hanwadikar in 2021. The company offers a data lake platform for unstructured observability data, enabling customers to analyze metrics, events, logs, and traces from various applications and machines.
Kloudfuse raised $3 million in Seed funding in July 2022. This early-stage funding indicates that Kloudfuse is still focused on product development and market entry.
The seed round shows that investors bet early on the company’s potential. However, it must prove product-market fit before moving toward larger funding rounds like Series B.
Observe Inc. – Steady Funding with Significant Jumps Between Rounds
Investors:
- The Series B round was led by:
- Evolution Equity Partners
- Madrona Ventures.
- Additional investors include:
- Capital One Ventures
- Sutter Hill Ventures
Observe is a SaaS observability company that helps organizations efficiently manage, store, and analyze machine-generated data. The company focuses on simplifying the complexity of troubleshooting modern IT stacks through a single data lake and a unified user interface.
Observe has seen over 200% year-over-year growth, with a Net Revenue Retention (NRR) exceeding 190%, bolstering investor confidence. As a result, the company secured $145 million in Series B funding, which will be used to:
- Expand its engineering and sales teams
- Further develop Project Voyager
The company has experienced notable funding growth, raising $15 million in Seed funding in December 2019, $35 million in Series A in June 2021, and $70 million in Series B in September 2022. The 100% increase from Series A to Series B highlights strong market traction and investor confidence in Observe’s potential for future success.
Splunk – Slow and Steady Funding Progression
Investors:
Starboard Value
- Hellman & Friedman
- Silver Lake
- Akkadian Ventures
- TCV
- August Capital
- Ignition Partners
- JK&B Capital
- Sevin Rosen Funds
Splunk is a data analytics company that monitors, analyzes, and visualizes machine-generated data from various sources. Its observability offering focuses on helping organizations monitor complex modern applications, including:
- Microservices
- Multi-cloud environments
- Serverless architectures
In 2012, Splunk went public with a highly successful IPO. Shares were priced at $17 but opened at $31.98, closing the day with a 108% increase. This strong debut raised $230 million, reflecting growing interest in tech IPOs and setting a foundation for its data analytics and observability market growth.
Note: Splunk secured an undisclosed sum in its most recent funding round, a post-IPO round held on October 17, 2022.
Splunk’s gradual increase over several years reflects a more cautious growth trajectory than today’s fast-paced startups. While its funding rounds were smaller than newer entrants like Cribl or Datadog, Splunk built a strong foundation early on, focusing on long-term scalability.
Metaplane – Fast-tracking Through Early-stage Funding
Investors:
- The Series A was led by Felicis Ventures, with participation from:
- Khosla Ventures
- Y Combinator
- Flybridge Capital Partners
- Stage 2 Capital
- B37 Ventures
Metaplane’s core offerings include automated monitoring, anomaly detection, and lineage tracing to ensure data reliability and assess impact. The platform also provides visualization tools and integrates seamlessly with systems such as:
- Fivetran
- Hightouch
- Airflow
- Jira
Metaplane raised $8 million in Seed funding in September 2021, followed by $32 million in Series A in January 2023, marking a 300% increase. This rapid financing growth shows the company’s significant progress in product development and market traction between rounds.
Positioned as an early-stage standout in data observability, Metaplane has attracted strong investor confidence, similar to companies like Edge Delta. The swift jump from Seed to Series A reflects early product-market fit and investor optimism for the company’s future growth.
Cribl – Exponential Funding Increase in a Short Time Frame
Cribl’s investors for its Series E round include:
- GV (Google Ventures) (lead investor)
- GIC
- CapitalG
- IVP
- CRV
Cribl is a data management company that provides vendor-agnostic solutions to process, route, and analyze IT and security data. Their platform helps enterprises efficiently manage data from various sources, offering tools like:
- Cribl Stream, an observability pipeline
- Cribl Edge, an intelligent agent
- Cribl Lake, a turnkey data lake
Cribl’s valuation of $3.5 billion in its Series E round places it in the upper tier of the data observability and management market. The company plans to use the funding raised in its Series E round to:
- Accelerate product development
- Expand its global presence
- Strengthen its infrastructure to support rapid growth.
