Singtel Innov8, STT back $40m Series D in AI startup Moogsoft
, the venture capital arm of Singaporean telecom firm Singtel, and (STT) have invested in the $40-million Series D funding round of US-based artificial intelligence for IT operations (AIOps) provider , bringing the firm’s total funding to $90 million.
The funding round, led by , was also joined by existing investors including HCL, Northgate Capital, Redpoint Ventures, and Wing VC, according to Moogsoft’s announcement.
The company said it will use the proceeds of this funding round to scale sales and marketing to meet global demand and for research and development investments.
“We have reached a major milestone on that journey by securing funds that will be used to scale our sales and marketing engines to meet global demand as well as drive R&D investment for new product development and continued innovation in our core AIOps platform,” Moogsoft chairman, CEO and co-founder Phil Tee said.
AIOps solutions are software systems that combine Big Data and AI to enhance and partially replace a broad range of IT operations processes and tasks.
In a statement following Goldman Sach’s lead investment, Jason Kreuziger, a vice president in Goldman Sachs’ Merchant Banking Division, said Moogsoft’s platform addresses the human scalability challenges of using legacy rules-based monitoring technology in increasingly distributed and complicated IT environments.
Kreuziger will join the Moogsoft board of directors following the investment.
Moogsoft said it more than doubled revenue last year and signed up key customers from across the Global Fortune 500.
In its 2017 Market Guide for AIOps Platforms, Gartner Research predicts that by 2022, 40 per cent of all large enterprises, compared to 5 per cent last year, will combine big data and machine learning functionality to support and partially replace monitoring, service desk, and automation processes and tasks.