OverOps has closed its Series C round of financing and raised $30M, which 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 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.
OverOps provides:
- 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
OverOps CEO Tal Weiss said: “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.
Arif Janmohamed, Partner at Lightspeed Venture Partners, said: “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.”
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