ScienceLogic, a developer of AIOps and IT infrastructure monitoring software, has raised $105 million in a Series E round of financing, the company said Tuesday.
The impressive financing round is sure to raise the profile of the Reston, Va.-based company in the rapidly growing hybrid-cloud IT management space.
“More than ever, IT operations management has taken root as a front-office priority supporting mission-critical digital experiences that define the way we live, work and play,” said Dave Link, ScienceLogic founder and CEO, in a statement.
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“As large enterprises shift workloads to the cloud while managing on-prem resources, new tools are paramount to deliver service visibility and faster incident resolutions made better by advanced AI [and] ML technologies,” Link said. “What we’re witnessing is a major investment cycle away from legacy monitoring tools and toward AIOps platforms.”
ScienceLogic’s flagship product, the SL1 IT infrastructure monitoring and AIOps platform, is used to monitor physical, digital and virtual IT systems across data centers, cloud systems and networks. The company’s software is marketed as a solution to increasingly complex systems management tasks within hybrid IT environments.
ScienceLogic, based in Reston, Va., had received $109 million in total financing since its 2003 founding, including a $43 million Series D round in February 2015 and $25 million in debt financing in November 2018.
Silver Lake Waterman led the company’s Series E round with participation from existing investors Goldman Sachs, Intel Capital and NewView Capital.
ScienceLogic said the additional funding “will support the company’s continued innovation in the AIOps market and further broaden ScienceLogic’s position within the $30 billion-plus IT operations management software market.”
The company will use the new funds to accelerate product development and for “product investments aimed at cloud-native technologies including microservices and container solutions, AI/machine learning, and hybrid-cloud operations.”
ScienceLogic will also use some of the funding to support its broader expansion plans including allocating funding for new employee recruitment, the company said. In January the company unveiled plans for “an aggressive hiring push” to increase staff levels by nearly 40 percent this year, including expanding engineering and product development staffs and recruiting employees in sales and marketing and in customer support.