US-based IT monitoring software developer ScienceLogic received $105m of series E funding on Tuesday from backers including Intel Capital, the corporate venturing arm of semiconductor technology provider Intel.
Silver Lake Waterman, a subsidiary of technology-focused investment firm Silver Lake, led the round, while investment bank Goldman Sachs and venture capital firm NewView Capital also participated.
Founded in 2003, ScienceLogic provides an artificial intelligence-enabled (AI) platform, a system also known as AIOps, which uses machine learning (ML) technology and client data to provide actionable insights for the IT operations divisions of large enterprises, helping to cut costs and improve efficiency and productivity.
The capital injection will support the company’s recruitment and product development activities as well as its broader expansion plans. It had secured $43m in a 2015 series D round led by Goldman Sachs that also featured Intel Capital and New Enterprise Associates (NEA).
NEA previously taken part in three other rounds for ScienceLogic: a $15m series A round in 2010, a $15m series B round led by Intel Capital in 2012 that took its total funding to $30m, and an $11m series C round the following year.
Dave Link, founder and CEO of ScienceLogic, said: “As large enterprises shift workloads to the cloud while managing on-premises resources, new tools are paramount to deliver service visibility and faster incident resolutions made better by advanced AI/ML technologies.
“What we are witnessing is a major investment cycle away from legacy monitoring tools and toward AIOps platforms.”