Honeycomb plans to use the funds to grow globally and further build out its features. Here are the top-line bullets you need to know.
Honeycomb, a cloud-enabled infrastructure monitoring firm, raised $50M in a Series C. This round drew participation from Industry Ventures, Insight Partners, and Next World Capital, among others.
How’s the company performing?
- California-based Honeycomb’s observability platform allows engineering teams to rapidly visualize, analyze, and work on the quality and performance of cloud applications.
- The company’s customers include CircleCI, Cloudflare, HelloFresh, Slack, Mode, Vanguard, and LaunchDarkly, among others.
- Honeycomb’s enterprise customer base in Europe grew 3x over the past year.
Source: Honeycomb
Why does the market matter?
- Broadly, the global data visualization tools market is projected to grow at a CAGR of 11.6% to reach a value of $10.2B by 2026, according to Markets and Markets.
- There has been 128% growth in the use of system observability tools in the past year, per O’Reilly Media.
- Increasing globalization, the proliferation of applications across all verticals, and the rise of cloud computing have contributed to industry growth.
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