Norwest leads round, emphasizing strong growth and market potential; former MongoDB CEO joins board of directors
SAN FRANCISCO – InfluxData, creator of the leading time series database InfluxDB, has raised $60 million in Series D funding, led by Norwest Venture Partners and joined by Sorenson Capital and existing investors Sapphire Ventures, Battery Ventures, Mayfield Fund, Trinity Ventures and Harmony Partners.
The proliferation of data continues to grow, prompted mainly by the instrumentation of the virtual (e.g., Kubernetes, microservices) and physical (e.g., IoT sensors) worlds. As enterprises look for ways to achieve better results, gain new insights and grow their customer base, analysis of time series data is critical and is driving the need for purpose-built solutions. InfluxDB is the leading time series database – which has been the fastest growing database category over the last two years, according to DB-Engines, the industry ranking authority. InfluxData more than doubled revenue, new customer logos, and employees in 2018 and is positioned to accelerate momentum through 2019 and beyond. To date, most of the company’s growth can be attributed to great product-market fit, a developer-focused approach and demand from the open source community.
“InfluxData’s time series vision is the future of data management,” said Rama Sekhar, partner at Norwest Venture Partners and new InfluxData board member. “Enterprises are experiencing a data revolution with massive increases in volumes of data. InfluxData is empowering enterprises to discover insights about their data by organizing it in the time dimension, a critical approach for use cases such as DevOps observability and IoT analytics. Developer support is also key in this space and the cult-following from the open source community signals a unique vision and value.”
The new infusion of funds will support further investment in product innovation, with increased focus on the cloud, and building out sales and marketing programs to meet growing product demand, as well as customer support needs. InfluxData will begin to market its solutions for specific uses, including industrial IoT and network monitoring, and target industries such as e-commerce, gaming and financial services.
“A majority of data is best understood in the time dimension, which is why time series data is the foundation of so many of today’s critical technology investments, including IoT, observability, machine learning and predictive analytics,” said Evan Kaplan, CEO of InfluxData. “The new funding will enhance our ability to deliver versatile solutions to countless companies looking to harvest insights from time and support our aggressive plans to scale the company. We’re also honored to have such esteemed individuals joining our board of directors to enhance our strategic direction.”
“InfluxData has demonstrated consistent growth in a market with tremendous potential, which is why we’re strengthening our commitment in this round of funding,” said Anders Ranum, managing director at Sapphire Ventures and member of the InfluxData board of directors. “The company continues to innovate its technology, pushing the boundaries when it comes to time series data solutions and is transforming its business model to support current and future demand. There are great things coming from InfluxData.”
InfluxData is also proud to welcome Max Schireson, entrepreneur in residence at Battery Ventures and former CEO of MongoDB, to its board of directors. Schireson brings a wealth of database industry experience, having led and advised cloud, big data and open source technology companies through hyper-growth transformational phases.
InfluxData closed $35 million in Series C funding in January 2018, led by Sapphire Ventures and joined by Harmony Partners and existing investors Battery Ventures, Mayfield Fund and Trinity Ventures. Other past investors include Bloomberg Beta and Y Combinator.
InfluxData, the creator of InfluxDB, delivers a modern open source platform, built from the ground up, for analyzing metrics and events (time series data) for DevOps and IoT applications. Whether the data comes from humans, sensors, or machines, InfluxData empowers developers to build next-generation monitoring, analytics, and IoT applications faster, easier, and to scale delivering real business value quickly. Based in San Francisco, InfluxData has more than 450 customers including Cisco, eBay, IBM and Siemens. For more information, visit www.influxdata.com. Twitter: @influxdb.
About Norwest Venture Partners
Norwest is a leading growth equity and venture investment firm managing more than $7.5 billion in capital. Since its inception, it has invested in more than 600 companies. The firm invests in early- to late-stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. It offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, visit Norwest and follow on Twitter @NorwestVP.