Metronome Secures $43 Million in Series B to Power Growth in AI-Centric Billing Solutions

March 11, 2024, 2 min read

Metronome raised 43 milion in series b. San Francisco-based startup Metronome, founded by Dropbox alumni Kevin Liu and Scott Woody, has secured $43 million in a Series B funding round led by NEA, with participation from existing backers Andreessen Horowitz and General Catalyst. The latest funding brings Metronome’s total raised to over $78 million since its inception in 2019. Metronome specializes in helping software companies implement usage-based billing, a model that saw significant traction last year. The startup reported a 6x increase in ARR (Annual Recurring Revenue) in 2023, with customers ranging from startups like OpenAI and Anthropic to enterprise companies such as Databricks and Nvidia.

Metronome, with a usage-based model of its own, aims to reduce the engineering investment required for billing integration and maintenance. The startup’s data platform offers out-of-the-box integrations, allowing engineering teams to streamline quote-to-cash workflows without extensive infrastructure ownership. The company targets a transition to cloud and usage-based revenue, particularly attractive to AI companies looking to maintain consistent margins. The funding will support Metronome’s plans for expansion, product development, and hiring. Over the past year, the company doubled its headcount to 66 full-time employees, with further growth anticipated in R&D and customer-facing teams. NEA partner Hilarie Koplow-McAdams has joined Metronome’s board of directors as part of the Series B funding round.

Metronome’s success lies in simplifying the billing process for companies, turning it from a potential bottleneck into a revenue driver. The startup’s approach enables businesses to operationalize new billing models quickly, providing critical infrastructure for long-term sustainability. The funding infusion, led by NEA, positions Metronome to advance its product roadmap and ensure continued growth and stability in an ever-evolving market.

Source: Techcrunch