Observe 2023 Business Update

CEO Jeremy Burton discusses Observe, Inc.'s 2023 Business Update.
Observability is more important than ever to organizations, even as unfavorable market conditions are forcing them to do more with less. This year 44% of organizations said they had negatively been affected by unfavorable market conditions and 61% of them experienced reduced budgets. The existing headwinds to reduce MTTR are being compounded by the need to reduce operating costs. Being able to achieve better observability for less money is exactly why so many of our customers have come to Observe.
Because observability is so critical to organizations of all kinds we’ve seen continued growth over the course of 2023. Commercially, Observe had already hit its yearly target by Q3. Observe now has almost 2,000 monthly active users, and they’re ingesting 175TB+ of data on average per day. We’ve already ingested more than 42PBs of data this year so far! A large financial services customer has even seen spikes amounting to an ingest rate of 1PB per day. This magnitude of data ingestion speaks to the elasticity Observe’s backend architecture is capable of.
To fuel our continued growth we’ve raised $50 million in Series A3 financing led by Sutter Hill Ventures, bringing total funding raised to date to $164.5M.