UPDATED 09:00 EDT / MARCH 10 2020


IT support solutions startup Electric.ai raises $14.5M from 01 Advisors

Information technology support solutions startup Electric.ai said today it has raised $14.5 million in new funding from 01 Advisors, the investment firm run by former Twitter Inc. Chief Executive Officer Dick Costolo and Twitter Chief Operations Officer Adam Bain.

Founded in 2016, Electric offers a fully automated IT platform that is pitched as providing small to medium-sized businesses with enterprise-grade support. The company’s platform includes support for IT troubleshooting, systems administration, security and network management and onsite assistance.

The company offers a chatbot interface that works with Slack to provide its upfront service with more than 50 certified industry specialists to deliver personalized, intelligent resolutions of IT problems.

Electric has found a growing customer based with back-to-back years of tripling revenue growth, though it didn’t provide absolute sales numbers. Notable customers include the Newhouse School, Resy Network Inc., Joor Inc., Mercari Inc. and E-learning Mind LLC.

The Series B bridge round came earlier than expected for the company. Founder and CEO Ryan Denehy wrote that he had been approached by Bain and Costolo and decided that he wanted them on board as investors at the company.

“Getting world-class operators involved in your business is infinitely more valuable than just raising more cash simply because it’s available,” Denehy wrote. “No amount of money will make you a better leader. But better people around the table absolutely will.”

01 Advisors was launched by Costolo and Bain in August with $134.7 million in capital. The firm has made two investments since that time, according to Crunchbase. It participated in a $60 million round into accounting software company Tipalti Inc. in September and a $26 million Series A round into voice artificial intelligence platform startup Observe.AI in December.

The new funding takes Electric’s total amount raised to $51.8 million. Previous investors include GGV Capital, Bessemer Venture Partners, Supernode Ventures, Primary Venture Partners, Bowery Capital, Dolik Ventures, Charge Ventures and Silicon Badia.

Photo: Electric

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