Cribl’s rapid rise in funding shows it is moving quickly to capitalize on the growing demand for data observability tools. In fact, the large Series B round suggests Cribl is scaling aggressively, possibly expanding its product offerings and market reach.
Databand (IBM) – Measured but Solid Funding Growth
Investors:
- The Junction (Pre-Seed Round)
- Differential Ventures (Seed Funding)
- Accel (Series A)
- Blumberg Capital (Series A)
- Lerer Hippeau (Series A)
- Bessemer Venture Partners (Series A)
- Ubiquity Ventures (Series A)
Databand is a data observability platform dedicated to ensuring the reliability and health of data pipelines. By leveraging AI and big data analytics, the platform helps organizations monitor, detect, and resolve pipeline issues, such as anomalies.
The company plans to use its $14.5 million Series A funding to expand its team, grow its customer base, and diversify its product offerings. Their focus is on enhancing the platform’s ability to:
- Detect and remediate data pipeline anomalies
- Improve data observability
- Strengthen reliability for organizations
Note: The amount of seed funding remains undisclosed, though it was led by Blumberg Capital.
As data observability becomes increasingly critical, Databand’s Series A will likely be used to expand its product features and customer base. While Databand may not have secured as much funding as companies like Cribl or Monte Carlo, its steady growth reflects a more measured approach to scaling.
Coralogix – Rapid Scaling with Substantial Funding Rounds
- The Series D round was co-led by:
- Advent International
- Brighton Park Capital
- Other participating investors include:
- Revaia Ventures
- Greenfield Partners
- Red Dot Capital Partners
- Eyal Ofer’s O.G. Tech
- StageOne Ventures
- Joule Capital Partners
- Maor Investments
Coralogix offers full-stack observability with key features covering logs, metrics, tracing, and security. Its Streama technology delivers real-time insights into observability data without relying on storage or indexing, reducing users’ costs by 40-70%.
The company plans to use its $142 million Series D funding to:
- Expand its go-to-market, product, and R&D teams
- Develop and enhance its full-stack observability platform
- Continue improving its Streama technology
Investors are confident in Coralogix’s growth potential and ability to dominate the observability space. With this significant Series D round, the company is set for aggressive expansion, likely into new markets and product areas.
Acryl Data – Gradual Yet Significant Early-Stage Funding Growth
- The Series A round was led by 8VC, with additional participation from:
- Sherpalo Ventures
- Guillermo Rauch, CEO of Vercel
Acryl Data’s platform helps data teams move from visibility to insight, from insight to action and automation, improving productivity and reducing the time needed to resolve data issues. Its real-time observability module, Observe, monitors data quality and helps prevent breakages, leading to faster resolution of data problems.
The company plans to use its $21 million Series A funding to:
- Expand its enterprise data catalog platform
- Develop new AI features to curate metadata intelligently
- Launch AI-powered tools that generate summaries of data catalogs
Acryl Data raised $9 million in Seed funding in June 2021, followed by $15 million in Series A in July 2022, marking a 200% increase. This growth trajectory suggests the company is gaining traction early in its journey. While smaller than some industry giants, Acryl Data’s rapid funding growth indicates strong potential for future expansion.
Grafana Labs – Massive Laye-stage Funding with Sharp Increase
Investors across multiple rounds include:
- Lightspeed Venture Partners
- Sequoia Capital
- JP Morgan
- Coatue
- GIC
- Lead Edge Capital
Grafana’s open-source observability platform, initially a side project by co-founder Torkel Ödegaard, has grown to over 20 million users worldwide. The company has exceeded $250 million in ARR and expanded its paying customer base to more than 5,000, up from 2,000 in 2022.
The 380% increase from Series B to Series C is one of the largest seen in the observability space, reflecting strong investor confidence in Grafana Labs’ ability to scale. This significant round positions Grafana Labs as a major player in the observability market, providing substantial capital to support its growth.
DataOps – Slow and Cautious Funding Growth
The funding round was led by Notion Capital, with participation from:
- Anthos Capital (strategic investor)
- Snowflake (strategic investor)
DataOps.live provides a DataOps platform that brings DevOps principles to data science and operations, helping companies manage and streamline their data workflows. The platform is especially effective for working with data housed in Snowflake.
The company has experienced rapid growth, with a 400% increase in revenue run rate over the last fiscal year. In the past year alone, the platform has facilitated over 1 million pipelines, orchestrated 10 million jobs, and performed 50 million data tests.
