As AIOps market heats up, OpsRamp lands $37.5M round led by Morgan Stanley
OpsRamp Inc., a startup competing in the fast-growing AIOps segment, today announced that it has nabbed a $37.5 million funding round led by Morgan Stanley’s late-stage private equity investment arm.
The term AIOps covers information technology management tools that use machine learning to automate tasks administrators once had to perform manually.
That market has seen two acquisitions in the past week alone. VMware Inc. last Wednesday bought Nyansa Inc., an AIOps startup focused on network monitoring, and ServiceNow Inc. followed suit by picking up Loom Systems Ltd. less than 24 hours later.
OpsRamp’s namesake platform enables administrators to keep an eye on their company’s entire IT infrastructure through a single console. OpsRamp can monitor both on-premises hardware and cloud deployments, the startup says, while providing visibility into several different operational areas.
One of those areas is IT overhead. Administrators can use OpsRamp to identify hidden costs such as workloads that are using more infrastructure than they ought to, idle applications and systems which were provisioned by employees without the knowledge of the IT department.
Another core capability of OpsRamp is performance monitoring. The platform uses machine learning to look for technical issues such as latency spikes, malfunctioning servers and network outages. This data is shown in a visual map that enables administrators to see what business applications are affected when a given component of their infrastructure experiences problems.
OpsRamp has layered a number of additional automation features on top, including an alerting system that notifies IT staff when something goes wrong.
The startup boasts more than 1,400 customers worldwide and claims to have tripled annual recurring revenue in 2019. “Modernizing legacy IT operations management, technology debt, and supporting digital transformation is where our platform drives value to the enterprise,” OpsRamp Chief Executive Officer Varma Kunaparaju said in a statement. “This funding will drive the growth and scale we need to deliver on this vision.”
In addition to Morgan Stanley, the round included the participation of new investor Hewlett Packard Enterprise Co. and Sapphire Ventures.
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