Chronosphere, a startup that helps companies monitor their cloud-based applications and competes with publicly traded Datadog, has raised $100 million in funding from Alphabet's startup-investment arm, GV, and other investors, according to a person familiar with the deal, which hasn’t been previously reported. (Update, Jan. 13: Chronosphere has announced the funding round, saying it raised $115 million.)

The deal is notable because it boosted the private shares of the three-year-old startup by at least 10% compared to a prior funding round in late 2021—the peak for private tech valuations as a multiple of a company’s sales. The funding, which values the company at around $1.6 billion, also reflects the growth potential of startups that promise to help companies cut their cloud bills, an attractive proposition for CEOs in the current economic environment.