Tracelytics Secures 5.2 Million in Series A Financing Led by Bain Capital Ventures
BOSTON, March 26, 2012 /PRNewswire/ -- Tracelytics, provider of next generation application performance management (APM) software as a service, today announced the close of a $5.2 million Series A financing round led by Bain Capital Ventures. Existing seed investors Google Ventures, Battery Ventures, and Flybridge Capital Partners also participated in the round. In the announcement today on Tracelytics blog, CTO Spiros Eliopoulos highlighted the rapid growth of the company and product since its initial seed funding, and the launch of a one month free trial program.
Tracelytics' software as a service solution offers customers unique insights into the performance of their web applications, driving immediate time-to-value by revealing issues, bottlenecks and potential improvements. With smart tracing across the full application stack, Tracelytics delivers true visibility and management across distributed web-applications with any level of complexity.
Since its initial seed funding in early 2011, Tracelytics has reached several key milestones, including:
-- Smart tracing for the full application stack
-- Support for PHP, Python and Ruby
-- Public launch of the product in November 2011
-- Over 500 million traces executed to date
-- One month free trial available
"When you're dealing with massive applications, people often don't really understand what's going on in them," said Aman Gupta, an engineer from an early Tracelytics user GitHub. "With Tracelytics, I immediately found issues that our other APM software had failed to identify. The first time you see it is completely mind blowing. Once someone gets a taste of the data, they'll want to trace every app and every layer of their stack."
"If your application is under-performing, then your business is under-performing," said Ben Nye, managing director at Bain Capital Ventures. "Today's enterprises need full-stack tracing to manage the performance of their highly distributed applications. We were impressed with the Tracelytics team's deep understanding of the performance issues faced by modern business applications; they've built their entire solution from the ground up through the lens of the customer."
According to Tracelytics CEO, John Vigeant, Bain Capital Ventures' extensive experience in bringing infrastructure software to market made them an ideal choice for a partner. "We have always wanted more than just capital from our investors. Bain Capital Ventures quickly demonstrated that they could be a true partner in scaling this company, and with their deep expertise in the APM market, I could not be more excited to have them as a member of the team," said Vigeant.
The funding will be used to continue to innovate on Tracelytics' APM offering, as well as scale the sales and marketing functions. Founded in Providence, RI, Tracelytics is opening a second office in Boston, MA and will be hiring aggressively for the new location.
Founded in 2010 by a core team of engineers frustrated with the existing solutions, Tracelytics provides next-generation application performance management (APM) software as a service. Tracelytics' software-as-a-service solution offers customers unique insights into the performance of their web applications, driving immediate time-to-value by revealing issues, bottlenecks and potential improvements. With smart tracing across the full application stack, Tracelytics delivers true visibility and management across distributed web-applications with any level of complexity. www.tracelytics.com
About Bain Capital Ventures
Bain Capital Ventures is the venture arm within Bain Capital, which has approximately $60 billion of assets under management worldwide. The firm's history of investing in early stage companies dates back to 1984 with over 125 venture investments since inception including Gartner Group, Staples, Network Intelligence, dynaTrace, AppAssure, Kiva, Solarwinds and LinkedIn. Bain Capital Ventures manages approximately $2 billion of assets, has over 70 active portfolio companies, and has offices in Boston, New York, and Palo Alto. The firm has helped steer many ideas to success by working in partnership with management teams, pairing talented and passionate entrepreneurs with industry experts, opening doors to customers, and collaborating on sound long‐term strategies. www.baincapitalventures.com