New $10M investment will fuel continued growth and innovation to meet high demand for SaaS application management
San Francisco, California — October 14, 2010 — New Relic, Inc., the leading software-as-a-service provider of application performance management (APM) solutions, today announced it has closed $10 million in Series C venture financing led by Tenaya Capital and joined by Allen & Co., with participation from existing investors Benchmark Capital and Trinity Ventures. The company will use the funds to continue its aggressive growth and cement its early dominant position as the market-leading provider of cloud services management solutions.
“Tenaya Capital is pleased to work with New Relic as they help organizations address the challenge of migrating to the cloud and ensuring superior service delivery for their business-critical apps,” said Brian Melton, managing director of Tenaya Capital. “New Relic is on a remarkable growth trajectory, and with its announcement today of support for additional development languages the company has doubled its addressable market opportunity. With its outstanding products and focus on delivering customer value, we expect the company to continue to build its leadership position in application management.”
New Relic also announced separately today that it has expanded the application development languages it supports to include .NET and PHP in addition to existing support for Java and Ruby.
“Small, medium-sized, and large enterprise customers are increasingly gravitating toward use of SaaS-based application management solutions to monitor and tune their web applications running in private or public cloud environments. And the need for visibility into application management and performance engineering to improve upon the end user experience is only expected to grow,” said Rona Shuchat, IDC’s Director, Application Outsourcing Services. “Traditional approaches to AM are giving way to SaaS solutions like New Relic’s RPM that can provide rapid Web access, assessment, and resolution of production-related Web application problems in real time.”
Since delivering the very first SaaS application management tool in the summer of 2008, New Relic has sustained a 200% year over year growth rate. It is now serving more than 5,500 customers and its service is managing more than 100,000 application instances worldwide. To date, the company counts among it numerous accomplishments the delivery of the very first SaaS application management tools for Ruby, Java, .NET, and PHP as well as the very first production Java profiling tool.
“This is an exciting time for New Relic and I couldn’t be more pleased with how well our team is executing to meet the growing need for real-time visibility into applications deployed both in the cloud and in physical datacenters,” said New Relic founder and CEO Lew Cirne, who is widely recognized as the father of modern web application management. “We believe that ultimately, at least 80% of all business web applications will be managed via a SaaS-based solution. As the leader in this exciting market space, our mission is to dramatically improve the performance and availability for a minimum of 50% of the world’s web applications.”
On Demand Application Management in the Cloud — Turning a Traditional Model on Its Ear — Rona Shuchat, IDC, June 2010
About New Relic RPM
New Relic RPM is an on-demand performance management solution for web applications developed in Ruby, Java or JRuby. New Relic RPM is fully implemented in minutes and provides deep, 24x7 visibility and code-level diagnostics for web applications deployed on traditional, dedicated infrastructures, private and public clouds, or any combination thereof. RPM’s real-time metrics enable application owners, developers and operations teams to quickly and cost effectively monitor, troubleshoot, and tune application performance. Learn more about RPM and subscribe
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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Media ContactAndrew Schmitt
New Relic, Inc.
Investor ContactJonathan Parker
New Relic, Inc.