Network intelligence startup ThousandEyes has closed on a $50 million Series D round that nearly doubles the amount of funding it’s received since it was founded in 2010.
GV (formerly Google Ventures) led the round, which also included participation from Thomvest Ventures, Salesforce Ventures, Sequoia Capital, Sutter Hill Ventures and Tenaya Capital. Previously, ThousandEyes had raised just over $60 million. Its last raise occurred in 2016, a $35 million Series C led by Tenaya Capital.
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The money will go toward product innovation, “acceleration of go-to-market activities and expansion of global operations,” according to a company press release. San Francisco-based ThousandEyes describes itself as “Google Maps for the Internet.”
It aims to help IT teams see what’s breaking or slowing down the paths that their websites, applications or services take to get to their end users, so they can either re-route or get the problem fixed before it impacts their customers.
“Whenever a SaaS application or service goes down or slows down, every minute counts for IT teams to figure out what’s going on before customers start complaining, or worse, going to a competitive service,” wrote CEO and co-founder Mohit Lad, via email. “ThousandEyes helps IT teams ‘see’ into the Internet and cloud to identify the problem immediately, meaning they’re spending their time getting the issue fixed, rather than spending time trying to find what’s wrong.”
In a blog post, Thomvest’s Kareem Aly said his firm was impressed from its first meeting with ThousandEyes:
Our first realization after the intro meeting with ThousandEyes was that this was as scrappy a team as they come. Following the completion of their PhDs at UCLA, Mohit (Lad) and Ricardo (Oliveira) received a $150k NSF grant, which they used to construct their grandiose vision of ‘a Google Maps for the internet’ and subsequently garner quite a few customers. To put this in perspective, these guys had accomplished more at the pre-seed stage than most companies have at their Series B.
Dave Munichiello, general partner at GV, noted that the company has seen “remarkable traction” with Fortune 500 customers.
“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,” Munichiello said in a written statement. “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.”
During its last fiscal year (which lasted from February 2018 through January 2019), ThousandEyes opened new operations in Ireland, Australia, Germany, and The Netherlands. It also increased its full-time employee headcount by 25 percent to more than 250 employees in that same timeframe. Besides its San Francisco headquarters, ThousandEyes has offices in London, Austin, New York, and Tokyo.
Illustration: Li-Anne Dias