New Relic Raises $3.5M

Menlo Park-based New Relic, a developer of software for monitoring Ruby on Rails performance, said today that it has raised $3.5M in a first round of funding. The funding came from Benchmark Capital. New Relic said that Peter Fenton of Benchmark has joined the firm's board of directors along with the funding. The funds will go towards product development and sales and marketing. New Relic develops software used for detecting and fixing Ruby on Rails performance issues; the software as a service is currently available only through a private beta. New Relic was founded by Benchmark EIR Lewis Cirne, who was the founder of Wily Technology (Acquired by 2006 by CA). More information »