FireHydrant Secures $23M Series B
New funding led by Harmony Partners with participation from Salesforce Ventures and existing investors Menlo Ventures and Work-Bench to accelerate the company’s focus on product innovation and expansion.
NEW YORK, August 10, 2021-- FireHydrant, the only comprehensive reliability platform that allows teams to achieve reliability at scale by creating speed and consistency across the entire incident response lifecycle, today announced it has closed $23 million in series B funding led by Harmony Partners with participation from Salesforce Ventures, and existing investors Menlo Ventures and Work-Bench. The new round brings the company’s total funding raised to $32.5 million and will be used to grow the engineering team significantly, double the company size by year-end, and expand its products and solutions to support its vision of helping businesses build reliable software. Additionally, the company named Chris Kelly, former director of open source and engineering enablement at Salesforce, as CTO.
“We were feeling the pain incidents, and when we evaluated different solutions, it was easy to see that FireHydrant would alleviate most of the challenges we were facing,” said Michael Hamrah, VP of Engineering, Bluecore. “The way they built FireHydrant is just well thought out and allows us to standardize our processes across our entire engineering org.”
Reliability is now a core business metric. As all companies are becoming technology companies, reliability is essential to delivering exceptional customer experience. Surveys have shown downtime costs $5,600 per minute on average which could result in average costs between $140,000 and $540,000 per hour, depending on the organization. This doesn’t include the cost to brand reputation, lost customers, and competitive pressure. With businesses honing in on reliability as a metric to meet customer expectations, the infrastructure supporting digital services becomes more mission-critical and complex. Incident management processes and tools are now an essential component of any reliability plan, not just for Site Reliability Engineers managing complex systems but for any development team responsible for running their software.
“We had been hearing a lot around the demand for solutions that addressed the pains of managing and maintaining developer technologies. Our investment in FireHydrant reflects our confidence that they are tackling these reliability challenges in a way that’ll not only be a relief to the end-user engineer, but essential to the core of businesses who are focused on creating great customer experiences,” said Mark Lotke, founder and managing partner, Harmony Partners. “FireHydrant’s ability to build reliability solutions that exponentially support engineering teams makes it an extremely attractive offering. We look forward to working with the team at FireHydrant to help position it as the must-have technology for systems reliability management.”
FireHydrant has experienced explosive growth in the past 12 months. Significant milestones include innovating its existing product, planning for new products and features, and growing the customer base by more than 5x. The new funding will be used to further accelerate product R&D, customer acquisition, and international growth.
“Incidents are always the result of a complex system, and with the requirements facing organizations these days to immediately deliver a flawless customer experience, systems reliability has moved to the forefront. Our vision is a world where all software is reliable. To achieve this vision, we will build solutions, such as our Incident Management and Service Catalog offering, for developers to successfully manage and maintain their complex systems and meet their customer’s requirements, so they can focus on building great products,” said Robert Ross, co-founder and CEO, FireHydrant. “We are excited by the support of our new and current investors and look forward to working with them to capitalize on the growing demand for reliability solutions by businesses of all sizes.”
FireHydrant also has appointed their first CTO, Chris Kelly. Kelly brings extensive experience with industry-leading developer tools and cloud technology platforms to FireHydrant, having most recently worked at Salesforce where he was known as a hands-on engineering and community leader. In prior roles, Kelly led multiple teams focused on open source, community, developer marketing at developer-focused companies including GitHub and New Relic.
FireHydrant is the only comprehensive reliability platform that allows you to create consistency for the entire incident response lifecycle to focus on fighting fires faster. From alert to retrospective, tracking, communicating, and reporting on results: FireHydrant will automate the process so you can focus on resolution.
Visit firehydrant.io to learn more.
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