As more companies provide more API-first services, Moesif has developed a way for those companies to learn how their customers are utilizing them.
San Francisco startup Moesif has announced a $12 million Series A round. It was led by David Sacks, and Arra Malkadeh from Craft Ventures. Existing investor Merus Capital, which led Moesif’s $3.5 million seed round in 2019, also participated in the round, bringing the company’s total raise to $15.5 million, Moesif co-founder and CEO Derric Gilling told TechCrunch.
Gilling and Xing Wang founded Moesif in 2017 and went through the Alchemist Accelerator in 2018.
Gilling stated that companies looking for data about API usage and workflow had traditionally needed to create this capability within their own organization, using a technology like Snowflake. The problem with this was that if someone needed a report they had to file a ticket, wait for a team to finish it, and then submit a request. Companies also find it hard to bill their customers accurately and manage usage that exceeds rate limits.
Gilling said that people started building on our platform, pulling data from APIs. They also started asking how we could directly service customers. Gilling shared this: “We began to see them build on top and make use of the platform, so they were able to pull data and start to draw on APIs. We started building new functionality, and we also created a way for customers to personalize the platform’s look and feel.
Moesif offers self-service analytics, which can be accessed every day. It also has features that allow you to scale your analytics more economically. It is used by customers to track API issues and to identify who might be using the API less frequently.
In addition to seeing its monthly revenue increase by over 20%, the company has also seen greater adoption from larger companies and more varied use cases. Gilling stated that the company was still in the early stages of analytics and user trials at the time it raised its seed round. It boasts a client list including Symbl.ai, Tomorrow.io and Deloitte today.
Gilling anticipates that the funding will be used to increase engineering, customer service, and developer relations staff.
Additionally, he is focusing his efforts on becoming a thought leader within the industry and pushing go-to market. He also built a set of new features to monetize APIs to improve Moesif’s dashboard and differentiate it from its competitors.
Craft Ventures’ Malekzadeh will join Moesif as part of this investment. Gilling was recommended to her by a portfolio company. She felt that Moesif would fit in Crafts’ focus on SaaS businesses.
Malekzadeh is particularly interested in development tools. While working as a developer tool specialist at an early stage startup, Malekzadeh experienced firsthand the frustration of not knowing how APIs were used and how customers should be charged. She also “always bugged the engineering and product teams for reports.”
Moesif was not around when she started her startup. Instead, the company built its own tools, which proved to be cumbersome and required the hiring of top engineers who didn’t wish to spend their time on building something other than the core product.
Malekzadeh said that although the founders were technically minded, they also provided excellent content to their website which helped me get to know more about them. They are a unique developer-first company because they can speak the same language they use as business users, and that is one of their interesting qualities. Their revenue growth was phenomenal, and the customer testimonials were glowing.
Publited at Mon, 23 August 2021 13:35.05 +0000