Data startup Axiom secures $4M from Crane Venture Partners, emerges from stealth
Axiom, a startup that helps companies deal with their internal data, has secured a new $4 million seed round led by U.K.-based Crane Venture Partners, with participation from LocalGlobe, Fly VC and Mango Capital. Notable angel investors include former Xamarin founder and current GitHub CEO Nat Friedman and Heroku co-founder Adam Wiggins. The company is also emerging from a relative stealth mode to reveal that is has now raised $7 million in funding since it was founded in 2017.
The company says it is also launching with an enterprise-grade solution to manage and analyze machine data at any scale, across any type of infrastructure." Axiom gives DevOps teams a cloud-native, enterprise-grade solution to store and query their data all the time in one interface - without the overhead of maintaining and scaling data infrastructure.
DevOps teams have spent a great deal of time and money managing their infrastructure, but often without being able to own and analyze their machine data. Despite all the tools at hand, managing and analyzing critical data has been difficult, slow and resource-intensive, taking up far too much money and time for organizations. This is what Axiom is addressing with its platform to manage machine data and surface insights, more cheaply, they say, than other solutions.
Co-founder and CEO Neil Jagdish Patel told TechCrunch: DevOps teams are stuck under the pressure of that, because it's up to them to deliver a solution to that problem. And the solutions that existed are quite, well, they're very complex. They're very expensive to run and time-consuming. So with Axiom, our goal is to try and reduce the time to solve data problems, but also allow businesses to store more data to query at whenever they want."
Why did they work with Crane? We needed to figure out how enterprise sales work and how to take this product to market in a way that makes sense for the people who need it. We spoke to different investors, but when I sat down with Crane they just understood where we were. They have this razor-sharp focus on how they get you to market and how you make sure your sales process and marketing is a success. It's been beneficial to us as were three engineers, so you need that," said Patel.
Commenting, Scott Sage, founder and partner at Crane Venture Partners added: Neil, Seif and Gord are a proven team that have created successful products that millions of developers use. We are proud to invest in Axiom to allow them to build a business helping DevOps teams turn logging challenges from a resource-intense problem to a business advantage."
Axiom co-founders Neil Jagdish Patel, Seif Lotfy and Gord Allott previously created Xamarin Insights that enabled developers to monitor and analyse mobile app performance in real time for Xamarin, the open-source cross-platform app development framework. Xamarin was acquired by Microsoft for between $400 and $500 million in 2016. Before working at Xamarin, the co-founders also worked together at Canonical, the private commercial company behind the Ubuntu Project.