AIOps company OpsRamp has announced that it has closed a $37.5 million funding round. The company explained it will use this new funding to scale its discovery, monitoring, and automation platform.
“The business opportunity for OpsRamp is tremendous,” said Varma Kunaparaju, co-founder and CEO of OpsRamp. “Modernizing legacy IT operations management, technology debt, and supporting digital transformation is where our platform drives value to the enterprise. Point tools aren’t enough to support the monitoring and management of today’s hybrid, multi-cloud environments. This funding will drive the growth and scale we need to deliver on this vision.”
According to the company, they had a very successful 2019. Last year they saw a 300% net net annual recurring revenue growth. It currently has over 1,400 customers.
The round of funding was led by Morgan Stanley Expansion Capital, with participation from HPE and Sapphire Ventures.
“Today, every company has a mission-critical reliance upon software. We see tremendous opportunity in equipping IT operations teams with the next generation platform they need to maintain software availability, business service performance, and to use automation and artificial intelligence to work efficiently and effectively across hybrid, multi-cloud environments. We’re excited to partner with OpsRamp to build their leadership position as this category continues to grow.” said Pete Chung, head of Morgan Stanley Expansion Capital.