We are pleased to announce we have closed our Series D round of funding, led by Tiger Global with participation from existing investors IVP, CRV, Redpoint Ventures, Sequoia, and Greylock Partners. In this round, we raised $150M, bringing our total raised to over $400M. This new fundraising round further validates the value we provide to customers. Our announcements today signal our shift from the leading observability pipeline company into a full observability suite designed to complement a customer’s existing investments in observability infrastructure.
Fundamentally, Cribl solutions address the tension between data growth, which is growing at a 25% compound annual growth rate, and enterprise IT & Security budgets, which are not. Technology approaches from the 2010s are not addressing the volumes of data that enterprises need to observe and secure their systems. Not all data needs to be indexed. In fact, much observability data need not be moved at all nor be stored long term in order to be analyzed.
Cribl products give customers the power of choice and free customers from vendor lock-in. Cribl entered the market with Stream, our leading observability pipeline solution. Stream is running in 1000s of environments worldwide, including some of the largest and most demanding institutions. Stream enables customers to route telemetry data anywhere, no matter the source, helping to put the right data in destination, helping to address greater volumes of data, and control costs. In March, we announced Cribl Edge, which extends our best-in-class management technology to servers, VMs, and containers, allowing the management of fleets of thousands of agents. Edge pushes processing to the origination point, allowing for the use of excess capacity to process data at the edge, the same as it’s processed in the stream today.
Today, we’re announcing Cribl Search. Cribl Search is the first federated query engine focused on observability and security data. Search flips the observability market on its head, dispatching queries to where the data is already at rest. Search lets you search in place, whether the data remains at the edge, in the stream, in the observability lake, at the endpoint, or in your existing tools like Splunk or Elastic. Customers tell us they have data everywhere, and Search allows for querying massively greater quantities of data much more cost-effectively by using excess capacity at the edge, summarizing in the stream, or searching across cheap storage in the observability lake. Meanwhile, it unifies access to existing tooling, so users don’t have to learn a new experience for every data store.
Our investors have had a view of our full vision for some time. Our broader vision for a new architecture for observability is part of what’s attracted such a marquee set of investors. But truly, the thing that excites our investors the most has been our customers. Our customers love our products and their interactions with Cribl. This new investment will allow us to continue our breakneck pace of growth as a truly customers first company. In 2021, we grew headcount and revenue by 300%. This investment allows us to continue to invest in our vision of becoming a generational company.
Part of becoming a generational company is having many products which become the basis of success of the company over the longer term. Creating an enduring company requires continual innovation and building a culture of shipping. Cribl has created a new organization called C021, designed to incubate new products, led by my co-founders Ledion Bitincka & Dritan Bitincka. Our Search product will follow the successful incubation efforts they have led in Cribl.Cloud and with Cribl Edge. This organization will work to set us up for success over the long term, incubating new ideas and bringing them to market before handing them off to sales, marketing, and product organizations after achieving some initial commercial success.
Lastly, why raise capital now? We can see in May 2022 that the broader market is correcting. High-growth equities are far off their original highs. Cribl’s success shows the market opportunity is massive for our vision to unlock the value of all observability data. Raising this capital ensures Cribl has sufficient capital to execute upon its vision, no matter broader macromarket conditions.
Our unique vision for observability is validated by our customers like Enterprise Holdings, New Balance, Bank of New Zealand, and Vodafone. With our new funding, we can continue to grow to address the needs of future customers and continue to bring first principles-based innovation to the observability and security market. Our customers first approach is a guiding light for our employees. If this sounds interesting to you, head over to our jobs page!