Orb, the trailblazing billing platform, announced today it has secured $25m in Series B funding, orchestrated by Mayfield and supported by previous investors Menlo Ventures, Greylock Partners, South Park Commons, Basecase, and Scribble Ventures, along with new contributor Uncorrelated Ventures.
This injection raises Orb’s total funding to $44.1m and will propel the company’s growth as it provides businesses with the infrastructure to adapt to evolving software landscapes and AI-driven business models.
Unlike traditional seat-based billing solutions that dominated the early cloud era, the rise of generative AI and increasingly intelligent, adaptive, and personalized products are pushing software access models towards pricing aligned with product usage or outcomes.
This shift has made it challenging for businesses using legacy billing systems to match pricing with the value delivered, often diverting engineering resources from product innovation to monetization strategy optimization. In an era where macroeconomic conditions compel end users to prioritize impactful software applications, these businesses face a disadvantage.
Orb is pioneering the next evolution in software billing by offering a platform that supports innovative pricing strategies, ranging from usage-based models to outcome-driven pricing. This allows engineers to dedicate their time to innovation, while finance and revenue teams can adapt pricing strategies swiftly to match market conditions.
Alvaro Morales, CEO and co-founder of Orb, said, “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.
“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, Orb has been integral in scaling software platforms and adapting monetization strategies to match evolving product capabilities. Since its Series A announcement in March 2023, the company has tripled its customer base, adding industry leaders like Vercel, Pinecone, and Perplexity to its roster.
Sri Pangulur, Partner at Mayfield leading the investment, shared his insights on the partnership. “Orb has quickly become an essential partner for companies pushing the boundaries of what’s possible in software.
“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.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
