Moogsoft, which provides service assurance software to help companies detect anomalies in online traffic, announced it has raised $11.3 million in Series B funding. Wing Venture Capital, a new investor, led the round, which also included returning investor Redpoint Ventures. The San Francisco-based company has now raised about $18 million in total funding. As part of the latest round, Peter Wagner, founding partner of Wing Venture Capital, has joined the board.
Moogsoft Raises $11.3 Million in Series B Funding to Help Enterprises Deliver Continuous Availability of Web-scale IT Operations
Incident.MOOG Is Production-deployed at Leading Internet Enterprises and Service Providers Worldwide
San Francisco, CA – July 31, 2014 – Moogsoft, the leader in collaborative situation management for web-scale IT operations, announced today the closing of an $11.3 million Series B funding round led by new investor, Wing Venture Capital. Existing investors, including Redpoint Ventures, also participated in the round. Moogsoft will use the new investment to fuel continued technology innovation and geographic expansion.
Moogsoft is offering a new type of a platform for ensuring the availability of today’s continuous delivery applications and infrastructure. Its flagship product, Incident.MOOG, is used by web-scale service providers and enterprises to create collaborative situational awareness among IT Operations Management (ITOM) and IT Service Management (ITSM) teams. Incident.MOOG detects incidents as they unfold, reduces the noise without preset rules or models, creates contextualized situations and then orchestrates rapid restoral of business services.
“Once in a while, a company invents a radically new approach to an increasingly strategic problem and disrupts an industry. Moogsoft is one of those companies,” said Peter Wagner, founding partner of Wing Venture Capital. “Its collaborative machine learning technology is already driving new efficiencies in the delivery of continuous availability to web-scale environments. With its innovation leadership, deep industry experience, and rapid execution effectiveness, Moogsoft has the opportunity to lead the industry’s shift to data-driven IT operations.”
Wagner joins Moogsoft’s board, which includes co-founders Phil Tee, CEO, and Mike Silvey, EVP; John Walecka, Managing Director at Redpoint Ventures; Andy Brown; and Dan Fishback.
The Series B financing brings the total raised by Moogsoft to approximately $18 million and is the latest milestone in a significant year of company growth. Moogsoft began customer deliveries in February 2012 and was immediately recognized as a “Cool Vendor in Application Performance Monitoring” by Gartner. Since then, the company has established partnerships with leading vendors in the ITSM and DevOps sectors and expanded its presence across Europe, North America, and Asia, winning customers who are reinventing IT Operations Management for competitive advantage.
“Peter and the Wing investment team bring invaluable domain knowledge and operational expertise to Moogsoft that will enable us to scale our business faster,” said Phil Tee, co-founder and CEO of Moogsoft. “We share a vision for how data, mobile, and the cloud are transforming IT. Together, we are building something very big.”
The Incident.MOOG Platform
Incident.MOOG improves IT operational efficiency by using adaptive machine learning to detect abnormalities in infrastructure and service behavior in real time, instead of depending on brittle rules and models. It produces contextual narratives of incidents as they unfold, and then creates a dynamic teaming environment for stakeholders to accelerate resolution and knowledge sharing. The result is dramatic and measureable improvement in workflow, detecting emerging problems up to 24 hours faster than existing tools, and reducing actionable trouble tickets by 80 percent or more.
Moogsoft is the leading provider of Collaborative Situation Management for web-scale IT operations, merging adaptive machine learning and socialized workflow to enable customers to obtain greater value from their existing service management resources. Its flagship product, Incident.MOOG, detects anomalies in real time to reveal incidents as they unfold, reduces mean-time-to-repair (MTTR), and enables knowledge capture and reuse through collaborative workflow and “Situation Rooms.” Moogsoft’s founders are the original team behind IBM Tivoli Netcool and RiverSoft. For more information, visit www.moogsoft.com and follow us on Twitter at http://twitter.com/Moogsoft.
About Wing Venture Capital
Wing is a purpose-built venture capital firm founded by Peter Wagner and Gaurav Garg, two industry veterans with a different view of what it takes to build enduring companies. Wing’s sole focus is the transformation of business technology by the cloud, mobility, and data. Wing commits to its companies in their early stages, but engages for the long term. Wing’s body of work spans two decades and dozens of companies, 16 of which have executed successful IPOs and achieved market caps in excess of $1 billion. Recent examples of Wing’s work include FireEye, MobileIron, Nimble Storage, Opower and Ruckus Wireless. Helping build companies like these is the singular purpose at Wing.