Takipi Lands $15M Series B Funding, Shakes up IT Ops Market with Major Enterprise Customers
San Francisco, California (PRWEB) April 19, 2016 -- Takipi, the real-time event intelligence company, announced today that the company has closed its Series B round of financing and raised $15 million to scale its efforts in the enterprise IT operations market. The round was led by Lightspeed Venture Partners with participation from existing Series A investors Menlo Ventures, and will accelerate the company’s investments in sales, marketing and R&D. To date, the company has received $22 million in venture funding.
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. Takipi’s 120+ enterprise and mid-market customers find the root cause of issues 10x faster compared to traditional log management tools, presenting unique, actionable data (the complete call stack, source code and state) behind every error in production.
In their previous company VisualTao, acquired by Autodesk (ADSK), Takipi’s founders experienced firsthand the pains of developing software for large-scale production distributed systems.
“It’s much like performing open heart surgery on a train that’s running 100mph,” said Tal Weiss, Takipi’s co-founder & CEO. “While modern software architectures are built for speed and scale, log files have remained pretty much the same for over 20 years. No matter how you look at it, logs are still too complex to analyze unstructured text files, limited by the type of data they hold, and are growing at an exponential rate.”
In today’s modern environments, companies need to overcome the operational challenges of agile, microservices, cloud, and mobile technologies as they look to digitize their business. When applications break, fail, or experience downtime, collecting the right information needed to resolve the business impact becomes a nearly impossible task.
To allow for a better approach, Takipi monitors applications at the lowest level, extracting rich smart data in real time. Unlike plain text log files, Takipi dynamically captures the exact state at the moment of each event, including the complete source code, objects, and variables that caused it.
Takipi achieved several notable milestones over the past 12 months:
*Significant growth in the enterprise market, attracting over 120 production customers, including TripAdvisor, Samsung, RMS, Cotiviti, HP Enterprise, Infosys, and Amdocs
*Expanded Takipi deployment options beyond SaaS to support Hybrid and On-Premises use cases
*Net Promoter Score (NPS) of 79
*Over 15,000 users of Takipi Lite (freemium offering)
The series B round was led by Lightspeed Venture Partners, who has a strong track record of backing category leading enterprise companies, including Riverbed, Nicira, Nutanix and AppDynamics. “We are excited to partner with Tal and the Takipi team to support its groundbreaking technology and expansion,” said Arif Janmohamed, Partner at Lightspeed Venture Partners. “Takipi is a next generation solution that changes the way developers and operations look at applications in production. It has an unprecedented ability to see through what’s happening across the stack, and derive immediate, actionable insights.”
Venky Ganesan, managing director at Menlo Ventures, said, “We’re glad to partner with Lightspeed as we accelerate the growth of Takipi to reach every development and operations team in the world. The company has proved its value to the market and now it’s time to scale the efforts.”
About Takipi
Takipi is a real-time event intelligence company that enables organizations to understand when and why their applications break in production. Takipi dynamically captures unique smart data from inside the application runtime that allows operations and development teams to troubleshoot 10X faster than traditional log management solutions. In its first year Takipi has attracted over 120 customers like Samsung, HP Enterprise and Cotiviti who are transforming the way they manage applications in production. Takipi installs in 5 minutes and requires no code changes, sign up for your free 14-day trial here.
About Lightspeed Venture Partners
Lightspeed Venture Partners (http://www.lsvp.com) is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed and helped build more than 250 companies globally, many of which have become market leaders. The Firm currently manages over $4 billion of committed capital and is currently investing out of Lightspeed X, a $635 million fund and Lightspeed Select, a $430 million fund. Lightspeed invests in the U.S. and internationally, with investment professionals and advisors in Silicon Valley and Israel as well as in India with Lightspeed India Partners and China with Lightspeed China Partners.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. Since 1976, the firm’s market-driven analysis has led to the identification of and successful exits in innovative technology markets. Notable areas of investment include Mobile (Siri, Uber, Machine Zone, Roku), Social & Ecommerce (Tumblr, Lumosity, Poshmark), Cloud (Carbonite, EdgeCast, Dropcam, Vidyo), Storage & Big Data (3Par, Coraid, Tintri, Avere Systems), Digital Advertising (Flurry, YuMe, DataXu, Dstillery, eXelate) and Security (Cavium, IronPort, nCircle, BitSight). Menlo’s portfolio includes 70+ public companies and 100+ mergers and acquisitions. Menlo’s guiding philosophy is to Venture Right, working side-by-side with portfolio entrepreneurs as allies, serving ethically on boards as company builders with decades of market expertise, and opening access to a curated network of advisors. Menlo Ventures has $4 Billion under management and is currently investing Menlo Ventures XII, a $400M fund with $15M allocated to the Menlo Talent Fund for fast seed funding. For more information, visit http://www.menlovc.com.
Stephen Burton, Takipi, http:// www.takipi.com, +1 (925) 209-3790, [email protected]
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