BOULDER, Colo.--(BUSINESS WIRE)--VictorOps, the real-time incident management company, today announced $10.6 million in equity funding. This funding was led by The Foundry Group and Costanoa Venture Capital and brings VictorOps to a total of $18.7 million in funding to date.
Since entering the market nearly two years ago, the company has seen exponential revenue growth and fantastic organic customer expansion metrics. Each quarter 33 percent of new seats, on average, are added by existing customers. This comes as usage expands throughout all groups responsible for the software development lifecycle, including development, support and operations teams. Additionally, customers using VictorOps for over a year have grown by nearly 60 percent since their initial purchase.
“VictorOps has proven to be more than just alerting for us. It has revolutionized the on-call process by supporting us through the entirety of an incident,” said Craig Cogle, Director, IT Infrastructure & Operations at F5 Networks. “When it’s 2:00am and something goes wrong, those on-call are woken up to full awareness of the problem alongside potential remediation solutions. Additionally, VictorOps is the only solution that documents everything, from alarm details to chat conversations amongst the team, which allows us to learn from each incident and adapt going forward.”
“This funding presents an incredible growth opportunity for us as a company. We have an excellent team in place and great customers, making us well poised for continued success,” said VictorOps CEO Todd Vernon. “As DevOps practices grow, we are seeing great demand among companies of all sizes for our unique solution that streamlines the entire on-call process, from initial alert to final retrospective and information reuse.”
Use of proceeds from the funds raised will allow the company to better support its growing enterprise customer base, and expand on several features and integrations released over the last year including:
- Single Sign-On (SSO) Support for both mobile and web
- Intelligent Routing and Alert Transformations (The VictorOps Transmogrifier), functionality that automates alert routing, quiets alert noise and helps users maintain continuous documentation
- VictorOps Control Call, an in-app feature that allows for easy-tap connectivity to conference calling
- Integration with ServiceNow allowing users to immediately automate incident response management using the VictorOps platform
- Integration with StatusPage.io to solve for the pain associated with informing internal stakeholders of IT issues as they occur
- VictorOps API - allowing enterprise customers with complex internally built operational support systems to tightly integrate with the VictorOps platform.
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 and Foundry Group. For more information, visit www.victorops.com and follow the company on Twitter @VictorOps.