The startup plans to use the new funding to advance its product roadmap and expand its team, particularly in R&D and customer-facing roles. Metronome's platform helps companies reduce the engineering investment needed for billing integration and maintenance, and facilitates the transition to cloud and/or usage-based revenue models. The company has seen significant interest from AI companies, as the entire AI stack has usage-based COGS. As part of the funding round, NEA partner Hilarie Koplow-McAdams will join Metronome’s board of directors.
Key takeaways:
- Metronome, a startup that assists software companies with usage-based billing, has raised $43 million in a Series B funding round led by NEA, bringing its total amount raised to over $78 million since 2019.
- The company saw a 6x increase in ARR last year as more companies transitioned from subscription to usage-based models. Its customers include startups like OpenAI and Anthropic and enterprise companies like Databricks and Nvidia.
- Metronome claims to reduce the engineering investment required by companies for billing integration and maintenance, and has seen significant interest from AI companies looking to monetize new products.
- The company doubled its headcount to 66 full-time employees over the last year and plans to use its new funding to advance on its product roadmap and continue hiring, particularly across its R&D and customer-facing teams.