Series B Funding for Rapidly Growing Rails Application Management Company Led by Trinity Ventures; Peter Fenton named Chairman of the Board
San Francisco — November 12, 2008 — New Relic, Inc., the leading provider of Ruby on Rails application performance management solutions, today announced it has closed $6.0 million in Series B venture financing. Trinity Ventures was the lead investor. Benchmark Capital, which had invested in the company’s initial funding, also participated in the round.
"New Relic is addressing a real need in a rapidly growing market. As a result the company is quickly achieving results," said Dan Scholnick from Trinity Ventures. "Trinity’s goal has always been to seek and build long-term partnerships with passionate entrepreneurs who are eager to make a difference. New Relic’s management team has proven experience solving enterprise performance management problems; they have the vision and energy to transform the industry."
"We are thrilled that Trinity Ventures is joining Benchmark Capital as an investor in New Relic," said Lew Cirne, founder and CEO of New Relic. "The Trinity team has an active partnership approach to investing that we appreciate. While we had sufficient funds to manage our company, the rapid customer adoption of our products has encouraged us to more aggressively grow the business. This investment will enable us to do that."
The company plans to use the funds to drive product development, and to expand sales and marketing programs.
Benchmark general partner Peter Fenton has been elected to the position of chairman of the company’s board of directors. Dan Scholnick of Trinity will join the board as a director.
The company was founded by Lewis Cirne, a seasoned entrepreneur, technologist and enterprise software pioneer who founded Wily Technology in 1998. Mr. Cirne served as Wily’s chief executive officer for the first four years and subsequently as chief technical officer. He invented its flagship performance management solution, Introscope, and played a key role in Wily’s 2006 acquisition by CA, Inc.
New Relic offers RPM, a subscription-based Rails Performance Management solution that enables developers to quickly and cost effectively detect, diagnose and fix application performance problems in real time. This software-as-a-service (SaaS) offering is currently used by more than 850 customers.
How to Get RPM
New Relic RPM provides deep visibility into the performance of production Rails applications. The real-time metrics provided through New Relic RPM are presented in the context of the running application through an easy to understand graphical interface, allowing rapid discovery and analysis of performance bottlenecks and the pieces of the applications causing them. New Relic RPM installs as a Rails plug-in in seconds allowing critical performance data to be collected immediately.
To learn more about RPM and to subscribe, visit https://newrelic.com/web-app-monitoring-pricing.html.
You can also plug in to RPM Lite for free, unlimited use in production. Installation and setup take less than 5 minutes. Sign up by visiting https://newrelic.com/RPMlite.html. No credit card or payment needed.
About Trinity Ventures
Trinity Ventures a 22-year veteran in the venture business with more than $1 billion under management, partners with exceptional entrepreneurs to build great companies. Trinity Ventures focuses on early-stage technology investment opportunities with a particular emphasis on the digital media, Internet services, mobility, security and software markets. Trinity has invested in more than 100 ventures, including such leading companies as Aruba Networks (NASDAQ: ARUN), Blue Nile (NASDAQ: NILE), Crescendo Communications, Extreme Networks (NASDAQ: EXTR), Forte Software, Illustra, LoopNet (NASDAQ: LOOP), Photobucket (acquired by News Corporation: NWS), Speedera Networks (acquired by Akamai Technologies: AKAM), Starbucks (NASDAQ: SBUX) and Sygate Technologies (acquired by Symantec: SYMC). To learn more about Trinity Ventures, visit http://www.trinityventures.com.
About New Relic
New Relic provides the real-time insights that software-driven businesses need to innovate faster. New Relic’s cloud platform makes every aspect of modern software and infrastructure observable, so companies can find and fix problems faster, build high-performing DevOps teams, and speed up transformation projects. Learn why more than 50% of the Fortune 100 trust New Relic at newrelic.com.
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New Relic is a registered trademark of New Relic, Inc.
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Media ContactAndrew Schmitt
New Relic, Inc.
Investor ContactJonathan Parker
New Relic, Inc.