SigNoz, the open-source observability platform, has secured USD 5.4 million in a funding round led by SignalFire, with participation from Uncorrelated Ventures, Alumni Ventures and notable angels like GitHub Co-founder Tom Preston-Werner. This follows a previous funding round of USD 1.1 million after SigNoz's participation in Y Combinator in 2021.
According to the company, fresh funds will fuel the expansion of SigNoz's core product and bolster its cloud and enterprise offerings. Founded in 2020 by Pranay Prateek and Ankit Nayan, SigNoz empowers companies by enabling greater control over their data and its destination through telemetry. This telemetry standardisation is expected to foster tool development and innovation in observability.
Telemetry involves collecting, transmitting and measuring data from remote sources, utilising sensors and devices for data gathering. Moreover, the company climbs that it has recorded five million downloads, over 100 contributors and a community of 3,000 members, positioning it as a competitor to Datadog, New Relic, and Grafana in the observability space.