London startup powering real-time virtual events bags $70M from Dawn Capital
Currently, real-time data is only a fraction of the data consumed today. Reports suggest that it will account for 30% of global data by 2025. However, building homegrown real-time synchronisation capabilities is complex and costly and Ably eyes to simplify this.
London-based Ably is a platform that synchronised digital experiences in real-time. Now, the company just announced that it grabbed $70 million (nearly £50.6 million) in a Series B funding round co-led by Insight Partners and Dawn Capital LLP. The funding round involved participation from existing investors including Triple Point, Digital Horizon, Forward Partners, and MMC.
Eyes to strengthen UK team
The funds will be used to accelerate Ably’s growth and continued platform innovation to provide organisations with a comprehensive solution to offload the growing complexity of real-time data synchronisation at scale for distributed applications, devices, and hybrid cloud environments. Currently, Ably employs 65 people and plans to add a further 125 hires to strengthen its core UK team and grow a strong US presence over the next 15 months.
“When we launched Ably five years ago, we had a clear vision that real-time interactions would underpin rather than just augment our everyday digital experiences. Today, our most important daily and digital experiences happen in real-time. It’s business is critical now, and organizations realize they must keep up and transform to remain relevant,” said Matthew O’Riordan, CEO and Co-founder of Ably.
“Insight has an established track record of investing in industry disruptors and Ably is a natural fit for our portfolio,” said Teddie Wardi, Managing Director at Insight Partners. “Ably has demonstrated it is a visionary when it comes to solving the challenges of synchronizing digital experiences in realtime. The company is already the market leader and is primed for further growth in what we believe is an uncapped market.”
Norman Fiore, General Partner and Co-founder at Dawn Capital, commented, “We all live our lives in realtime. And now, we expect our digital lives to reflect this – whether tracking parcels, gaming with friends, querying inventory or updating business-critical infrastructure. As the infrastructure and platform powering these experiences, Ably is helping companies operate in realtime. I’m both hugely impressed by what Ably has achieved to date and excited to be supporting the team to innovate and scale further.”
De-facto platform for real-time experiences
Founded by Matthew O’Riordan and Paddy Byers in 2016, Ably provides a suite of APIs to build, extend, and deliver powerful digital experiences in real-time. Data consumed in real-time powers many digital experiences, whether it be virtual events, news and financial information, or connected IoT devices. Now, it is the de-facto platform for developers at organisations of all sizes as it helps them deliver real-time experiences to their users.
It reaches 250 million devices per month and serves 500 customers across 80 countries. Organisations like Bloomberg, HubSpot, Verizon, and Hopin depend on Ably’s platform to offload the growing complexity of business-critical real-time data synchronization at a global scale.
Max Freiert, Product Group Lead at HubSpot, commented, “Ably is one of the key technologies that underpins our business. Its realtime platform and infrastructure layer seamlessly supports HubSpot’s entire realtime needs, helping us to meet our technical, business, and product development requirements. With Ably we have innovated and taken new products to market much faster while significantly reducing our operational engineering overhead.”