ThousandEyes Focuses On Global Growth With $50M Round, Led By Google
Network monitoring company ThousandEyes has raised $50 million in Series D funding, which the company plans to put toward growing its global operations.
The latest round of funding is being led by GV -- formerly Google Ventures -- and brings the company's total funding to more than $110 million in funding so far. Thomvest Ventures joined the round as a new investor alongside existing investors Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures and Tenaya Capital.
ThousandEyes in 2016 raised $35 million in Series C funding led by Tenaya Capital.
ThousandEyes CEO Mohit Lad in his blog post on Wednesday said that even though his company is still working through its last round of investment, ThousandEyes decided to raise its latest Series D round because it’s ready to grow "to the next level" and "make new mistakes."
"We’ve taken a non-traditional funding path since the beginning … I have always believed investments are for scaling and not for surviving. Since our last round in February 2016 we have come a long way, strengthening our product portfolio, bringing strong individuals and leaders into the company, refining our customer acquisition and go to market motion and accelerating our top line," Lad said.
San Francisco-based ThousandEyes specializes in offering actionable intelligence to help enterprises improve their digital experience, especially as applications and workloads move off-premises and into cloud environments. The company's technology can give businesses better visibility into their entire infrastructure to identify issues and outages.
Recently, ThousandEyes opened its doors in Ireland, Australia, Germany and The Netherlands. The company increased his full-time headcount by 25 percent with more than 250 employees across the new regions, the existing San Francisco headquarters, and its London, Austin, New York and Tokyo offices.
Lad said that as the company grew, mistakes were made along the way, such as scaling primarily by building a high velocity inside sales model based on a self-serve version of ThousandEyes that customers didn't fully understand on their own.
"We learned from these mistakes (and others) quickly and made some bold decisions on what we felt were the right things to push on. As we were wrapping up our year, we were seeing clear signs of the start of a different phase in the company — CIOs and CTOs directly involved with the ThousandEyes data and insights, a clear sense of urgency to apply our technology to their key initiatives around cloud adoption and digital transformation, and an increase in new customer business that toppled earlier records like never before," he said.
ThousandEyes said it is seeing traction with Fortune 500 customers, and last year, it had "significant" revenue growth in both domestic and global markets. The company, which was founded in 2010, revealed its channel program in 2016.