Electric, a US-based enterprise IT management software platform backed by corporates Gunderson Dettmer and Anchor Worldwide, has increased its series B round to $39.5m, TechCrunch reported on Tuesday.
Venture capital firm 01 Advisors invested $14.5m in the company, adding to a $25m first close in January 2019 led by GGV Capital and backed by fellow VC firm Bessemer Venture Partners (BVP).
Founded in 2016, Electric has built a software platform with a graphical interface intended to help enterprises supervise and automate IT procedures like user provisioning, troubleshooting and network management.
The interface is geared toward businesses with limited IT expertise, meaning many functions can be triggered with a single click, and Electric handles installation across its clients’ networks.
Electric sought additional series B funding instead of initiating a series C round because its management felt investor expertise was currently more useful than funding, founder and CEO Ryan Denehy told TechCrunch.
Denehy said the company’s overall funding now stood at $50m. It closed a $9.3m series A round led by BVP in early 2018 with contributions from Bowery Capital and Primary Venture Partners.
The series A followed $1m in equity funding in 2017 according to a regulatory filing, and a $2.5m Bowery Capital-led seed round featuring Primary Venture Partners, law firm Gunderson Dettmer and media and marketing agency Anchor Worldwide in 2916, according to New York CityBizList.