OpsRamp, a service that IT teams can use to discover, monitor, manage, and, perhaps most importantly, automate their hybrid environments, announced today that the company has a $ 37.5 million financing round under the Leadership of Morgan Stanley Expansion Capital with participation from existing investor Sapphire Ventures and new investor Hewlett Packard Enterprise.
OpsRamp last raised funds in 2017 when Sapphire led the $ 20 million Series A round.
The core of the OpsRamp services is the AIOps platform. With machine learning and other techniques, this service is designed to help IT teams manage increasingly complex infrastructure deployments, provide intelligent alerts, and ultimately automate more of their tasks. The company's entire product portfolio also includes tools for cloud monitoring and incident management.
The company claims that its annual recurring sales increased 300 percent in 2019 (though we obviously don't know what number started in 2019). In total, OpsRamp has 1,400 customers on its platform and partnerships with AWS, ServiceNow, Google Cloud Platform and Microsoft Azure.
According to the co-founder and CEO of OpsRamp, Varma Kunaparaju, most of the company's customers are medium to large sized companies. "These IT teams have large, complex, and hybrid IT environments and need help simplifying and consolidating an incredibly fragmented, distributed, and overwhelming stack of technology and infrastructure," he said. "The company also sees success in our partners' ability to reach global businesses and Fortune 5000 customers."
Kunaparaju informed me that the company plans to use the new funds to expand its market launch efforts and product offerings. "The company will use the money in a number of areas, including expanding our launch activities and new activities in EMEA and APAC, as well as expanding our North American presence," he said. "We will also double product development on different fronts."
Given that hybrid clouds are only increasing the workload for IT organizations and introducing additional tools, it may not come as a surprise that investors are now interested in companies that offer services that still maintain this complexity. If anything, we'll likely see more offers like this in the coming months.
"As more customers switch to a hybrid infrastructure, the OpsRamp platform is a differentiated IT operations management for us that fits well with HPE's core strategies," said Paul Glaser, vice president and head of Hewlett Packard Pathfinder. "With OpsRamp's product vision and customer focus, we thought it was the right time to invest in the growth and size of their business."