Jan
30
2020
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OpsRamp raises $37.5M for its hybrid IT operations platform

OpsRamp, a service that helps IT teams discover, monitor, manage and — maybe most importantly — automate their hybrid environments, today announced that it has closed a $37.5 million funding round led by Morgan Stanley Expansion Capital, with participation from existing investor Sapphire Ventures and new investor Hewlett Packard Enterprise.

OpsRamp last raised funding in 2017, when Sapphire led its $20 million Series A round.

At the core of OpsRamp’s services is its AIOps platform. Using machine learning and other techniques, this service aims to help IT teams manage increasingly complex infrastructure deployments, provide intelligent alerting and eventually automate more of their tasks. The company’s overall product portfolio also includes tools for cloud monitoring and incident management.

The company says its annual recurrent revenue increased by 300% in 2019 (though we obviously don’t know what number it started 2019 with). In total, OpsRamp says it now has 1,400 customers on its platform and alliances with AWS, ServiceNow, Google Cloud Platform and Microsoft Azure.

OpsRamp co-founder and CEO Varma Kunaparaju

According to OpsRamp co-founder and CEO Varma Kunaparaju, most of the company’s customers are mid to large enterprises. “These IT teams have large, complex, hybrid IT environments and need help to simplify and consolidate an incredibly fragmented, distributed and overwhelming technology and infrastructure stack,” he said. “The company is also seeing success in the ability of our partners to help us reach global enterprises and Fortune 5000 customers.”

Kunaparaju told me that the company plans to use the new funding to expand its go-to-market efforts and product offerings. “The company will be using the money in a few different areas, including expanding our go-to-market motion and new pursuits in EMEA and APAC, in addition to expanding our North American presence,” he said. “We’ll also be doubling-down on product development on a variety of fronts.”

Given that hybrid clouds only increase the workload for IT organizations and introduce additional tools, it’s maybe no surprise that investors are now interested in companies that offer services that rein in this complexity. If anything, we’ll likely see more deals like this one in the coming months.

“As more of our customers transition to hybrid infrastructure, we find the OpsRamp platform to be a differentiated IT operations management offering that aligns well with the core strategies of HPE,” said Paul Glaser, vice president and head of Hewlett Packard Pathfinder. “With OpsRamp’s product vision and customer traction, we felt it was the right time to invest in the growth and scale of their business.”

Jan
22
2020
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ServiceNow acquires Loom Systems to expand AIOps coverage

ServiceNow announced today that it has acquired Loom Systems, an Israeli startup that specializes in AIOps. The companies did not reveal the purchase price.

IT operations collects tons of data across a number of monitoring and logging tools, way too much for any team of humans to keep up with. That’s why there are startups like Loom turning to AI to help sort through it. It can find issues and patterns in the data that would be challenging or impossible for humans to find. Applying AI to operations data in this manner has become known as AIOps in industry parlance.

ServiceNow is first and foremost a company trying to digitize the service process, however that manifests itself. IT service operations is a big part of that. Companies can monitor their systems, wait until a problem happens and then try to track down the cause and fix it — or, they can use the power of artificial intelligence to find potential dangers to the system health and neutralize them before they become major problems. That’s what an AIOps product like Loom’s can bring to the table.

Jeff Hausman, vice president and general manager of IT Operations Management at ServiceNow, sees Loom’s strengths merging with ServiceNow’s existing tooling to help keep IT systems running. “We will leverage Loom Systems’ log analytics capabilities to help customers analyze data, automate remediation and reduce L1 incidents,” he told TechCrunch.

Loom co-founder and CEO Gabby Menachem not surprisingly sees a similar value proposition. “By joining forces, we have the unique opportunity to bring together our AI innovations and ServiceNow’s AIOps capabilities to help customers prevent and fix IT issues before they become problems,” he said in a statement.

Loom has raised $16 million since it launched in 2015, according to PitchBook data. Its most recent round for $10 million was in November 2019. Today’s deal is expected to close by the end of this quarter.

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