Open source observability platform SigNoz has raised $5.4 million in a fresh funding round led by SignalFire. It also saw participation from Uncorrelated Ventures, Alumni Ventures and a host of angels including GitHub co-founder Tom Preston-Werner.
SigNoz had previously raised $1.1 million in an undisclosed funding round following its participation in Y Combinator (YC) back in 2021, with backers including SignalFire and several angel investors.
The company plans to use the funds in scaling its cloud, enterprise offerings and build on its existing premium tooling, SigNoz stated in a press release.
Co-founded in September 2020 by Pranay Prateek and Ankit Nayan, SigNoz weeds out the hassles of steep prices, slow data ingestion, and missing functionality from older APM vendors like DataDog & New Relic. As per the company, it offers affordable, predictable, transparent pricing and is based on open standards.
“SigNoz puts metrics, traces, and logs all in one dashboard to make it easy to spot and fix problems in apps and infrastructure. It has launched its new cloud services for companies which are looking to alleviate some of the heavy lifting of deploying SigNoz,” Prateek told Entrackr in an email interaction.
SigNoz claims that it has 5 million downloads, over 100 contributors and 3,000 community members. It directly or indirectly competes with Datadog, New Relic, and Grafana.