Today, I am honored and excited to welcome another member to the ever-growing Moogsoft herd, as Goldman Sachs Growth Equity joins our Board of Directors as the lead investor in our Series D funding round. This round, which totaled $40 million and saw participation across our existing team of investors — including Cisco, HCL, Northgate Capital, Redpoint Ventures, Singtel Innov8, STTelemedia and Wing VC — brings Moogsoft’s total funding to $90 million.
And with this new round of funding, we dive headlong into the next phase of our journey in revolutionizing how IT operations and service assurance are managed in the 21st century.
Looking Back on a Momentous Year
It seems like just yesterday that we unveiled the reimagined Moogsoft AIOps at our first annual AIOps Symposium event (an event which we will host again later this year — more info on this coming soon).
Since that day, we have released over 15 updates to our AIOps platform, bringing to market innovative new features such as Real-Time Service Dashboards, Collaborative Team-Based Workflows, the Algorithmic Clustering Engine, Probable Root Cause Analysis, and a Mobile version. For a product with many production installations, this is a heady pace of innovation, probably unmatched in our industry.
That type of growth trajectory is simply astounding. Given the results we see with our customers, we are as bullish on the future of Moogsoft as we have ever been, no pun on the logo intended.
These inventions alone, have resulted in the award of over 6 patents — we have also filed for over 40 additional patent applications that are in review. 2017 also saw Moogsoft more than doubling revenue and welcoming many new partners from across the Global Fortune 500.
Moogsoft’s technology has recently garnered praise from the likes of CB Insights, which placed us as one of the most promising artificial intelligence companies in the world (and the only IT solutions vendor to make the list); ComputerWorld, which listed Moogsoft as one of the top enterprise tech start-ups to watch; Gartner Research, which recognized Moogsoft as having 11/11 required capabilities of AIOps platforms in their 2017 Market Guide for AIOps Platforms; and EMA research, which named Moogsoft a Leader in Advanced IT Analytics.
Not bad progress for a team of ~150 passionate technologists with a shared dream for ushering in the next phase of the digital revolution in IT.
Defining the Next Generation of Service Assurance
Moogsoft’s purpose-built AIOps platform is in production in the world’s largest, most complex IT environments — customers such as SuccessFactors, Intuit, HCL and GoDaddy were early adopters of Moogsoft AIOps and now rely on our technology to avoid outages and achieve operational agility that modern businesses require. The results have been humbling — we’ve seen a fundamental transformation in the way enterprise operations teams work. For instance, one customer, a leading Digital Insurance Enterprise, has reported a 10x increase in L1 operator productivity by using Moogsoft AIOps.
Of course, we aim to match 10x that with another 10x, as we believe that IT should be the center of operational excellence, tightly aligned with the business, and that human beings should be freed from manual, repetitive tasks to pursue creative solution. At Moogsoft, we have the intention to be the primary supplier of service assurance software for the new digital economy. Today, we have reached a major milestone on that journey by securing funds that will be used to scale our sales and marketing engines to meet global demand as well as drive R&D investment for new product development and continued innovation in our core AIOps platform.
Moving into the Future with Moogsoft AIOps
With new technology in development, and with significant investments being made in sales and marketing, Moogsoft is indeed set to lead the next phase of the digital revolution. One thing is for sure: AIOps is a category that is here to stay. In the 2017 Market Guide for AIOps Platforms, Gartner Research predicts that, by 2022, 40% of all large enterprises will combine big data and machine learning functionality to support and partially replace monitoring, service desk and automation processes and tasks, up from 5% in 2017.
That type of growth trajectory is simply astounding. Given the results we see with our customers, we are as bullish on the future of Moogsoft as we have ever been, no pun on the logo intended.
Jason Kreuziger, a Vice President in Goldman Sachs’ Merchant Banking Division, who will join the Moogsoft board of directors in connection with the investment, says, “We have followed the Moogsoft story closely over the past several years, and have been consistently impressed with their thoughtfulness around product development and ability to deliver such a compelling value proposition to customers managing some of the most complex IT operations in the world. We are excited to partner with a world-class management team that has deep domain expertise and a track-record of success in this market, and look forward to working with them to help further scale Moogsoft going forward.” Well said Jason, and I am thrilled to turn that interest into active partnership.
There’s a commonly uttered expression that is used around the Moogsoft offices that adequately conveys our collective excitement at the next stage of our company’s growth, and the kind of plans we have in store for our customers, both new and existing. It’s simple, heard every day in our offices, and truly captures the sprit of the Moog. Please join me in a hearty “MOOOOOOOO!!!”
