Metronome, a startup that assists software companies in implementing usage-based billing, has secured \(43 million in a Series B funding round led by NEA. The funding round also saw participation from existing supporters Andreessen Horowitz and General Catalyst, bringing the total raised to over \)78 million since its establishment in 2019.
Co-founded by former Dropbox employees Kevin Liu and Scott Woody, Metronome, based in San Francisco, reported a 6x increase in ARR the previous year as more businesses shifted towards usage-based or hybrid subscription models. Its clientele includes startups like OpenAI and Anthropic, as well as enterprise firms such as Databricks and Nvidia. While initially focused on startups, Metronome expanded its services to cater to enterprise clients last year.
Metronome operates on a usage-based model itself, aiming to simplify billing integration and maintenance for companies, reducing the need for extensive engineering resources. The company’s data platform offers pre-built integrations, allowing teams to streamline pricing and operational workflows without significant engineering involvement.
In response to the growing interest from AI companies, Metronome’s product facilitates the transition to cloud and usage-based revenue models, minimizing disruptions and accelerating the process, particularly crucial for businesses in the AI sector.
To address the rising demand, Metronome has doubled its workforce to 66 full-time employees over the past year, with further hiring planned, especially in R&D and customer-facing roles. The company intends to leverage the new funding to enhance its product roadmap and ensure long-term sustainability.
NEA partner Hilarie Koplow-McAdams has joined Metronome’s board of directors as part of the funding round, emphasizing the critical role of billing in driving revenue and praising Metronome’s ability to streamline billing processes for businesses.
For those interested in receiving more fintech updates, they can subscribe to TechCrunch Fintech newsletter here.
