Auvik Networks Inc, a Waterloo-based provider of network monitoring and management software for managed service providers, has secured $15 million in a Series B financing. The round was led by U.S. venture capital firm OpenView with participation from the company’s existing Canadian investors Celtic House Venture Partners and Rho Canada Ventures. As a result, OpenView Partner Ricky Pelletier will join the board. The funds raised will be used for product development, partner initiatives, and growth into new markets. Auvik was founded in 2011; the three founders are CEO Marc Morin, CTO David Yach and VP Alex Hoff. Morin, a serial founder, was interviewed by PE Hub Canada in 2014.
Photo (left to right): Alex Hoff, Marc Morin and David Yach, respectively VP, Product & Sales, CEO and CTO of Auvik Networks Inc.
(This post has been corrected to include Alex Hoff as one of the founders of Auvik Networks Inc. Also, while Marc Morin and Alex Hoff joined in 2011, David Yach joined in 2012; an earlier version said the three founded the company in 2011.)
Auvik Networks Raises $15 Million in Series B Funding Round Led by OpenView
WATERLOO, ON / Aug 10, 2017 — Auvik Networks, a provider of network monitoring and management software for managed service providers, today announced it has raised CAD$15 million in a Series B round of financing led by OpenView with participation from existing investors Celtic House Venture Partners and Rho Canada Ventures.
“Auvik brings together an all-star team with exceptional technology built to give MSPs true visibility into their network infrastructure like never before,” said Ricky Pelletier, Partner at OpenView, who joins the company’s board. “We are thrilled to be part of such an innovative company led by some of Canada’s leading technologists and very much look forward to this next chapter in Auvik’s journey.”
Auvik provides remote monitoring and management (RMM) focused on network infrastructure, such as switches, routers, firewalls, and Wi-Fi controllers. Its cloud-based software gives MSPs unprecedented insight into their client networks and automates complex and time-consuming tasks so they can scale their managed services efficiently and profitably.
The funding will fuel product development, partner success initiatives, and expansion into new markets.
“We’re seeing rapid adoption of Auvik which tells us we’ve developed a product that managed service providers have been waiting for for a long time,” said Marc Morin, CEO of Auvik. “It’s incredibly rewarding to hear stories from our channel partners about the value we’re bringing to their businesses. And we’re just getting started.”
Auvik Networks is currently expanding its team in areas across the organization, from sales and marketing to engineering. Current openings can be found on Auvik’s careers page: https://www.auvik.com/careers/
About Auvik Networks
Auvik is a software company that helps managed service providers improve the efficiency and profitability of their managed services. Auvik’s network infrastructure RMM (remote monitoring and management) gives MSPs better visibility, documentation, and monitoring for their client networks, and automates many time-consuming network tasks. Auvik was named to the 2016 ChannelE2E 100 list, which identifies top disruptors and innovators in the IT channel. Visit www.auvik.com or follow @AuvikNetworks on Twitter. Auvik is a registered trademark of Auvik Networks Inc.
OpenView, the expansion stage venture firm, helps build software companies into market leaders. Through our Expansion Platform, we help companies hire the best talent, acquire and retain the right customers and partner with industry leaders so they can dominate their markets. Our focus on the expansion stage makes us uniquely suited to provide truly tailored operational support to our portfolio companies. Learn more about OpenView at openviewpartners.com.
Director of Content, Auvik Networks
Director of Marketing, OpenView
Photo courtesy of Auvik Networks Inc