Financing round underscores platform's impact on helping companies accelerate application development on microservices; Company grows customer base by 300 percent and expands into new verticals
NEW YORK, Jan. 16, 2020 /PRNewswire/ -- Epsagon, a microservices application monitoring company, today announced a $16 million Series A funding round, bringing the company's total amount raised to $20M. New investor U.S. Venture Partners (USVP) led the round with participation from previous investors Lightspeed Venture Partners and StageOne Ventures. The new financing will fuel the next phase in Epsagon's growth, including accelerating product innovation for the company's automated, distributed tracing technology, and investing in sales and marketing to meet global demand from new and existing customers.
Epsagon provides a complete, end-to-end monitoring solution that enables DevOps and engineering teams to monitor, visualize, troubleshoot and quickly fix their cloud applications across any type of microservice — containers, Kubernetes, or serverless workloads. Epsagon's technology is fully automated for modern environments where the host may not be accessible, which makes traditional monitoring agents obsolete. Epsagon is an AWS Advanced Technology Partner with DevOps, Data and Analytics, and Retail Competencies and can integrate with any cloud provider — AWS, Google and Azure clouds — or Kubernetes clusters in less than five minutes.
"Cloud microservices have enabled companies to build applications faster than ever before; yet visibility into what's working and what's running in production remains a challenge," said Nitzan Shapira, CEO and co-founder, Epsagon. "Two years ago, we launched Epsagon to address this blindspot, and today we're continuously evolving our SaaS platform to scale with the growing cloud microservices stack. With this round of funding, Epsagon extends its reach to more customers, delivering the ability to accelerate developer velocity and fix issues in seconds — with payload visibility. Epsagon makes the cloud service model even more attractive to more businesses."
"Epsagon has all the elements of a winning company: a unique vision, unmatched leadership, best-in-class technology, and a roster of industry-leading companies that depend on them to keep the applications that power their businesses running smoothly," said Jacques Benkoski, Partner, U.S. Venture Partners. "The company's growth over the past year demonstrates the leadership team's successful execution of its expansion plans and the position Epsagon has carved out in the marketplace as a must-have solution. We're thrilled to play a part in the company's continued success."
Today's announcement caps off a momentous year for Epsagon. In the past 12 months, the company has more than quadrupled its customer roster and expanded into a number of new verticals including IoT, technology, retail, media, insurance, smart mobility, and telecommunications. The company has also added a number of new customers within these industries including Via Transportation, Volta, Healthline, Freenet Group and Farmer's Fridge.
"As a fast-growing business that runs on the cloud, we needed enhanced visibility into what's working and what's in production in order to keep our application running smoothly — Epsagon provides that and much more," said Ynon Cohen, Development Group Manager, Via Transportation. "Our DevOps and engineering teams turn to Epsagon every day to closely monitor, visualize, and fix any potential issues in our software to ensure our customers are getting the best product and service possible."
Additionally, the company recently announced a partnership with AWS as a Retail Competency Partner and was featured in a keynote at AWS re:Invent focusing on the platform's capabilities for joint retail customers
Epsagon is an automated monitoring and troubleshooting solution for modern microservices applications, based on containers and serverless. Built by a team of experts in APM and cloud infrastructure, the platform uses state-of-the-art distributed tracing and agentless code instrumentation to provide DevOps and engineering teams with visibility into their development and production environments. For more information, please visit https://www.epsagon.com.