Orb Raises $25M Series B to Transform Billing for the Intelligent Software Era
17 Septiembre 2024 - 7:00AM
Business Wire
New funding accelerates mission to connect
every unit of product usage to revenue and evolve legacy,
seat-based billing with flexible billing infrastructure
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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version on businesswire.com: https://www.businesswire.com/news/home/20240917023624/en/
Media Contact: Megan Stinson CMAND for Orb
press@withorb.com