Groundcover lands $20 million to help companies monitor application performance
ground cover, a performance monitoring platform for cloud applications, today announced it has raised $20 million in a Series A funding round led by Zeev Ventures with participation from Angular Ventures, Heavybit and Jibe. ventures. The new capital brings the startup’s total raised to $24.5 million, which CEO Shahar Azulay says will be used to “publicize” the platform.
The Application Performance Monitoring (APM) Market Is Expected To Reach $6.3 Billion Over The Next Years, According To A analysis. The reason? The shift to digital has been largely driven by the pandemic, which has increased pressure on development teams to ensure newly deployed software doesn’t go awry. According According to a 2021 survey by New Relic – an APM vendor itself – 75% of companies planned to increase observability spending in 2022, while 50% were in the process of implementing an observability practice.
The problem with most APM services is that they are difficult to integrate at scale, according to Azulay. The result can be a longer mean time to recovery (MTTR), or the average time it takes for a team to recover from a system failure. Logz.io, another APM provider – and therefore not an unbiased source, admittedly – reports that 64% of development teams take more than an hour to fix faulty software.
“APM has become impractical for many companies that need application monitoring today,” Azulay told TechCrunch in an email interview. “Giant companies are leading the APM industry, but due to growing data volumes and complex technology stacks, the cost has increased and these solutions have become difficult to integrate and demanding to maintain…We are on a mission to reinventing the cloud-native domain monitoring application with Groundcover.”
Azulay founded Groundcover in 2021 with Yechezkel Rabinovich. Azulay was head of machine learning at Apple while Rabinovich was chief architect at cybersecurity startup CyberMDX. The two served together in the Israeli Prime Minister’s office for several years, where they faced issues related to the PAM.
The Groundcover platform, in development for over a year, uses a technology called eBPF (Extended Berkeley Packet Filter) to provide observability, allowing it to track events across networks, infrastructure, services and applications. eBPF was developed to allow programs to run inside isolated virtual machines, but it can also be used to record observability data without requiring extensive installation. Groundcover rivals like Pixie have also applied it to this use case.
When code crashes, Groundcover attempts to expose the root cause, digging into application logs, metrics, and traces and highlighting potentially problematic legacy code and third-party components. It does this without sacrificing privacy, Azulay claims – Groundcover does not store user data outside of a customer’s compute environments and leaves data retention policies up to customers to decide themselves.
“Not only are we able to offer a super robust free tier, but our product breaks the usual volume-based pricing model, allowing teams to scale at a fraction of the cost they are used to with their APMs” , added Azulay.
Despite competition from Datadog, Sentry, IBM-backed Instana, Cisco-owned Epsagon, and the aforementioned New Relic, among others, Groundcover says it’s secured multiple paying clients (mom’s the word on the exact number), including the Lemonade insurance provider. Azulay declined to reveal his revenue figures when asked, but he said Groundcover was on track to expand its workforce to 40 employees by the end of the year.
“The timing was on our side. Groundcover raised funds just in time and we have the stamina to grow and help customers in these uncertain times,” said Azulay.