LogicMonitor, a software-as-a-service (SaaS) startup specializing in data center monitoring services, has raised $130 million from private equity firm Providence Strategic Growth (PSG).
Founded out of Santa Barbara in 2008, LogicMonitor says it’s setting out to disrupt the IT infrastructure realm with an SaaS platform that monitors the performance of data centers — in the cloud or on-premise — for downtime or degradation. The platform is capable of monitoring a range of devices within a data center, including networking equipment, storage arrays, and servers, while it also covers cloud service providers such as Microsoft Azure and Amazon Web Services (AWS). The system is used by a number of notable companies, including Trulia, Citrix, Zendesk, JetBlue, and National Geographic.
Ultimately, LogicMonitor’s core raison d’être is about giving companies insight into their systems while letting IT personnel focus on other key technology areas. Though the company isn’t targeted exclusively at cloud-based data centers, this is clearly a major market for the company — public cloud infrastructure spending grew more than 20 percent to $29 billion in 2015.
Before today, the company had raised around $13 million, so its latest cash influx represents a major increase in available capital. The funding will be used to continue LogicMonitor’s global expansion.
“We’ll continue aggressive investments in new product enhancements to meet the fast-evolving dynamics of highly technical, complex, and large IT operations environments,” said Kevin McGibben, CEO of LogicMonitor. “LogicMonitor is to performance monitoring what Salesforce is to customer relationship management and ServiceNow is to IT workflow management.”