Cloud-based analytics company Numerify has raised $15 million in an oversubscribed Series B funding round led by Sequoia Capital. Numerify has secured a total of more than $23 million to date including a Series A round of $8.25 million led by Lightspeed Venture Partners who also participated in the Series B round.
Numerify, a cloud-based analytics company focused on the Business of IT, today announced it has raised $15M in an oversubscribed Series B funding round, led by Sequoia Capital. Numerify has received a total of more than $23M in financing to date, including a Series A round of $8.25M led by Lightspeed Venture Partners, who also participated in the Series B round. Other investors in Numerify include Amit Singh, president of Google for Work, Deep Nishar, senior vice president of products & user experience at LinkedIn, and Lane Bess, former CEO of Palo Alto Networks. In conjunction with this news, Doug Leone, partner at Sequoia Capital, will join Numerify’s board of directors.
“Most IT executives are ‘flying blind’ when it comes to understanding the financial and operational dimensions of their service delivery, and they don’t usually have the money, time, or talent to invest in the type of analytics solution needed to effectively run IT like a business,” said Doug Leone, partner at Sequoia Capital and board member at ServiceNow. “Numerify’s IT Business Analytics application solves this problem beautifully–with the entire stack in the cloud–making it fast and easy for customers to arrive at precise and actionable insights.” Leone goes on to discuss why he invested in Numerify in this video available on the Numerify website.
Existing investor Lightspeed Venture Partners also participated in the round. “Since our early investment in Numerify, we have seen the company make rapid progress toward their highly focused vision of providing rich, pre-built analytical applications in the cloud,” said Bipul Sinha, partner at Lightspeed Venture Partners. “The interest that we saw from multiple top-tier VCs was a testament to the opportunity for Numerify and the market’s reception to its products.”
IT Leaders Require a Comprehensive View of the IT Business
Gartner estimates that the total worldwide IT spend will rise to $ 2.1 Trillion by the end of 2014, across devices, data center systems, enterprise software, and IT services. And, a study referenced in the book The Real Business of IT estimates that more than half of all capital spending by businesses worldwide is on IT. IT leaders now recognize that there are many opportunities to reduce waste and increase efficiencies across their processes and overall spend.
“The business of IT at higher education institutions like USF is constantly evolving,” said Opinder Bawa, vice president and chief information officer at the University of San Francisco (USF). “With initiatives in online learning and the growth of BYOD (bring your own device), the technology services we provide our students and staff are increasing in number and complexity, while the budget realities remain the same. We are working with Numerify to gain insight into our IT portfolio across service, asset, and project management, with the goal of proactively identifying the most effective use of our resources in response to changing demand.”
Because of the enormity of the spend, it is becoming imperative that CIOs run their IT organization like a business. With unified analytics, IT leaders can better manage the cost and quality of their service delivery and gain visibility into IT assets through each stage of their productive use. To get a singular view into their IT business, most companies have to spend millions building their own analytics solutions by integrating historical data from disparate IT, financial, and human resources sources, building a consolidated data warehouse and deploying various business intelligence tools. This massive undertaking is risky, time-consuming and expensive.
Numerify’s IT Business Analytics Platform Delivers Rapid Insights to IT Leaders
Numerify’s cloud applications give IT executives and managers the context and analytics capabilities they need to achieve a single view of their IT business. Deployed in days or weeks, versus months or years, customers gain instant visibility and deep insights on how to improve IT business operations from the accumulated history of their IT service records, IT asset data, and related HR, financials, and procurement data. Some examples include:
• SLA, resolution rates and quality of service maximization using reassignment
• Cost of service analyses and reduction
• Agent productivity through ticket queuing and assignment optimization
“I am delighted to announce our Series B financing, led by Sequoia Capital, and welcome Doug Leone to the Numerify board,” said Gaurav Rewari, founder & CEO of Numerify. “Having the backing of Sequoia Capital and LightSpeed Venture Partners is a strong endorsement of the strategic importance of unified IT Business analytics for enterprises today and the ability of Numerify’s applications to meet this pressing need.”
Customers Praise Numerify’s Vision of IT Business Analytics
Since its product launch in April, Numerify is already working with more than a dozen enterprise clients including Netflix, University of San Francisco, Incomm, and Spansion.
“As an IT organization, our goal is to empower our 2,000 employees to deliver for our 50 million customers. Numerify allows us to tackle the root cause of problems much faster and properly identify and prioritize the services that have the most business impact.” Said Ashi Sheth, Enterprise Platform Manager at Netflix. “In a matter of weeks, Numerify moved us from a painful manual reporting process to contributing and validating data and being able to present the contribution IT makes to the business. Rather than focus on building a system to generate the data, we can focus on what the data means. On top of being a media company, Netflix is an analytics company. Analytics is core to what we do, and Numerify makes IT a part of that.”
“InComm’s IT Services team manages incoming requests and incidents from employees, automated system alerts as well as directly from our external retail partners. We were looking for a solution that would let us analyze service level trends and spot issues, provide beautiful and compelling management dashboards, and help us become a more metrics-driven organization,” said Hollie Gregg, ITSM manager at InComm. “Numerify fit the bill. It provides a natural extension to our ServiceNow environment, provides a library of pre-packaged metrics, eliminates the need for heavy data manipulation in Excel, and was deployed within weeks.”
About Sequoia Capital
Sequoia Capital helps founders turn imaginative ideas into enduring companies. As the “Entrepreneurs Behind the Entrepreneurs,” the Sequoia team has worked closely with legendary founders such as Steve Jobs of Apple, Larry Ellison of Oracle, Len Bosack and Sandy Lerner of Cisco, David Filo and Jerry Yang of Yahoo!, Max Levchin, Elon Musk and Peter Thiel of PayPal, Sergey Brin and Larry Page of Google, Steve Chen and Chad Hurley of YouTube, and Reid Hoffman and Jeff Weiner of LinkedIn. Sequoia is now helping the next generation of innovators build the lasting companies of tomorrow. www.sequoiacap.com
About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading venture capital firm with over $2 billion of committed capital under management and investment professionals and advisors in Silicon Valley, India, Israel and China with Lightspeed China Partners. Over the past two decades, Lightspeed partners have backed more than 200 consumer, enterprise and cleantech companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Ciena, DoubleClick, eHealth, Flixster, Fusion-io, Informatica, Kosmix, LivingSocial, Lucky Pai, Nicira, Playdom, Pliant Technology, Provigent, Riverbed Technology, Solazyme, TutorVista, Virsa Systems, Waveset, and XtremIO. www.lsvp.com
Numerify is a provider of IT business analytics applications that harness the power of the cloud to rapidly provide business insights to IT leaders. The Numerify360 cloud-native platform delivers system-of-record analytics for organizations to effectively manage their business with numbers they can trust. Founded in 2012 by industry veterans from Oracle, Microstrategy, and Hyperion, and headquartered in Cupertino, CA, Numerify has received venture funding from Lightspeed Venture Partners and Sequoia Capital. For more information, visit www.numerify.com or follow @numerify.