Usage-based billing provider Metronome has closed a $43m Series B funding round to transform billing for software as a service (SaaS) companies.

The financing round was led by global venture capital firm NEA. It also had participation from Metronome’s previous backers Andreessen Horowitz and General Catalyst.

In line with the funding, NEA venture partner Hilarie Koplow-McAdams joined the Metronome’s board of directors.

Koplow-McAdams said: “Billing is often underresourced internally and seen as a bottleneck for product launches and pricing changes. In reality, it’s a make-or-break revenue driver for any business.

“Metronome makes it possible for companies to operationalise new business models quickly. Every customer we spoke to shared how Metronome turned billing from a ‘hair-on-fire’ problem to a system that just works.”

Based in San Francisco, US, Metronome has built a usage-based billing platform developed for modern software companies.

The firm empowers teams to launch products faster, offer any pricing, and optimise quote-to-cash workflows without requiring engineering work.

After the initial platform integration is set up, teams can give customers real-time spend transparency.

Metronome is said to facilitate billing for various fastest-growing startups and enterprises, including Databricks, OpenAI, and Nvidia.

Furthermore, Metronome specialises in metred billing, real-time data, usage-based billing, usage data, consumption-based billing, billing infrastructure, and billing platform.

Metronome CEO Kevin Liu said: “When we started Metronome, we spoke with hundreds of companies who were struggling to build and maintain usage-based and subscription billing infrastructure.

“We built Metronome to be a powerful and flexible billing platform, but also simple to integrate and maintain – to help those companies move faster.”

Liu co-founded the company with chief technology officer Scott Woody in 2019.