Wavefront raises $52 million for its cloud-based data analytics software

Wavefront, the Palo Alto-based startup behind a metrics monitoring cloud application for enterprises and SaaS companies, announced today that it has closed a $52 million investment led by Tenaya Capital.

Thought the startup wouldn’t offer specific figures, it said Wavefront’s valuation has quadrupled since its $13.5 million Series A investment. Wavefront plans to “accelerate research and development” to expand its offerings and bring its workforce to 70 employees by the end of 2017.

The service already has companies like Lyft, Groupon, and Microsoft in its customer portfolio.

“Cloud-enabled companies adopting Wavefront get crucially valuable insights that no other monitoring platform can offer, so their business experiences less degradation, fewer outages, and more customer success,” said Wavefront CEO Pete Cittadini, who took the position earlier this year.

Sequoia Capital and previous investor Sutter Hill Ventures also joined Wavefront’s funding round.

To date, Wavefront has raised at least $65.5 million.

Updated as of 11:25 p.m. Pacific: Corrected that Wavefront’s investment was led by Tenaya Capital, not Sequoia Capital.