The first segment of this “oversubscribed round”, according to the company, was headed by new investor Northgate Capital, followed by Singapore-based SingTel Innov8 and existing investors Cisco Investments, Redpoint, Wing and other equity holders. Similarly, the second phase was led by another new investor Singapore Technologies Telemedia (ST Telemedia) along with the involvement of HCL Technologies.
Moogsoft’s Series B Funding round was closed at $11.3 million which was aimed to fuel continued technology innovation and geographic expansion. This time the funding will be used to channelize the expansion of Moogsoft’s global operations in Europe, Asia and the Americas.
Phil Tee, CEO and Co-founder of Moogsoft stated:
“Every organization needs to become digital, and a key part of that transformation is for IT operations to automate their support functions at global scale, without dealing with the complexity and operational noise of cloud, mobile, and micro-services architectures. We surpassed all of our growth goals this past year, so it is impeccable timing for Moogsoft to close this oversubscribed round supported by visionary strategic investors, underlining the deep market support for the next generation of data driven, collaborative, model free service assurance.”
Moogsoft delivers IOTA support functions to modern operations teams across IT environments and helps them manage applications, networks, and infrastructure. According to Moogsoft, some of its clients include Cisco, Royal Bank of Canada, Yahoo, and GoDaddy.
“Moogsoft’s differentiated machine-learning approach to automate and simplify IT operations is a unique solution for increasingly complex incident management processes,” said Rob Salvagno, Head of Cisco Investments and Corporate Development at Cisco.
“We are excited to back a team with such a strong track record, and through our continued investment in Moogsoft, we are able to foster a close business relationship, internally pilot their solutions, and encourage technical collaboration opportunities between our engineering teams.”
Anand Birje, Executive Vice President, HCL Technologies reacted on the funding, “Moogsoft is currently our strategic partner of choice for IT operations analytics and event automation, and a key platform for our next generation IT and Digital Operations Services. This investment represents our strategic interest in partnering with new generation startups. As one of the world’s largest and fastest growing providers in this space, with over 250 large enterprise customers, we believe our strategic investment in Moogsoft will enable us to bring richer operational analytics to our customer’s digital transformations.”
