Software analytics company OverOps has raised $30 million in a Series C round of funding led by Lightspeed Venture Partners, with participation from Menlo Ventures.
Founded out of Israel in 2011 as Takipi, the Israeli startup changed its name to OverOps back in August to reflect its push into the broader DevOps realm. OverOps’ self-proclaimed mission is to “rid the world of application logs” through performing code analysis and tracking code changes to first detect bugs and then highlight the specific source code and variable state that caused the break. OverOps works on live apps in real-time, monitoring them after release.
The company had raised around $20 million before now, and with its latest cash influx said that it plans to scale its efforts in the enterprise IT operations market, including opening up support for .NET CLR.
“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,” explained OverOps CEO Tal Weiss. “Our goal is to enable teams to focus on building products and features rather than fixing broken applications.”
Menlo Park-based Lightspeed also led the company’s previous $15 million Series B round last April, and this latest re-investment comes just a few months after another of its software reliability portfolio companies, AppDynamics, was snapped up by Cisco in a $3.7 billion deal.
“The company’s strong technology and team are a winning combination that has led the company to reach and surpass significant milestones,” said Lightspeed partner Arif Janmohamed. “OverOps has shown incredible growth this past year, and we wanted to double down on our commitment.”
OverOps’ client list includes such big names as Samsung, Comcast, Zynga, Nielsen, and TripAdvisor. The company said that it has achieved 500 percent year-on-year revenue growth over the past 12 months, and now has more than 250 enterprise clients.
Some estimates peg the global software testing market as a $34 billion industry, and a number of companies operating in that realm have raised some big rounds of late, including Austria’s Tricentis, which closed a chunky $165 million round a few months back. And last year, Mass.-based app-testing startup Applause closed a $35 million round, while San Francisco’s Sauce Labs closed a $70 million round.
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