PagerDuty Receives $43.8M Series C Round
SAN FRANCISCO, CA, PagerDuty, the leader in digital operations management, today announced the close of a $43.8 million Series C investment.
The investment, led by Accel, with participation from existing investors Andreessen Horowitz, Bessemer Venture Partners, Baseline Ventures and Harrison Metal, comes as a result of PagerDuty's sustained strong business growth and product innovation. As companies increasingly rely on digital services, many have recognized the need to provide their developer and IT operations teams with insights that help manage incidents and deliver a superior customer experience.
"We are thrilled to welcome Accel into the PagerDuty family and appreciate their support and confidence in us. PagerDuty's strong performance and leadership position in the fast-growing developer solutions market has been built around a mission to help improve customer experience by mobilizing organizations to effectively manage incidents so they have control over their growing digital operations," said Jennifer Tejada, CEO of PagerDuty. "With growing interest in our solutions, we continue to grow our business thoughtfully and cash-efficiently with a laser-focus on our customers and community of practitioners, as their collective success is our success. This latest round of investment underscores our commitment to cementing our market leadership through solid industry partnerships, continued product innovation and customer success."
According to the inaugural PagerDuty State of Digital Operations Report, announced in a separate release today, more than one-third of organizations take an average of 30 minutes or longer to resolve IT incidents that impact consumer-facing digital services. Chances of losing customers increase during this time as IT teams are unable to meet consumers' high expectations for digital service delivery. The business impact of IT incidents continues to rise -- an hour of IT downtime costs one-third of enterprises more than $1 million and in North America alone1, organizations spend a combined $700 billion per year2.
This investment comes on the heels of a banner year for PagerDuty's digital operations management platform which supports more than 8,700 organizations and nearly 200,000 users across the globe to resolve business-impacting IT and digital incidents. Providing full-stack visibility and actionable insights, PagerDuty helps organizations proactively mobilize people and manage issues in their IT and DevOps environments to deliver seamless customer experiences.
PagerDuty finished a strong Q1 2017, which included the following recent milestones:
-Added industry-best talent, including Steven Chung, Senior Vice President of Sales; Steven Gatoff, Chief Financial Officer; Howard Wilson, Chief Commercial Officer; Jeremy Kmet, Vice President of Commercial Sales; Kyle Duffy, Vice President of Solution Consulting; Joe Sexton, former AppDynamics Go-To Market Leader on the Executive Advisory Board
-Added over 600 new names to its customer roster, including brands across the insurance and marketing industries such as CSAA Insurance Group and Eventbrite
-Continued focus on the success of over 50 percent of the Fortune 100 customers who use PagerDuty
-PagerDuty continues to be recognized across the industry with accolades, and most recently the customer support and advocacy team garnered Silver recognition in the Stevie's Award for 2017
"PagerDuty gives development teams of all sizes, including those at the world's most recognized brands, visibility and actionable insights across their entire infrastructure stack. For the first time, companies now have a tool to both mitigate downtime and efficiently scale their digital operations across the entire organization. PagerDuty joins a strong list of companies in our portfolio with dynamic developer communities, including Atlassian, Dropbox and Slack, and we're thrilled to have the chance to help Jennifer and the team." - Andrew Braccia, partner at Accel
"Over the years, we've seen PagerDuty's customer-centric approach to incident resolution explode in adoption across a diverse set of companies ranging from Panasonic to Instacart. As expectations for 'always-on' digital experiences reach an all-time high, PagerDuty's innovations in digital operations management continue to empower today's businesses with the full stack visibility needed to deliver on the promise of constant uptime." - John O'Farrell, partner at Andreessen Horowitz
"We see in PagerDuty what we've seen in our other highly successful portfolio companies focused on developers -- a fierce commitment to serving the developer community by continuously creating products and services that enable individuals, teams and companies to deliver on brand promises. Since the beginning, we've been proud to watch PagerDuty embed itself into the daily workflow of developers by increasing their productivity and improving the reliability of the systems, services and applications they build. Businesses and consumers alike have come to rely on the product innovations of the talented PagerDuty team." - Ethan Kurzweil, partner at Bessemer Venture Partners
PagerDuty is the leading digital operations management platform for businesses. Through its SaaS-based platform, PagerDuty empowers developers, DevOps, IT operations and business leaders to prevent and resolve business-impacting incidents for exceptional customer experience. More than 8,000 small, mid-size and enterprise global customers such as Lululemon, IBM and Panasonic use and trust PagerDuty to maximize their time and increase their business response and efficiency. When revenue and brand reputation depends on customer satisfaction, PagerDuty arms businesses with the insight to proactively manage incidents and events that may impact customers across their IT environment. Headquartered in San Francisco, the company was recently listed in the 2016 Deloitte Technology Fast 500, Inc. 500 and Forbes Cloud 100 lists.
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