SevOne, the Deleware-based startup that is growing rapidly in a market of IT giants, is proving that tools to monitor the health of a network are big business.
Formed in 2005, the company provides a suite of IT monitoring and reporting tools to its customers — primarily large enterprises. Today, it has pulled in an impressive $150 million in funding from Bain Capital Ventures.
Ben Nye, managing director of Bain Capital Ventures, the firm that led the round, said in a statement that this is the “only solution that enables its customers to see all services in real-time within global distributed networks of any scale.” The firm sees an opportunity for SevOne to tap a growing market of mid-size companies.
As with any business software release, SevOne references “big data” in its positioning, and claims to scale to address this level of network growth.
According to the company’s CEO, Mike Phelan, bookings have doubled year over year, and the customer base has doubled. SevOne competes with legacy players like EMC, BMC and IBM, but Phelan claims its ability to get up and running in seconds is unique. “What SevOne can achieve in 1 second, takes legacy solutions 6.3 hours,” he told us. “SevOne is capable of monitoring our customers’ networks within minutes of installation.”
Analysts and the media have been impressed by the technology, which was developed by a group of network architects that worked at major financial institutions. As Alex Williams over at TechCrunch put it, this “is the new face of the cloud.” The SevOne technology is able to predict if there will be problems on the network by monitoring the data from thousands of points. For big-name companies like Thompson Reuters, SevOne can deliver financial information in seconds to a variety of financial services firms.
Prior to raising funding from Bain capital, the company pulled in $3.5 million to build-out its product.