Dell Technologies Capital, the corporate venturing vehicle for computing equipment producer Dell, co-led a $60m series C round yesterday for HeadSpin, a US-based application monitoring and testing platform developer.
The round was co-led by multi-family office Iconiq Capital and included Tiger Global Management, Alpha Square Group, Kearny Jackson and assorted private investors. The company said it has now secured $117m since being founded in 2015 and the round valued it at $1.16bn.
HeadSpin has built a software platform that enables developers to ensure their applications function as expected across increasingly complex ecosystems of software and infrastructure that cover the web, mobile devices, the internet of things and 5G technologies.
The company has more than 1,000 clients including software producer Microsoft, short-term rental platform operator Airbnb, video streaming service TikTok, department store chain Kohl’s and telecommunications firm Telefónica.
The series C funding will help HeadSpin expand its product offering, enter additional sectors and grow its market share within cloud ecosystems. Nikesh Arora, chairman and chief executive of cybersecurity software producer Palo Alto Networks, has joined the company as chairman.
Telecoms firm Telstra and internet and technology conglomerate Alphabet took part in HeadSpin’s $20m series B round in late 2018 through subsidiaries Telstra Ventures and GV, investing with Iconiq Capital, Battery Ventures, NextWorld Capital, Nexus Venture Partners, EQT Ventures, Danhua Capital and various individuals.
The series B reportedly valued the company at $500m, and GV, Telstra Ventures, Danhua Capital, Nexus and NextWorld were all identified as returning investors.
HeadSpin had received an undisclosed amount from IT services firm Wipro’s corporate venture capital unit, Wipro Ventures, in 2017 shortly after it emerged from stealth.
