Company to Use Funds to Extend Leadership in Digital Experience Visibility for Rapidly Growing $206 Billion Cloud Market
ThousandEyes, the company that provides actionable intelligence into digital experience for the cloud, Internet, and enterprises, today announced it has raised $50 million in a Series D round of funding led by GV (formerly Google Ventures), bringing ThousandEyes’ total funding to more than $110 million.
Additionally, Thomvest Ventures joined the round as a new investor alongside existing investors Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures and Tenaya Capital.
The new funds will be used to execute on the company’s strategic growth initiatives, including the acceleration of go-to-market activities and expansion of global operations while continuing to invest in digital experience innovations that drive customer success.
“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,” said Dave Munichiello, General Partner at GV. “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. 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.”
As applications, services and workloads have moved off-premises and into the cloud at a staggering rate, IT teams are often ill-equipped to troubleshoot problems impacting the digital experience of their customers and employees as they no longer own or operate the entire service delivery path. If something breaks outside of their four walls, they are completely blind to find who’s at fault, wasting precious time, reducing productivity, losing revenue, and potentially impacting brand perception.
ThousandEyes empowers IT teams with instant visibility into the entire service delivery path—including the cloud, Internet and end-user—putting control back into the hands of IT. Now, they can see, understand and improve the digital experience of every website, service and app, and can identify issues before they impact customers and employees.
Key FY19 Successes Fueling Strong Business Trajectory into 2019 and Beyond
ThousandEyes also today shared year-end results and key accomplishments from its fiscal year 2019 (FY19), which concluded on January 31, 2019. ThousandEyes closed out the year with significant revenue growth in both global and domestic markets, most notably in technology, financial services and retail markets. ThousandEyes now counts 20 of the 25 top SaaS companies, six of the top seven U.S. banks, and four of the top five UK banks as customers, plus more than 65 of the Fortune 500 and over 120 Global 2000 companies.
“ 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,” said Mohit Lad, co-founder and CEO, ThousandEyes. “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 $206 billion cloud market.”*
Key company milestones achieved in FY19 included:
Growth and Global Expansion – ThousandEyes opened new operations in Ireland, Australia, Germany and The Netherlands. Full-time employee headcount increased by 25 percent, growing to more than 250 employees around the globe across the new regions, the existing San Francisco headquarters, London, Austin, New York and Tokyo offices.
Product Innovation – ThousandEyes is on a continuous release cycle, seamlessly delivering significant product and feature enhancements every two weeks. In FY19, ThousandEyes notably delivered several product innovations in the areas of usability, enterprise integrations, data visualisation and endpoint-based monitoring. Additionally, ThousandEyes delivered Network Intelligence coverage for multi-cloud environments, plus it expanded its global coverage to include additional US broadband ISPs, dozens of new Network Intelligence vantage points globally, plus a significant increase in IPv6 vantage points.
Industry recognition – Credit Suisse recognised ThousandEyes as one of just five companies it considered to be disruptive of traditional enterprise IT in 2018, plus, ThousandEyes was named the Best Data-Driven SaaS Product in the 2018 SaaS Awards. Additionally, ThousandEyes ranked among the top 25 Highest Rated Private Cloud Computing Companies To Work For by Glassdoor and Battery Ventures, was nationally certified as a great workplace, and recently was named a best place to work in Austin, TX.
Additions to a World Class Executive Team – Murtaza Doctor was named vice president of engineering, joining the company from AWS. Additionally, Jennifer Taylor, who brings 18-plus years of human resources experience, joined the company as vice president of global people operations.
Expert Analyses – As part of the commitment to ongoing industry education, in FY19, ThousandEyes produced ground-breaking industry research to help global businesses and IT leaders make data-driven decisions when it comes to selecting both DNS and public cloud providers, including the 2018 ThousandEyes Global DNS Performance Report and the 2018 ThousandEyes Public Cloud Performance Benchmark Report. Additionally, throughout the year, ThousandEyes leveraged its global network of vantage points to monitor network and application performance around the world, detecting and pinpointing major outages and service disruptions that significantly reduced the number of services available to users. Most notably, ThousandEyes was first to provide details on one of the biggest global outages of the year, which occurred when Google traffic was mistakenly routed through Russian and Chinese ISPs, resulting in partial service disruption. ThousandEyes also detected a major Comcast fiber-cut outage that cut off or slowed down service for millions of Internet users, even beyond Comcast’s customer base. Additionally, the company reported multiple AWS service outages, including one involving the hijacking of its DNS service, Route 53.