Now that brackets and markets are busted, we can get back to the hard work of recruiting British royalty (former royalty, or something) to join our startups (Prince Harry + BetterUp).
The low-code platform Retool released their 'State of Internal Tools' report and not surprisingly, many large enterprises spend an inordinate amount of time building internal tools. Additionally, the amount of open source databases used for this dev work is ubiquitous!
YC held its virtual demo day for the W21 batch this past week with 319 (!!!) companies presenting - quite a cohort compared to the 10 in S05 (Reddit notably present in that class). Of the 319, we found 5 open source companies that are doing some interesting things:
Webiny - open source serverless migration
SigNoz - open source alternative to DataDog and observability platform
Pyroscope - open source continuous profiling and debugging
Athens Research - open source Roam research
Chatwoot - open source customer engagement
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Private Markets
Aiven, combining the best open source technologies with cloud infrastructure, announces $100M Series C led by Atomico.
Camunda, a Berlin-based open source software provider, raised $100 million. Insight Partners led the round and was joined by investors including Highland Europe.
OctoML, maker of a machine-learning acceleration platform built on Apache TVM, announces $28M Series B led by Addition.
Docker announces $23M Series B led by Tribe Capital.
LottieFiles, a platform for the Lottie animation file format, announces $9M Series A led by M12 (Microsoft's venture fund).
Oso, maker of a "batteries-included "authorization tool, announces $8.2M Series A led by Sequoia.
Rumble, provider of a network/asset discovery platform to reduce attack surfaces and respond to incidents, announces $5M funding round led by Decibel Partners.
Kubecost, giving engineers visibility into spend and resource efficiency in Kubernetes environments, announces $5.5M seed led by First Round Capital.
TerminusDB, maker of an open-source collaboration platform for working with large and complex data, announced a $4.3M seed led by Volta Ventures.
Saleor, maker of an open-source, graphQL headless e-commerce platform, announces $2.5M seed led by Cherry Ventures.
Public Markets
To track the performance of COSS companies, we’ve created an equal-weighted index comprised of public names including: MongoDB, Elastic, Talend, Cloudera, Rapid7, Fastly and Jfrog.
Over the last year, the COSS Index significantly outperformed the benchmarks:
COSS Index +99%
NASDAQ +69%
S&P 500 +51%
However, the COSS Index just inverted on the NASDAQ over the last three years:
COSS Index +66%
NASDAQ +89%
S&P 500 +52%
COSS companies have continued to sell off over the last two weeks and have dipped below their Emerging Cloud peers. However, all three indices continue to trade higher than their five-year average (although that trend also continues to moderate as the NASDAQ Composite is off 3.3% in the month of March).
COSS Index: Current Multiple 12.3x | Five-Year Mean: 7.4x
Emerging Cloud Index: Current Multiple 12.8x | Five-Year Mean: 8.9x
NASDAQ Composite: Current Multiple 4.3x | Five-Year Mean: 3.1x