SAN FRANCISCO--(BUSINESS WIRE)--Sep 17, 2024--
Orb, the modern billing platform reimagining how businesses monetize software, today announced $25M in Series B funding led by Mayfield, with participation from existing investors Menlo Ventures, Greylock Partners, South Park Commons, Basecase, and Scribble Ventures and new investor Uncorrelated Ventures. The new round brings Orb's total funding to $44.1 million, and will enable the company's growth as it empowers businesses with the infrastructure needed to adapt to evolving software landscapes and emerging AI-driven business models.
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Orb is the billing engine that transforms usage data into accurate invoices. (Graphic: Business Wire)
Legacy, seat-based billing solutions have served the software industry through the first wave of cloud, but the rise of generative AI and more intelligent, adaptive, and personalized products is shifting the software access model away from pricing per seat and toward aligning pricing with product usage or outcomes. A consequence of this shift is that legacy-billing-powered businesses struggle to align their pricing with the value they deliver, and must also redirect valuable engineering efforts toward optimizing monetization strategies instead of innovating and iterating on core product features. This places these businesses at a disadvantage, particularly as macroeconomic headwinds force end users to prioritize spend on software applications that have the most impact for their business.
Orb enables companies' next-generation software and AI products with a layer of billing infrastructure that accelerates the evolution of software pricing. Orb delivers a comprehensive billing platform that enables businesses to implement innovative pricing strategies - from usage-based models to outcome-driven pricing. This enables engineers to focus all of their time innovating, while finance and revenue teams can seamlessly adapt pricing strategies to meet market conditions.
"The software industry is on the precipice of an evolution in pricing as AI and machine learning reshapes how software value is created and delivered," said Alvaro Morales, CEO and co-founder of Orb. "Our mission is to ensure that businesses have the flexible, powerful billing infrastructure they need to monetize these next-generation products effectively. This funding will accelerate our efforts to build the tools that empower companies to transform their pricing strategies as rapidly as they're innovating their products."
Founded by former engineering leaders at Asana, scaling software platforms and adapting monetization strategies to match evolving product capabilities are in Orb's DNA. Since its Series A announcement in March 2023 the company has experienced remarkable growth, tripling its customer base since the beginning of 2024 and adding industry-leading companies like Vercel, Pinecone, and Perplexity as customers.
"Orb has quickly become an essential partner for companies pushing the boundaries of what's possible in software," said Sri Pangulur, Partner at Mayfield leading the investment. "As we see more businesses leveraging AI to create smarter, more efficient solutions, pricing complexity increases and the need for flexible billing infrastructure becomes critical. Orb's approach gives companies the agility to experiment with new pricing models that reflect the unique value of these intelligent systems across the full revenue workflow. We're thrilled to partner with Orb on this journey in an AI-first world as they continue to innovate in this vital space."
With Orb, organizations can implement and iterate on complex pricing models that reflect the customer-centric value delivery of modern software. The platform's powerful API, extensible platform, and integrations empower engineers to enable finance, sales, and customer success teams to drive growth and innovation. Orb's architecture is also built to support emerging monetization strategies, with native support for monetizing AI software that learns, adapts, and delivers personalized value.
"As Pinecone has scaled and our vector database technology has advanced, Orb has been a trusted partner in helping us align our billing structure with the value we deliver," said Ifat Villaret, Director of Finance, Pinecone. "Their platform gives us the flexibility to experiment with and implement sophisticated usage-based models. This adaptability is essential as we continue to innovate in the rapidly evolving field of AI infrastructure, allowing our team to focus on core product development for our customers."
For more information about Orb, or to try Orb for free, please visit withorb.com.
About Orb
Orb is the modern billing platform built for the future of software monetization. With the ethos of "We built billing so you don't have to," Orb provides flexible, developer-friendly infrastructure that empowers businesses to implement innovative pricing strategies that keep pace with rapid product evolution. Based in San Francisco, Orb is backed by leading investors including Mayfield, Menlo Ventures, and Greylock Partners. Starting today, businesses can sign up for a free trial of Orb's platform at withorb.com, enabling them to experience firsthand how Orb can transform their billing and monetization strategies.
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PUB: 09/17/2024 08:00 AM/DISC: 09/17/2024 08:00 AM
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