Resolve AI, a startup specializing in autonomous site reliability engineering has reached an important milestone. Having just completed its Series A funding round, it now claims a valuation of $1 billion. This new funding comes on the heels of a $35 million successful seed round. Greylock led the round, joined by luminaries such as Fei-Fei Li, founder of World Labs and Jeff Dean, a leading scientist at Google DeepMind.
The company’s founders, Spiros Xanthos and Mayank Agarwal, have deep ties to the tech industry. They had worked together previously, co-founding Omnition, which was acquired by Splunk in 2019. Xanthos, a former senior vice president at Splunk, has partnered with Agarwal for more than 20 years. Agarwal, chief architect for observability at Splunk, met Xanthos as fellow graduate students at the University of Illinois Urbana-Champaign.
Resolve AI has gone several steps farther, developing robots that autonomously care for software systems. This automation minimizes the burden on humans for onerous site reliability maintenance. The company’s annual recurring revenue (ARR) is about $4 million, reflecting its rapidly expanding foothold in this promising market.
Bessemer Venture Partners and Lightspeed Venture Partners led the Series A funding round. Savvy investors lined up to buy equity at the freshly-minted $1B valuation. It’s worth mentioning that the remainder of the Series A round was taken at a discount. What this means is that investors are more confident and more focused on the nuances of a company’s long-term growth path.
This influx of capital will likely enable Resolve AI to expand its operations and further refine its technology offerings in the competitive field of site reliability engineering. Organizations of all kinds are hungry to simplify their software management. That’s why the need for the creative solutions that Resolve AI offers will only continue to increase.