Boundary has raised $15 million to accelerate its pursuit of revolutionizing IT management.
Scale Venture Partners led the B round and existing investor, Lightspeed Venture Partners, also participated. The funds will be used to further scale the business to capitalize on a massive shift underway in IT environments, which demand a new approach to monitoring and management.
Three months after launching its application monitoring service, Boundary is tracking 23 billion records per day, and expects to hit half a trillion by 2013.
“The shift to a cloud-based architecture is unfolding across every area of IT, and as expected, becoming a huge disruptor for systems management software,” said Rory O’Driscoll, Managing Director with ScaleVP. “Boundary has executed on this huge market opportunity with precision, getting a superior product to market and establishing traction with a growing list of tech-savvy customers, including some of our portfolio companies. I’m excited to be an investor and to work with Gary, Cliff and the team as they scale up.”
Organizations running their businesses on open source, big data and cloud environments must rethink IT monitoring to cope with constant change that has become the norm. This reality has caused rapid growth in the distributed application performance monitoring and network management markets.
A recent Gartner report stated that more than $18 billion was spent on IT operations management software in 2011, a $1.5 billion increase over spending in 2010. Boundary has distinguished itself by making monitoring effective, affordable and compatible with modern IT architectures.
“Consumers expect cloud apps to work well all the time. In this environment, traditional monitoring systems, with their sample/test/alert approach, are not good enough,” said Gary Read, CEO at Boundary. “Boundary is the only vendor whose system was built for the cloud, monitors performance every second, and delivers actionable insights to users.”
Many different types and sizes of companies use Boundary, but they all have one thing in common: they care about providing customers with an “always-on” experience. Boundary has the ability to spot the early warning signs of potential system problems, and resolve them before they impact customers.
Scale Venture Partners has a successful track record of investment. With $900 million under management, the firm has backed successful cloud and SaaS startups, including Box, DocuSign, ExactTarget, FrontBridge Technologies, HubSpot, Omniture, RingCentral, Scale Computing, uTest and Vitrue. Managing director Rory O’Driscoll, who has joined the Boundary board, was named to the Forbes Midas List in 2012 and was also named one of the “power players” of venture capital by AlwaysOn in 2011 and 2012.
“Boundary is bringing the transformative power of Big Data technology to the IT monitoring market,” said John Vrionis, Managing Director at Lightspeed Venture Partners and Boundary board member. “We’re proud to be founding investors in Boundary, and look forward to continuing to support the company’s world class team in building the leading next-generation solution.”
“We are excited that Lightspeed has increased its holding in Boundary and that Rory has joined our board,” said Read. “With support from great partners like Scale VP and Lightspeed, who understand this huge opportunity, we will build a company that sets the new standard for how all organizations measure and monitor IT.”
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