The $5 million seed round gives DataOps.live enough capital to continue building its product and gain early market traction. However, the company may be preparing for a larger Series A round in the near future.
Arize AI: Large Seed Round Signaling Strong Early Confidence
- The Series B funding was led by TCV.
- Other participating investors include:
- Battery Ventures
- Foundation Capital
- Swift Ventures
Arize’s platform is favored by ML engineering teams for its automated workflows and analytics designed to improve model performance. The company’s customer base includes well-known names such as:
- Spotify
- eBay
- Chime
- Neustar
- Nextdoor
- New York Life
- Stitch Fix
Arize AI plans to use its $38 million Series B funding to:
- Scale its machine learning (ML) observability platform
- Continue enhancing its capabilities for monitoring and troubleshooting ML models
Arize raised $19 million in Seed funding in March 2021, a sizable round for a seed-stage company. This significant funding suggests that Arize is well-positioned to aggressively build its product and expand its market presence.
Axiom – Solid Seed Funding with Potential for Rapid Future Growth
Crane Venture Partners (led the $4M seed round) with participation from:
- LocalGlobe
- Fly VC
- Mango Capital
Notable angel investors:
- Nat Friedman (former Xamarin founder, current GitHub CEO)
- Adam Wiggins (Heroku co-founder)
Axiom’s platform aims to solve the challenges DevOps teams face when managing machine data, which often involves complex and expensive infrastructure. The company’s solution simplifies this by offering a more cost-effective platform for data storage and analysis.
The $7 million seed funding gives Axiom the capital to refine its product and potentially enter the market. If the company demonstrates strong product-market fit, a Series A round could be on the horizon.
Leading Investors in Data Observability
As data grows more complex, so does the need to monitor and manage it effectively. Investors are taking note, pouring significant funds into data observability solutions that promise to transform how companies handle their data. This surge in investment highlights the increasing demand for tools that can ensure data reliability, as shown by the rapid growth and substantial funding in the past years.
8VC: Middleware and Acryl Data
8VC, a venture capital firm based in San Francisco, focuses on early-stage investments in technology startups. Since its founding in 2015 by Joe Londsdale, Alex Kolicich, Jake Medwell, and Drew Oetting, the firm has supported a variety of sectors, including:
- Software
- Biotechnology
- hardware
8VC’s data observability investments reflect a clear interest in the diverse challenges of observability. Middleware simplifies cloud observability by using AI to monitor distributed systems and microservices in real-time, which helps manage the complexity of modern infrastructures. Meanwhile, Acryl Data addresses the need for metadata management and data governance across decentralized ecosystems.
Battery Ventures: Datadog and Arize AI
Much like 8VC, Battery Ventures has demonstrated a strong interest in the data observability space. Founded in 1983, Battery Ventures is a global investment firm with offices in the U.S., Europe, and Israel. The firm has raised over $13 billion and invests in companies at various stages, from early to growth, primarily within the technology sector.
Battery Ventures has diversified its observability investments across different platforms. Datadog provides a cloud-scale monitoring solution, offering observability across metrics, logs, and traces to ensure the performance of cloud applications. In contrast, Arize AI focuses on machine learning observability, allowing companies to monitor AI models for issues like model drift and performance degradation.
Guillermo Rauch (Vercel CEO): Middleware and Acryl Data
Guillermo Rauch, CEO of Vercel, has also invested in Middleware and Acryl Data. Rauch, a seasoned entrepreneur, is well-known for his contributions to the development of Node.JS and for co-founding several startups.
Rauch’s investments align with his focus on improving developer performance using Vercel’s frontend platform. Middleware’s real-time observability solution ensures that cloud-based systems run smoothly, while Acryl Data’s platform provides metadata management and data lineage for decentralized infrastructures.
Conclusion
The data observability industry is experiencing unprecedented growth, with funding trends reflecting increased confidence in the sector’s long-term potential. Leading companies like Monte Carlo, Cribl, and Grafana Labs are securing large funding rounds, positioning themselves for continued expansion. As demand for real-time data monitoring intensifies, the market is consolidating around a few key players, setting the stage for future mergers, acquisitions, and technological advancements.
Sources
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