Metronome, the leading provider of usage-based billing for companies including OpenAI, Databricks, and NVIDIA, announced the close of its $43 million Series B funding round to reimagine billing for SaaS companies. The round was led by NEA, with strong participation from prior backers Andreessen Horowitz and General Catalyst. In conjunction with the funding, Hilarie Koplow-McAdams, Venture Partner at NEA, joined the company’s board of directors.
“When we started Metronome, we spoke with hundreds of companies who were struggling to build and maintain usage-based and subscription billing infrastructure,” said Kevin Liu, Metronome CEO, who co-founded the company with CTO Scott Woody in 2019. “We built Metronome to be a powerful and flexible billing platform, but also simple to integrate and maintain – to help those companies move faster.”
Metronome is designed for speed of deployment, flexibility, and ease-of-use – reducing the engineering effort typically required for billing and empowering business and product teams to fully own revenue and pricing. Once the initial platform integration is set up, teams can quickly launch new products and pricing, streamline revenue workflows, and give customers real-time spend transparency.
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“Billing is often underresourced internally and seen as a bottleneck for product launches and pricing changes. In reality, it’s a make-or-break revenue driver for any business,” said Hilarie Koplow-McAdams, Venture Partner at NEA. “Metronome makes it possible for companies to operationalize new business models quickly. Every customer we spoke to shared how Metronome turned billing from a ‘hair-on-fire’ problem to a system that just works.”
Today, Metronome is used by fast-growing startups and leading enterprises alike. The company has seen significant momentum, growing revenue 6x over the last year and powering billing for millions of end-customers. Much of this is driven by companies’ increasing shift to usage-based and hybrid pricing, as well as burgeoning interest in AI.
Metronome has played a pivotal role in helping many of the world’s top AI companies get new products to market and grow more quickly. Peter Welinder, VP of Product and Partnerships at OpenAI, shared, “Metronome has been an essential billing partner on our journey to bring the world products loved by millions of developers.”
SOURCE: BusinessWire