New Relic, a SaaS-based cloud application management platform, has raised $15 million in funding led by DAG Ventures and Four Rivers Group with participation from existing investors Benchmark Capital, Trinity Ventures, Tenaya Capital and Allen & Company. This brings New Relic’s total funding to $35 million.
New Relic is the all-in-one web application performance tool that lets developers see cloud applications performance from the end user experience, through servers, and down to the line of application code. The company’s SaaS combines user monitoring, application monitoring, and availability monitoring in a single platform, allowing developers and operations teams manage web application performance in real-time.
Founded in 2008, New Relic supports apps built with Ruby, PHP, Java, .NET and Python and counts leading PaaS providers Heroku, EngineYard, CloudBees, Acquia and ActiveState among its cloud partners. To date, the company has monitored 227,894 app instances and captured 29 billion daily metrics.
New Relic’s founder and CEO Lew Cirne says the market for application performance management is a $3 billion space and he believes over 80% of all web applications will be managed by SaaS offerings like the company’s platform. New Relic has a number of well-known customers including Groupon, Zynga and Nike. And the company posted a record Q3 2011, in which New Relic experienced 200 percent year-over-year revenue growth.
The funding will be used to develop and expand New Relic’s SaaS cloud application management product as well as support New Relic’s growth.