RALEIGH, N.C., Dec. 31, 2019 /PRNewswire/ -- InsightFinder Inc., an intelligent AIOps platform provider, today announced that it has closed $2 million in pre-series A financing. The funding was led by Idea Fund Partners and included participation from existing venture investors Eight Roads Ventures and Acadia Woods Partners. The company plans to use the investment to take its product offering to general availability, as it was previously in limited availability for qualified customers.
Optimizing the availability and performance of IT systems is increasingly difficult and complex due to the acceleration of digital transformation occurring in many enterprises. InsightFinder enables IT leaders to tackle this challenge by identifying potential system and application issues before they are able to impact production services, resulting in maximum system uptime and performance.
Powered by a patented unsupervised neural network, InsightFinder performs real-time anomaly detection across multiple data sources, including logs, metrics, and traces, and predicts future incidents, enabling IT leaders to take steps to prevent these issues from surfacing. The platform also accurately diagnoses the root cause of each system issue, and initiates automated self-healing responses to minimize the impact of service outages.
In conjunction with the financing, InsightFinder is announcing two key hires to join its executive team. Rami Essaid, founder and former CEO of Distil Networks joins InsightFinder to lead the company operations going forward. Greg Lissy, a software executive with previous industry experience at Citrix, SolarWinds, Red Hat, and Microsoft, has also joined the company to lead product strategy and execution.
Helen Gu, founder of InsightFinder said, "InsightFinder is the culmination of over 15 years of research funded by the National Science Foundation, and the technology has been validated at some of the largest companies in the world. We are excited to have Rami and Greg join InsightFinder to help bring the power of our technology into the hands of more IT operations teams."
InsightFinder received a Small Business Innovation Research (SBIR) grant in 2015 from the National Science Foundation. In 2017, it was awarded a highly-competitive Phase II SBIR grant from the same institution. Idea Fund Partners is now leading this investment round.
Lister Delgado, Managing Partner at Idea Fund Partners said: "We are excited about the market opportunity for InsightFinder. Given the volume, variety, and speed that data is created in today's hybrid dynamic IT environments, AIOps is increasingly essential to maintain a proactive stance in IT infrastructure and operations. We are impressed with InsightFinder's distinctive use of unsupervised machine learning to extract insights much faster and with a higher degree of accuracy than competing solutions. There's a lot of growth potential here, and we are thrilled to be leading this investment round."
InsightFinder provides innovative unsupervised machine learning technology to predict potential incidents and prevent service outages. With full-stack visibility across an entire IT system, InsightFinder allows IT leaders to pinpoint root causes, predict incidents, and prevent costly outages. The platform also accurately diagnoses the root cause of each system issue, and provides automated self-healing capabilities to minimize the impact of service outages. InsightFinder's AIOps platform can be delivered as a cloud service or as on-premise deployment.
About IDEA Fund Partners
IDEA Fund Partners is an early stage venture capital firm focused on working with great entrepreneurs to build disruptive and scalable technology companies. IDEA Fund Partners has a long track record of success and is one of the most active early stage investors in the entire Southeast U.S. IDEA Fund Partners is currently investing out of its third fund.
SOURCE InsightFinder Inc.