Tetrate, a startup that helps enterprises get their services running on top of the open-source Istio service mesh, announced today that it has raised $40 million in a series B round of funding led by GV.
This latest infusion of cash brings the total amount raised by the company to $64 million since it was founded in 2017. Other participants in this latest round include new investors 8VC, Dell Technologies Capital, and Armanino Ventures, as well as existing investors Andreessen Horowitz, and Glynn Capital.
Tetrate co-founder and CEO Varun Talwar said that the new funding will be used to expand the company’s product offerings and go after new markets. “Our goal is to build the best platform to automate the entire process of service mesh deployment and management for our enterprise customers,” Talwar said.
Istio, for those unfamiliar, is an open-source service mesh that provides a way to manage communication between microservices. It’s seen as a critical piece of technology for those looking to adopt a microservices-based architecture.
While Istio is open source, a number of companies have cropped up offering commercial support and services built on top of it. That’s where Tetrate comes in. The company offers a platform that helps enterprises get their services running on Istio, and also provides support and services to help customers manage and troubleshoot their Istio deployments.
Talwar said that the company has more than 30 paying customers, including Fortune 500 companies, and that revenue has been growing “exponentially” since the company launched its commercial offering in November of 2018.
Looking ahead, Talwar said that the company plans to use the new funding to expand its product offerings, with a focus on adding more automation around the management of Istio deployments. The company is also looking to grow its sales and marketing efforts and expand internationally.
All told, it’s been a pretty good year for Tetrate. In addition to the new funding, the company also announced a major new customer win with JPMorgan Chase in March.
The JPMorgan Chase
2. Tetrate’s Series B funding round
Tetrate, a San Francisco-based startup that provides a service mesh platform built on top of Istio, announced today that it has raised $40 million in a Series B funding round led by Index Ventures.
Other participants in the round include Sutter Hill Ventures, GV, and Dell Technologies Capital.
Tetrate plans to use the new funding to expand its product offerings and go-to-market efforts.
Tetrate was founded in 2017 by Varun Talwar, who previously worked on Google Cloud’s Istio team, and Sameer Padhye, who worked on Microsoft’s Azure Service Fabric team.
The startup’s platform is based on the open source Istio project, which was originally developed by Google, Lyft, and IBM.
Istio is a service mesh platform that enables developers to connect, manage, and secure microservices.
Tetrate’s platform adds additional features on top of Istio, including a graphical user interface, integration with popular DevOps tools, and support for hybrid and multi-cloud deployments.
The startup’s platform is currently in use by companies such as GE, IBM, Intuit, and Samsung.
In a recent blog post, Talwar wrote that the company’s goal is to make Istio “easy to use and widely adopted.”
“We are on a mission to help our customers get the most out of Istio and service mesh technology,” Talwar wrote. “Our goal is to make Istio easy to use and widely adopted. We want to make it the de facto standard for service mesh.”
3. What Tetrate’s Series B funding will be used for
Tetrate, a startup that helps enterprises adopt and operate services built on top of the open-source Istio service mesh, today announced that it has raised $40 million in a series B round of funding led by Andreessen Horowitz.
The new funding will be used to expand Tetrate’s product line and go-to-market efforts. The company plans to use the money to grow its engineering and product teams and to invest in sales and marketing.
“We are thrilled to have Andreessen Horowitz lead our Series B and to have such a strong group of investors to support us as we continue to build the company,” said Varun Talwar, CEO and co-founder of Tetrate, in a statement. “This funding will allow us to accelerate our product roadmap and go-to-market plans as we help our customers adopt and operate services built on Istio and other cloud-native technologies.”
Tetrate was founded in 2017 by Talwar and co-founder and CTO Sanjay Sharma. The company has raised a total of $57 million to date.
4. How Tetrate’s Series B funding will benefit the company
Tetrate, a company that provides a service mesh platform for enterprises, has raised $40 million in Series B funding. The round was led by GV (formerly Google Ventures) with participation from new investors 8VC, Rain Capital, and Work-Bench, as well as existing investors Andreessen Horowitz, Fuel Capital, and SV Angel.
The new funding will be used to expand Tetrate’s product offerings and go-to-market strategy. The company plans to use the funds to double its engineering team and invest in go-to-market initiatives, including sales, marketing, and customer success.
Tetrate’s Series B comes on the heels of a $12 million Series A in 2018. The company has now raised a total of $52 million.
Tetrate’s platform enables enterprises to deploy and manage service meshes at scale. The company’s technology is based on the open-source Istio project, which was originally developed by Google, IBM, and Lyft.
Tetrate is led by CEO Varun Talwar, who previously served as head of product at Apcera and as a director at Google. The company was founded in 2017 and is based in San Francisco.
5. The investors in Tetrate’s Series B funding round
Tetrate, a San Francisco-based startup that helps enterprises adopt and operate cloud-native technologies, today announced that it has raised $40 million in a series B funding round led by Andreessen Horowitz.
The new funding will be used to expand Tetrate’s product offerings and go-to-market efforts. The company says its platform is already being used by “hundreds of Global 2000 customers” to manage over a million application workloads.
Tetrate was founded in 2017 by Varun Talwar, who previously worked on Google Cloud’s Istio project, and Idit Levine, who co-founded and led the open source container management platform Mesosphere.
The company has raised a total of $60 million to date, including a $20 million Series A in 2018.
Tetrate’s platform is built on top of Istio, an open source project that provides a uniform way to connect, manage, and secure microservices. Istio is one of the most popular open source projects in the cloud-native ecosystem and is being used by many large companies, including Google, IBM, Lyft, and Netflix.
Tetrate’s platform provides a set of tools and services that help enterprises adopt and operate Istio and other cloud-native technologies. The platform includes a management console, a service mesh hub, and a set of plugins and adapters that integrate with popular DevOps tools.
The company has also built a set of managed services that help enterprises deploy and operate cloud-native applications. These services include a managed Istio service, a managed Envoy proxy service, and a managed Knative service.
In addition to the new funding, Tetrate announced that it has appointed Diane Greene, a co-founder of Google Cloud and the former CEO of VMware, to its board of directors. Greene is currently a partner at Andreessen Horowitz.
“The cloud-native ecosystem is still in its early stages, and there is a huge opportunity to help enterprises adopt these technologies,” said Talwar. “With this funding, we will be able to accelerate our product development and go-to-market efforts to help more enterprises realize the benefits