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Application performance monitoring startup Sentry today announced it has secured $60 million in series D financing for a post-money valuation of $1 billion. Sentry says the funds will fuel product development and go-to-market functions, as well as hiring across the company’s San Francisco, Toronto, and Vienna offices.
APM concerns tools that help monitor and manage the performance and availability of software apps, and there’s a need for them. Enterprise Management Associates reports that the mean time to repair an app is often between five and seven hours and that as many as four people are typically required to solve a given coding problem or bug.
Dropbox veteran David Cramer and former GitHub product designer Chris Jennings founded Sentry in 2012 with the goal of developing an app monitoring solution with an easy-to-use UI. In eight years, it grew into a suite of error logging solutions performant at enterprise scale, which expanded to serve millions of developers across organizations, including Microsoft, Disney, and Airbnb.
Sentry claims to serve 68,000 organizations as of today. Moving forward, the company says it will continue scaling its solutions across native, mobile, web-based platforms and expanding its executive leadership team as it hires new talent throughout its ranks. Sentry also plans to support the open source APM developer community and expand its set of integrations and partnerships within the broader developer ecosystem.
Markets and Markets pegs the APM market at $4.98 billion in 2019, up from $2.27 billion in 2014, and it’s no wonder. Mobile app downloads across all platforms exceeded 194 billion in 2018. That has led startups like Dynatrace to compete against incumbents New Relic, Cisco’s AppDynamics, and others, in some cases pretty successfully. Just three years ago, new enterprise entrant Instana nabbed $30 million in a round led by Meritech Capital.
Sentry last closed a $40 million round in September 2019.
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