News
Steadybit Announces $6M Funding Led by Paladin; Launches Innovative 'Advice' Feature
Solingen, Germany — March 11, 2024 — Steadybit, a leader in chaos engineering, today announces that it has successfully raised $6M in Series A funding led by Paladin Capital Group, marking a significant milestone in the company’s international growth.
Steadybit’s mission is to improve software reliability through chaos engineering, a vital practice that ensures systems are robust and resilient against unpredictable online environments. By simulating disturbances and potential failures, Steadybit aids organizations in preempting and mitigating system vulnerabilities, enhancing overall performance and user experience. Companies such as Salesforce, ManoMano, REWE Digital and StackState already rely on Steadybit’s chaos engineering platform to protect their customers from disruption.
Ken Pentimonti, Managing Director, Paladin Capital Group, commented, “As digital systems become more complex and interdependent, organizations are at greater risk of failures and system outages. Many products fail to meet customer expectations as software engineering teams are focused on releasing new features quickly rather than product reliability. Organizations that interface with customers digitally are realizing that service reliability is a key priority for growth and customer retention.
“This is fueling demand for Steadybit’s continuous reliability platform powered by chaos engineering, designed to proactively reduce outages and provide visibility into distributed systems to detect issues. We’re pleased to be supporting the company as it invests in product development and extends its commercial reach internationally.”
In tandem with the funding news, Steadybit is excited to introduce a groundbreaking feature to its platform – ‘Reliability Advice’. The feature constantly monitors all information collected about the system under observation to discover potential reliability gaps. Users are given instructions on how to fix errors and offered experiments that validate the effectiveness of those interventions, creating their own libraries of good engineering practices.
“We’re thrilled to have the support of Paladin as we continue to expand our offerings and redefine how organizations approach system reliability,” said Benjamin Wilms, CEO and co-founder of Steadybit. “The launch of Advice is a testament to our commitment to innovation and excellence in chaos engineering. This feature will empower our customers to manage their systems proactively, ensuring top-tier performance and reliability.”
This round of funding sees participation from previous investors, Boldstart Ventures, Angular Ventures and NewForge, showing ongoing confidence in Steadybit’s vision and strategy. The new funding will be used to support efforts in growing the team in product development, engineering, sales, and marketing, further solidifying Steadybit’s commitment to innovation and excellence in chaos engineering.
Gil Dibner, Angular Ventures, commented: “We are delighted to continue to back the Steadybit team as they build the world’s leading chaos engineering and resiliency platform. Because it enables devs and ops to easily implement best-in-class reliability practices across complex application architectures, Steadybit is poised to revolutionize and democratize the way organizations ensure that their critical applications are always up and running.”
Contact:
- Benjamin Wilms, CEO, Steadybit, benjamin@steadybit.com +49 173 6726162
- Emma Thorpe, Communications Advisor, Paladin Capital Group, ethorpe@paladincapgroup.com, +44 7909 974958
About Steadybit
For more information about Steadybit and its services, visit steadybit.com.
About Paladin Capital Group
Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, London, Luxembourg, and Silicon Valley. As a multi-stage investor, Paladin’s core strength is identifying, supporting and investing in innovative companies that develop promising, early-stage technologies to address the critical cyber and advanced technological needs of both commercial and government customers.
Combining proven investment experience with deep expertise in global security, cyber technology and cutting-edge research, Paladin has invested in more than 70 companies since 2008 and has been a trusted partner to investors, entrepreneurs and governments for over two decades.
For more on Paladin Capital Group, follow us on Twitter at @Paladincap and on LinkedIn or visit us at www.paladincapgroup.com.