Grafana Labs, the fast-growing developer of the open-source Grafana data observability, visualization and dashboard software, has raised $240 million in a Series D round of funding, the company said Wednesday.
The latest financing comes just seven months after the company raised $220 million in a Series C funding round in August.
The latest round was led by existing investor GIC with participation from new investor J.P. Morgan. All other existing investors also participated in the round including Sequoia Capital, Coatue, Lightspeed Venture Partners and Lead Edge Capital.
Grafana Labs, based in New York, develops the open-source Grafana software for data analytics and visualization that has more than 900,000 active installations. Grafana Labs also uses the Grafana technology to develop its commercial enterprise products, including the Grafana data observability platform for collecting and analyzing metric, log and trace data generated by IT infrastructure, networks, cybersecurity tools and other systems.
In November Grafana Labs struck a strategic partnership with Microsoft to develop a Grafana managed service that runs on the Azure cloud platform.https://472990c2d60e3c3beaccd5566050dcfc.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
“Our plans are simple: Aggressively deliver on our product roadmap and our commitment to embracing the big tent — enabling our users to compose and visualize data from any source — while continuing to build out modern observability capabilities across metrics, logs, tracing, and more,” said Grafana Labs CEO and co-founder Raj Dutt said in a statement announcing the funding.
“We are committed to the continual release of impactful open-source software, bringing many new capabilities to market, and constantly listening to the community and our customers to drive innovation,” Dutt said.
GIC, Singapore’s sovereign wealth fund, made its initial investment in Grafana Labs in the company’s $50 million Series B financing round in August 2020.
“Grafana Labs is a strong, product-led company that has built a committed customer base and has significant adoption,” said Choo Yong Cheen, GIC’s chief investment officer for private equity, in a statement.
“We are enthusiastic to lead the round, particularly as we’ve witnessed Grafana Labs’ ability to translate a portion of their free adoption into consistent business results. We see significant global interest in Grafana Labs’ products and look forward to leveraging GIC’s network to support the company’s global growth ambitions and drive deeper relationships in APAC over the long term,” Choo Yong Cheen said.
Grafana Labs said worldwide adoption of Grafana has increased by a factor of 25 in the last six years to its current 900,000 active installations and 10 million global users. Grafana Labs’ own 2,000-plus commercial customers include Bloomberg, JP Morgan Chase, Sony and eBay.