Closing our initial Series B in July was a big milestone for Moogsoft. Now, more heavy hitters in IT have contributed new capital to accelerate the progress of our journey. That’s huge.
Moogsoft has garnered powerful votes of confidence from two of the largest players in our industry, Cisco Investments and the investment arm of another large public company. Both companies well understand the value of Moogsoft; they separately conducted an extensive and deep due diligence process on our product and technology, and they choose to invest in Moogsoft versus other startups in our space.
With this additional cash, our Series B funding now totals $14.3 million. With a first closing in July, the initial Series B round was led by Wing Venture Capital, with existing investors, including Redpoint Ventures. The additions to the Series B financing, together with Moogsoft’s Series A financing which closed in 2013, brings the total raised by Moogsoft to more than $23 million.
In short, these new strategic investments are further validation of Moogsoft’s technology, market acceleration and overall potential.
What now? The game gets bigger – and we can move even faster. We are totally ready to capitalize on this tangible endorsement to accelerate delivery of the next generation of service assurance solutions for IT Operations, DevOps and DevQA teams – helping them analyze massive amounts of operational data in real time to detect service-affecting situations faster, then getting the right people collaborating to resolve them and restore service faster.
Already, Moogsoft is detecting service failures hours, often days faster than legacy systems in some of the largest web-scale environments in the world. We’re reducing the actionable workload so IT organizations can redirect precious resources for greater productivity and velocity.
Watch this space. We’re taking off. Moogsoft is inaugurating a new age in IT Operations.