Split.io Raises $50M Series D to Expand Feature Flag Platform

Feature Flag Management Platform Split.io Secures $50 Million in Series D Funding

Application developers frequently need to test new functionalities with a restricted user base. This allows them to mitigate potential adverse effects and assess user feedback prior to wider implementation. A technique known as feature flagging is employed for this purpose.

Split.io, a company specializing in a platform for managing these feature flags, has recently announced the completion of a $50 million Series D funding round.

Investment Details

Owl Rock led the investment, with additional participation from Northgate Capital and existing investors including Accel, Lightspeed Venture Partners, Harmony Partners, Microsoft’s venture fund M12, Atlassian Ventures, and ServiceNow. To date, the company has raised a total of $110 million, including a $33 million Series C round finalized last summer.

The Core Functionality of Split.io

According to CEO Brian Bell, who joined the company in late 2019, Split.io empowers development teams to implement controlled feature rollouts. “Our platform essentially decouples code deployment from feature release,” Bell explained. “This enables teams to activate or deactivate features as needed, effectively toggling functionality – this is the essence of a feature flag.”

Bell emphasizes that this control over feature releases fosters a more experimental approach within development teams. “While seemingly simple, the feature flag is a remarkably potent concept. It allows developers to enable features for specific user segments and manage the rollout process, fundamentally altering product development and release strategies,” he stated.

Data-Driven Insights and Flag Management

The true value of this methodology, Bell contends, emerges when combined with data analysis. This includes performance metrics, user behavior patterns, and business analytics to evaluate the impact of changes on both the application and its users.

Furthermore, the platform addresses the issue of flag bloat by providing alerts to deactivate flags once a feature has been fully deployed to all users and is no longer required.

Growth and Diversity Initiatives

The company is experiencing rapid growth and anticipates reaching a headcount of 200 to 250 employees within the next year. Bell acknowledges the challenges of the current hiring landscape but remains committed to building a diverse and inclusive workplace.

Upon joining the company, he promptly established a DEI task force and engaged an external consultant to facilitate discussions on diversity and inclusion.

The Importance of Inclusion

Bell believes that prioritizing inclusion is key to achieving diversity. “My experience has shown me that a focus on inclusion naturally fosters diversity. An inclusive culture attracts a wider range of applicants, as individuals recognize their potential for success within the organization,” he explained.

Strategic Partnerships and Future Outlook

The presence of strategic investors such as Microsoft, Atlassian, and ServiceNow – all established public companies – enhances Split.io’s credibility and supports continued platform expansion. These companies are not merely investors but also partners.

“Many of the developers we serve require seamless integration with their existing application development platforms. For instance, our bi-directional integration with JIRA, an Atlassian product, allows feature flag status to be displayed directly within JIRA tickets,” Bell noted.

Focus on Long-Term Growth

Despite the recent Series D funding, Bell has no immediate plans for an exit. His primary focus remains on building and scaling the company. “The potential market is enormous. Our current priority is growth – scaling the team, attracting top talent, and delivering value to our customers. If we achieve these goals, strategic opportunities, including a potential IPO or acquisition, will naturally arise,” he concluded.