OverOps Completes $30M Series C Round
SAN FRANCISCO, CA, OverOps, the application reliability and log intelligence company, announced today that it has closed its Series C round of financing and raised $30M.
The funds will be used to scale the company's efforts in the enterprise IT operations market. The financing is led by Lightspeed Venture Partners, who also led the previous OverOps funding round in 2016, with participation from Menlo Ventures, another existing investor. This raises OverOps' venture funding to date to $52M. For Lightspeed, this marks a significant investment in the Application Reliability ecosystem following the $3.7B acquisition of its portfolio company AppDynamics by Cisco in January.
OverOps (formerly known as Takipi) transforms application logs into real-time intelligence that enables modern development and operations teams to solve critical production issues in minutes vs. days or weeks. Today, most companies rely on searching through endless log files trying to identify the root cause of production errors. OverOps enriches log files with an intelligence layer, so for every error, developers and devops engineers gain rich information on what led to that error, including the stack trace, source code and variable values, as well as debug level log lines, regardless of what the log level was set to in production.
This allows OverOps' 250+ enterprise customers, like TripAdvisor, Kaiser Permanente, Samsung, Comcast, Fox, Zynga, Cox Automotive, Intuit and Nielsen, to increase staff efficiency by 90%, reduce operational expenses, and ship code faster, allowing teams to "fail forward" and fix issues on-the-go. OverOps currently employs 60 employees in its San Francisco and Tel Aviv offices.
In the last 12 months, OverOps has achieved several notable milestones:
* 500% YoY revenue growth
* 250+ Enterprise customers
* On-premises and hybrid hosting capability for critical applications
* Platform support for microservices and containers
* Real-time proactive alerting notifications for IT teams, including Slack, HipChat, PagerDuty and JIRA integrations
"We're delighted to have received such a great vote of confidence from our existing investors," says OverOps CEO Tal Weiss. "While the way we monitor and deploy applications improved dramatically over the years, with the move to microservices, containers and continuous deployment, fixing production issues still heavily relies on log files, a 20 year-old technology that hasn't changed since it was created. Our goal is to enable teams to focus on building products and features rather than fixing broken applications." Weiss added that the funding will be used to expand the company's enterprise offerings to include .NET CLR support, further increasing OverOps enterprise reach.
The Series C round is led by Lightspeed Venture Partners, who has a strong track record of backing category-leading enterprise companies, including Riverbed, Nicira, Nutanix, Mulesoft and AppDynamics, which was recently acquired by Cisco.
"We're excited to play such a major part in the OverOps journey," said Arif Janmohamed, Partner at Lightspeed Venture Partners. "The company's strong technology and team are a winning combination that has led the company to reach and surpass significant milestones. OverOps has shown incredible growth this past year, and we wanted to double down on our commitment."
Venky Ganesan, Managing Director at Menlo Ventures, said, "We're proud of the work Tal and team have done, and we are looking forward to accelerating the growth of OverOps and disrupting the broken ecosystem of application reliability."
OverOps is an application reliability and log intelligence company that enables organizations to understand when, where, and why their applications break in production. OverOps dynamically captures unique, smart data from the application runtime that allows operations and development teams to troubleshoot 10X faster than traditional log management solutions. OverOps has attracted over 250 customers like Samsung, HP Enterprise, Fox, and Cotiviti, who are transforming the way they manage applications in production. OverOps installs in 5 minutes and requires no code changes. Visit www.overops.com to learn more.
About Lightspeed Venture Partners
Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 300 companies globally, including Snapchat, The Honest Company, Nest, Nutanix, AppDynamics, MuleSoft, GrubHub, and TaskRabbit. The Firm currently manages over $4 billion of committed capital and invests in the U.S. and internationally, with investment professionals and advisors in Silicon Valley, Israel, India and China. www.lsvp.com. For full portfolio, visit http://lsvp.com/portfolio/
About Menlo Ventures Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. Since 1976, the firm's market-driven analysis has led to the identification of and successful exits in innovative technology markets. Notable areas of investment include Mobile (Siri, Uber, Machine Zone, Roku), Social & eCommerce (Tumblr, Lumosity, Poshmark), Cloud (Carbonite, EdgeCast, Dropcam, Vidyo), Storage & Big Data (3Par, Coraid, Tintri, Avere Systems), Digital Advertising (Flurry, YuMe, DataXu, Dstillery, eXelate) and Security (Cavium, IronPort, nCircle, BitSight). Menlo's portfolio includes 70+ public companies and 100+ mergers and acquisitions. Menlo's guiding philosophy is to Venture Right, working side-by-side with portfolio entrepreneurs as allies, serving ethically on boards as company builders with decades of market expertise, and opening access to a curated network of advisors. Menlo Ventures has $4.4B under management and is currently investing Menlo Ventures XII, a $400M fund with $15M allocated to the Menlo Talent Fund for fast seed funding.
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