Metronome has secured $43 million in a Series B funding round to simplify and streamline usage-based billing for Software-as-a-Service (SaaS) companies.
The company aims to address the challenges faced by businesses in building and maintaining usage-based and subscription billing infrastructure, Metronome said in a Wednesday (Jan. 31) press release.
This funding round brings the total amount the company has raised to date to $78 million, Metronome said in a Wednesday blog post.
Founded in 2019 by CEO Kevin Liu and Chief Technology Officer Scott Woody, Metronome offers a flexible billing platform that is easy to integrate and maintain, according to the release.
Billing is often an overlooked aspect of a business, the release said. By reducing the engineering effort typically required for billing, Metronome can enable business and product teams to take full ownership of revenue and pricing.
Key advantages of Metronome include its speed of deployment, flexibility and ease-of-use, per the release. Once the initial platform integration is set up, companies can quickly launch new products and pricing, streamline revenue workflows and provide customers with real-time spend transparency.
Its usage-based and hybrid pricing models, as well as its ability to support the growing interest in artificial intelligence (AI), have drawn new customers, the release said.
Leading AI companies, such as OpenAI, have relied on Metronome to bring their products to market and accelerate their growth, per the release.
The company’s latest funding round was led by NEA, and Hilarie Koplow-McAdams, venture partner at NEA, will join Metronome’s board of directors, according to the release.
“Every customer we spoke to shared how Metronome turned billing from a ‘hair-on-fire’ problem to a system that just works,” Koplow-McAdams said in the release.
In another recent development in this space, billing platform Octane said on Jan. 14 that it has joined payments process Stripe to support “a diverse range of pricing structures” and “democratize consumption-based pricing.”
“Today, we continue to see tremendous growth of consumption-based pricing use cases,” Octane said when announcing the partnership.