NinjaOne, the automated endpoint management platform, announced $500 million in Series C extensions at a $5 billion valuation. The venture funding came in separate tranches that were led by ICONIQ Growth and CapitalG, Alphabet's independent investment fund, with participation from other prominent private investors.

The raise will drive research and development focused on autonomous endpoint management, autonomous patching and vulnerability remediation, and expanded IT use cases that improve employee experiences with devices. The funding will also support retaining the company's overinvestment in world-class customer support as well as provide funding for the company's pending acquisition of SaaS backup and data protection leader Dropsuite.