SAN FRANCISCO, Sept. 6, 2018 /PRNewswire/ -- PagerDuty, a global leader in digital operations management, today announced it has closed a $90 million Series D investment, raising the value of the company to $1.3 billion.
The latest round of funding was led by funds and accounts managed by T. Rowe Price Associates, Inc. and Wellington Management, with participation from existing PagerDuty investors Accel, Andreessen Horowitz, and Bessemer Venture Partners. The round brings PagerDuty's total amount of capital raised to $173 million.
"We are thrilled T. Rowe Price and Wellington have joined our journey to build an enduring company offering mission-critical products and services our customers need and trust," said Jennifer Tejada, CEO at PagerDuty. "This capital infusion allows us to continue our investments in innovation that leverages artificial intelligence and machine learning, enabling us to help our customers transform their companies and delight their customers. From a business standpoint, we can strengthen our investment in and development of our people, our most valuable asset, as we scale our operations globally. We're well positioned to make the lives of digital workers better by elevating work to the outcomes that matter."
GE, Capital One, IBM, PayPal, The Gap, Spotify, Netflix, Vodafone, and over 10,500 enterprises around the world trust PagerDuty to improve digital operations, drive revenue, mitigate threats, protect assets, and ensure a great digital customer experience. Modern businesses of all sizes across various industries are undergoing digital transformation by modernizing their IT infrastructure, migrating their assets to the cloud, and seeking innovative ways to leverage big data and IoT approaches. These businesses need technology that can ensure their operations deliver great customer experiences.
PagerDuty's platform gathers and analyzes incoming digital signals from its ecosystem of over 300 of the world's most widely used monitoring tools, ticketing platforms, and applications such as Slack, AppDynamics, New Relic, Amazon CloudWatch, Zendesk, and ServiceNow. The platform also leverages nine years of machine and human response data. Artificial intelligence is applied to these signals in the context of human response patterns (such as how similar issues were previously remedied) to orchestrate teams across the organization, automate workflows, and coordinate response. The platform predicts how and when events may occur, enabling teams to proactively take immediate action to not only respond to events, but also prevent business-critical issues.
"We are impressed by PagerDuty's market leadership, business growth, and product vision to become the de facto real-time operations platform for businesses undergoing digital transformation," said Henry Ellenbogen, Portfolio Manager of T. Rowe Price New Horizons Fund. "We see the strength of the PagerDuty brand as it's commonly used in many startups. The platform has become a basic requirement needed to build a modern business. We are excited to support Jennifer and the leadership team and believe they can build a much larger company."
PagerDuty is a high-growth, cloud-native company with over 450 employees and offices in San Francisco, Toronto, Seattle, London, and Sydney. Earlier this year, the company also reached its $100 million ARR milestone. In June, the company launched PagerDuty Event Intelligence, a new product that uses artificial intelligence to predict major incidents and automates the incident response process by learning from event, workflow, and human data. PagerDuty continues to demonstrate its leadership in real-time operations through its support of companies, ranging from hyper-growth startups to Global 2000 enterprises. PagerDuty's multi-product portfolio serves both the technical and business leader responsible for the digital success of their business.
PagerDuty is a leading digital operations management platform for organizations. Over 10,500 customers—including enterprises such as IBM, GE, Capital One, American Eagle Outfitters, Pitney Bowes, Box, and ING—and small to midsize organizations around the world trust PagerDuty to improve digital operations, drive revenue, mitigate threats, protect assets, and delight customers. To learn more and try PagerDuty for free, visit www.pagerduty.com. Follow our blog and connect with us on Twitter, LinkedIn, YouTube and Facebook.
Michael Basilio, PagerDuty