Internet performance management company Dyn has raised $50 million in Series B funding.
Dyn was founded back in 2001, with its first product being a DNS service called DynDNS. Over time, it’s expanded into a broader suite of products that allow companies including Pfizer, Visa, Netflix and Twitter to monitor their online availability, security and speed.
In addition to the funding, the company is announcing the launch a new platform that CEO Jeremy Hitchcock said will combine online traffic steering with data and analytics to create “a more comprehensive view” of performance.
For a long time, the company was bootstrapped, waiting more than a decade before raising its $38 million Series A, and then waiting another three-plus years before raising this Series B.
Dyn says it will reach more than $100 million in annualized recurring revenue later this year, Hitchcock said it’s still primarily a “customer-funded business,” but the time was right to raise more money: “We see a real space for us to go faster and capture more of our opportunity.”
After all, Hitchcock said that as online companies are increasingly global and mobile, and as they rely on a growing number of technologies, they only need Dyn more.
“[This investment] really underscores this whole migration is taking place into the cloud and this hybrid world where it’s getting more complicated and more complex,” he said. “You’re accessing dozens of different technologies behind-the-scenes and each of those interactions has to work just as seamlessly.”
The Series B was led by Pamplona Capital Management.