The OpenTelemetry-native platform founded by the team behind Instana has grown to 600 customers in under two years. Its Series B, led by Balderton, with Accel, Cherry, and Deutsche Telekom’s T.Capital, will fund Agent0, an AI layer that doesn’t just surface production problems but fixes them.
Observability has always had an uncomfortable gap at its centre: the tools that tell you something is wrong rarely do anything about it. Dash0, the New York and Berlin-based platform founded in 2023, is raising $110 million on the thesis that closing that gap is the defining infrastructure opportunity of the AI era.
The Series B, announced on 23 March, is led by Balderton Capital, which is joining Dash0’s board through partner Rana Yared. New investor DTCP Growth participates alongside existing backers Accel, Cherry Ventures, and DIG Ventures, with Deutsche Telekom’s T.Capital and July Fund joining as strategic partners.
The round values Dash0 at $1 billion and brings total funding to $155 million, following a $35 million Series A in October 2025 and a $9.5 million seed round in November 2024.
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Novakovic is not a first-time founder in this space. He previously co-founded Instana, an application performance monitoring platform that IBM acquired in 2020. Dash0 carries that institutional knowledge into a market that has shifted considerably since then: OpenTelemetry, the open-source framework for standardising telemetry collection, has become the de facto standard for how engineering teams instrument their systems, and Dash0 was built from the start around it rather than retrofitting support afterwards.
The pitch to customers is that this removes vendor lock-in and makes pricing predictable, charges are based on data volume rather than on user seats or the type of signal ingested, a direct contrast to Datadog’s model, which has drawn criticism for its complexity and cost at scale.
The company has grown to more than 600 paying customers in under two years, including Zalando, Taco Bell, and The Telegraph. That trajectory, 270 customers at the Series A in October, 600 now, represents more than a doubling in roughly five months, a period that also included Dash0’s acquisition of Lumigo, a serverless and AWS-native observability platform based in Tel Aviv, completed in February 2026.
Lumigo brought AWS Lambda expertise, LLM observability capabilities, and an engineering team that Novakovic cited as extending Dash0’s ability to support modern, event-driven architectures.
The core of what the Series B is funding is Agent0, Dash0’s platform of specialised AI agents that move beyond surfacing problems to resolving them autonomously.
The agents cover a range of production operations: root-cause analysis and remediation guidance, automatic creation and maintenance of dashboards and alerts, deployment validation, cost optimisation, security anomaly detection, and migration tooling designed to help teams move off legacy vendors.
Customers can also build their own agents on top of the platform. The ambition Novakovic is articulating is something closer to an autonomous operations layer than a monitoring dashboard, infrastructure that manages itself, rather than infrastructure that reports on itself and waits for a human to act.
Yared’s board seat and Balderton’s framing of the investment as an “infrastructure layer that every AI-driven company will depend on” places Dash0 squarely in the bet that agentic AI, software that takes action rather than just providing insight, will require a new class of production tooling to manage it safely at scale.
The use-of-funds breakdown reflects that: the largest share goes to deepening Agent0 and expanding the autonomous agent library, with US market expansion, strategic acquisitions in adjacent areas such as LLM observability and AI security, and core engineering development making up the remainder.
The competitive backdrop is well-established. Datadog and Dynatrace dominate enterprise observability by revenue and market capitalisation; Grafana Labs has built a strong position on open-source foundations.
What Dash0 is competing on is the combination of native OpenTelemetry architecture, transparent pricing, and autonomous action, a bundle that is aimed specifically at the engineering teams who have grown frustrated with incumbent costs and lock-in.
