Investment to support accelerated customer growth based on significant wins over competitors
BOULDER, Colo. – November 30, 2016 – VictorOps, the real-time incident management company, today announced the first close of $12.2 million of its Series B investment round led by new investor Shea Ventures along with existing investors Foundry Group and Costanoa Venture Capital participating.
As DevOps adoption grows across the enterprise, many Fortune 100 companies are looking to build a culture of uptime company wide. As such, VictorOps has seen accelerated customer growth and has experienced significant wins against more traditional industry competitors. Specifically in the last year alone, the number of customers have increased by 64 percent with a growth in monthly revenue of 175 percent.
“Even five years ago, businesses were simply looking for basic alerting platforms that would notify IT workers of infrastructure problems,” said Todd Vernon, CEO and Co-founder, VictorOps. “However, today progressive enterprises have realized that software development velocity is directly tied to the ability to push code into production faster and remediate problems in real-time. Maintaining uptime has now become a team sport, meaning that regardless of who’s in charge when problems arise (IT Operations, Developers or NOC managers) VictorOps offers a way to automate the entire alerting and remediation process.”
The Series B funding will help to support the company’s growth and continued traction with enterprise level customers. Many new customers have been unsatisfied with IT alerting tools and are realizing there is a better, more comprehensive solution available. VictorOps provides teams with a virtual environment where they can prepare for, react to and recover from, and document, each incident regardless of location or device.
“In the modern enterprise, software plays a central role,” said Nancy Gohring, senior analyst, application and infrastructure performance, for 451 Research. “As such, uptime is critical for businesses that want to remain competitive, driving demand for tools that can help with incident management and with reducing the time it takes to repair problems.”
“VictorOps has shown an amazing track record of attracting customers from a wide variety of industries, and supporting them as they adopt tooling to support their Agile and DevOps practices. We were impressed by the depth of market knowledge the team at VictorOps possessed and the win rates against more conventional industry competitors. This is a very fast moving market and vision will be a key asset to the eventual winner in the space.” said Jason Schoettler, Managing Director, Shea Ventures. “VictorOps shows a solid track record of finding the innovators in companies such as Snap Inc. (Snapchat), Qualtrics, and NCR.”
For more information visit www.victorops.com.
VictorOps is the real-time incident management platform focusing on incident lifecycle management and collaboration for IT and DevOps teams. The solution combines the power of people and data to solve IT problems in real-time. The VictorOps platform seamlessly orchestrates team situational awareness, incident creation, escalation, notification, and remediation with team members regardless of physical location or time of day. Privately held, VictorOps is backed by Costanoa Venture Capital, Shea Ventures and Foundry Group. For more information, visit www.victorops.com and follow the company on Twitter @VictorOps.
About Shea Ventures
Since 1968, Shea Ventures has actively invested over $1 billion in the venture capital ecosystem. Notable companies directly backed by Shea Ventures include AES, Affymax, Altera, Brocade, Dollar Shave Club, Fabrinet, Ring, Salesforce.com, Sphero, and SolarCity. As a patient and growth-oriented investor, we partner with entrepreneurs who are leaders in their markets to build enduring companies.