A new funding round led by SignalFire has brought in $5.4 million for the open-source observability platform SigNoz. Uncorrelated Ventures, Alumni Ventures, and a number of angel investors, including Tom Preston-Werner, the co-founder of GitHub, also took part.
Following its participation in Y Combinator (YC) back in 2021, SigNoz raised $1.1 million in an unnamed funding round from investors that included SignalFire and a number of angel investors.
According to a press release from SigNoz, the company intends to use the funds to scale up its cloud and enterprise offerings and improve its current premium tooling.
By eliminating the annoyances of exorbitant prices, sluggish data ingestion, and lacking functionality from older APM vendors like DataDog & New Relic, Pranay Prateek and Ankit Nayan co-founded SigNoz in September 2020. According to the business, it is based on open standards and offers transparent pricing that is predictable and affordable.
“SigNoz puts metrics, traces, and logs all in one dashboard to make it easy to spot and fix problems in apps and infrastructure. It has launched its new cloud services for companies which are looking to alleviate some of the heavy lifting of deploying SigNoz,” Prateek told media.
Five million downloads, more than 100 contributors, and 3,000 community members are all claimed by SigNoz. Datadog, New Relic, and Grafana are competitors of it either directly or indirectly.
