US-based IT monitoring software developer Moogsoft received $40m in series D funding on Tuesday from investors including telecommunications firm Singtel and IT services provider HCL Technologies.
Goldman Sachs Growth Equity, part of investment bank Goldman Sachs, led the round, which also featured Northgate Capital, Redpoint Ventures, Wing VC and ST Telemedia, a subsidiary of Singaporean state-owned investment firm Temasek. Singtel took part through its Singtel Innov8 unit.
Founded in 2011, Moogsoft has developed a platform that relies on artificial intelligence to automate mundane IT tasks. The technology, dubbed AIOps, is also able to detect potential issues such as failed transactions and outages, across the enterprise infrastructure.
Moogsoft will put the series D proceeds toward increased sales and marketing activities as well as research and development efforts. Jason Kreuziger, a vice-president in Goldman Sachs’ Merchant Banking Division, will join its board of directors.
The company has raised more than $91m to date, most recently closing a $30m series C round in 2016 featuring Singtel Innov8, HCL and Cisco Investments, the strategic investment arm of networking equipment manufacturer Cisco.
Northgate led the round’s first tranche and ST Telemedia the second, and the round also included Redpoint, Wing VC and a range of unnamed, existing shareholders.
Cisco Investments and an unidentified corporate had previously taken part in Moogsoft’s $14.3m series B round in 2014 alongside Wing and Redpoint, the latter of which had already led the company’s $7m series A the year before.