US-based IT operations analytics software producer Moogsoft raised $30m yesterday in a series C round over two tranches that both featured corporate investors.
The first tranche included Singtel Innov8, the corporate venturing arm of telecoms firm Singtel, and networking equipment manufacturer Cisco’s investment unit Cisco Investments. The first part was led by Northgate Capital and also featured Redpoint Ventures, Wing Venture Capital and unnamed, existing backers.
The second chunk was led by Singapore Technologies Telemedia, a wholly-owned subsidiary of the Singapore government’s investment firm Temasek, and included IT services company HCL Technologies.
Founded in 2011, Moogsoft’s technology uses real-time machine learning to detect potential issues, such as outages or failed transactions, across applications, infrastructure and monitoring tools.
The money will go towards the company’s continued expansion across Europe, Asia and the Americas.
Cisco Investments and one unnamed corporate previously supplied a $3m extension to Moogsoft’s $14.3m series B round in October 2014. The initial $11.3m were provided by Wing and Redpoint in July 2014.
Redpoint led a $7m series A round in 2013.
Rob Salvagno, head of Cisco Investments and corporate development at Cisco, said: “Moogsoft’s differentiated machine-learning approach to automate and simplify IT operations is a unique solution for increasingly complex incident management processes.
“We are excited to back a team with such a strong track record, and through our continued investment in Moogsoft, we are able to foster a close business relationship, internally pilot their solutions, and encourage technical collaboration opportunities between our engineering teams.”