Engagement — Platform Due Diligence
Code & Co. provides AI & Tech Due Diligence to One Peak ahead of its investment in groundcover, an observability startup that keeps customers' monitoring data inside their own cloud.
groundcover, the world's leading bring-your-own-cloud (BYOC), eBPF and OpenTelemetry (OTel)-native observability platform, has announced a $100 million Series C funding round led by One Peak, with participation from Morgan Stanley Expansion Capital and existing investors Zeev Ventures, Angular Ventures, Heavybit and Jibe. The round brings groundcover's total funding to $160 million and follows a year in which the company tripled annual recurring revenue and doubled its global headcount.
Scope of work
Code & Co. reviewed groundcover's product strategy and platform breadth across infrastructure, application, and AI observability, together with a roadmap that pairs feature completeness with AI-native differentiation. The assessment covered the company's AI and machine learning capabilities, including agentic investigation features, kernel-level capture of large language model traffic, and a pluggable foundation-model layer. Particular attention was paid to customer value, where a flat, volume-independent pricing model decouples observability spend from telemetry growth as AI workloads scale.
Code & Co. examined the technical architecture, in which a customer-hosted data plane is paired with a centrally managed control plane and a proprietary kernel-level sensor collects data without application instrumentation. The analysis extended to scalability, resilience, security posture, and the handling of open-source components and supply chain controls. The engineering organization was evaluated with respect to its deep systems-level expertise, development velocity, quality practices, and AI-assisted engineering workflows.
Code & Co. also conducted a competitive benchmarking exercise, positioning groundcover against other observability vendors across architecture, pricing model, AI capability, and go-to-market focus. This comparison helped clarify where groundcover's BYOC and eBPF-native approach provides a durable edge over incumbent and cloud-native competitors, and helped sharpen the picture of the customer segments and workload profiles where groundcover is best placed to win.
About groundcover
groundcover is a cloud native observability platform powered by eBPF. It runs inside the customer's cloud and provides complete visibility into applications, infrastructure, networks and AI systems without operational overhead. The platform offers unlimited data coverage at a fraction of the cost of legacy observability tools. Built for modern production environments, it enables teams to instantly monitor everything they build and run in the cloud without compromising on cost, granularity, or scale. To learn more, visit groundcover.com.
About One Peak
One Peak is a leading growth equity firm with more than $4bn in assets under management that invests in technology companies in the scale-up phase. One Peak provides growth capital, operating expertise, and access to its extensive network of exceptional entrepreneurs, with a view to help transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to groundcover, One Peak's investments include Akur8, Ardoq, Cymulate, Datarails, Deepki, Docplanner, Elliptic, emnify, Hawk, iplicit, Keepit, Lucca, Neo4j, PandaDoc, Sparta, and many others. To learn more, visit onepeak.tech.