Moogsoft, a San Francisco-based provider of artificial intelligence for IT operations, has announced a new $40 million raised in its most recent Series D funding round led by Goldman Sachs Growth Equity.
GS Growth, a segment of the bank’s Merchant Banking Division, which focuses exclusively on investments in growth stage and tech-driven companies, was joined by investors including HCL, Northgate Capital, Redpoint Ventures, Singtel Innov8, Wing VC and STTelemedia, an arm of Singapore’s Temasek Holdings Pvt Ltd., a national wealth fund that invests in tech startups.
The AI-driven IT operations startup will use the new capital to build on its feature development and ramp sales and marketing efforts around its flagship platform, Moogsoft AIOps. Moogsoft’s software uses machine learning to automate various workflow processes. In doing so, the company seeks to reduce the time that administrators spend on repetitive tasks for fixing operational issues.
The seven-year old company has raised approximately $92.9 billion in four funding rounds, according to Crunchbase. In June 2016, the San Francisco-based SaaS provider inked $31.6 million in a round led by Northgate Capital. Cisco Systems, a customer of Moogsoft’s, is also an investor.
“With this new round of funding, we dive headlong into the next phase of our journey in revolutionizing how IT operations and service assurance are managed in the 21st century,” stated Chief Executive Officer and Chief Scientist Phil Tee in a blog post on the company website.
Moogsoft, which says it has more than doubled its revenue in the past year due to new customer wins, hopes to double down on the high growth AIOps segment. According to research firm Gartner, 40% of all large enterprises will leverage machine learning as part of their troubleshooting initiatives within the next four years.
The Silicon Valley startup’s innovations have resulted in the award of over 6 patents, with 40 additional patent applications still under review. CB Insights recently named Moogsoft, with its small team of about 150 technologies, as one of the most promising AI companies in the world, and the only IT solutions vendor to make the list.