ControlUp announces $27M Funding, Led by JVP and K1, After a Breakthrough 2020
User experience optimization platform has grown more than 3x in the last two years
SAN JOSE, Calif., Nov. 18, 2020 /PRNewswire/ -- ControlUp, the industry-leading self-healing End-User Computing (EUC) solution enabling customers to monitor, troubleshoot, and remediate their EUC environments, today announced it has completed a $27 million Series C round of financing led by JVP and K1 Investment Management ("K1"), bringing total funding to $40 million. Since launching in 2014, ControlUp has supported business continuity for thousands of enterprises. The latest investment will enable the company to expand its platform and market presence to monitor and dynamically optimize user experience for the enormous growth in Work-From-Home deployments.
"As we look across the business sector over the last year, it is clear that every industry has been impacted. From healthcare and finance, to education and government, every industry has one clear goal: to identify and activate an agile workflow for their employees," said Asaf Ganot, founder and CEO of ControlUp. "At ControlUp, we work to ensure that our 1,200+ worldwide enterprise customers have the resources and expertise needed to address IT management challenges, while simultaneously planning for the future. We are committed to providing the best solutions on the market to ensure companies are able to create sound workflows and achieve their overarching business goals, across an evolving array of work environments."
The Series C financing follows major company milestones:
- Expanding the company's client roster to B2C and B2B brands comprising more than 50 of the Fortune 100, including T-Mobile/Sprint, plus a host of others;
- Expanding the industry-leading platform to enhance its abilities as the most complete and unique platform for enterprise management of digital user experience;
- Growing the company employee base by more than 50% in 2020, employing 180 employees globally.
"ControlUp leads the next generation of performance automation of information systems, distributed among offices and endpoints, in any organization, anytime, anywhere, in a virtual or physical environment. It gives the organization a complete picture of its network performance," says Erel Margalit, founder and chairman of JVP. "Through Artificial Intelligence the company enables learning of best practices in parallel networks and performance improvement in real time. We are proud of our partnership with Asaf Ganot and Yoni Avital, entrepreneurs who have built a significant company and are bringing Israeli excellence to the forefront of the world stage. They are on their way to building a leading global company."
ControlUp's AIOps platform gives organizations an end-to-end view of their end-user computing environments. With the lion's share of the global workforce currently working outside the office, the intelligence provided by ControlUp is vital to providing an optimal user experience and ensuring productive work environments. At the heart of ControlUp's solution is its proprietary machine learning-based Real-Time Engine, which connects to a multitude of data sources using flexible and expandable data collectors that cover a wide array of architectures and technologies. It uses a high-performance, in-memory database in order to digest, associate and correlate hundreds of thousands of records in a single node.
"K1 is excited to partner with JVP and the ControlUp team as they continue their impressive expansion in the end-user computing space," said Hasan Askari, managing partner at K1. "ControlUp has a unique solution for managing technology environments for businesses that seek to improve the user and employee experience. Their approach is simple and accessible and solves the real-world problems that businesses need to succeed."
About ControlUp
ControlUp enables ITOps teams to monitor, analyze and directly remediate problems in their on-premise, hybrid cloud and cloud infrastructure in real-time using a powerful yet easy-to-use ITOps analytics and management platform. ControlUp remediation also allows ITOps to proactively automate fixes for a rapidly-growing set of use cases. ControlUp analytics utilizes anonymous operational metadata from thousands of organizations to help ITOps calculate best-practice baselines to set accurate expectations and goals and set budgets appropriate for the implementation. ControlUp is headquartered in Silicon Valley with R&D in Israel and is backed by Jerusalem Venture Partners and K1 Investment Management. For more information, visit us at www.controlup.com.
About JVP
Jerusalem Venture Partners (JVP), founded and led by Dr. Erel Margalit, is an internationally renowned venture capital fund. JVP has to date raised $1.4 billion across 9 funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 140 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. JVP has been chosen by NYCEDC to lead the International Cyber Center in New York City. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ including CyberArk Software ($4.7 billion mkt. cap.), QLIK Technologies (then $4 billion mkt. cap.) and Cogent Communications ($3 billion mkt. cap.).
About K1 Investment Management
K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 130 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.
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