SAN FRANCISCO, Nov. 20, 2019 /PRNewswire/ -- Loom Systems, creator of the leading predictive AIOps platform, today announced $10 million in new venture capital investment, which will help fund the company's expansion in North America & EMEA; boost sales, marketing, and research and development; and continue its expansion into enterprise markets.
Loom's award-winning AIOps platform, "Sophie," detects IT issues before traditional monitoring tools by ingesting, understanding, and then trending against the richest source of machine data, logs. Loom then delivers the knowledge the frontline needs to resolve those issues quickly.
This round was led by Flint Capital, which boasts dozens of category-leading growth technology companies, such as Socure, Walkme, CyberX, BlazeMeter (acquired by Computer Associates), and AppSee (acquired by ServiceNow). Existing investors participating in this round include JVP, Meron Capital, and 31Ventures Global Innovation Fund managed by Global Brain Corporations.
"We believe that predictive intelligence driven by AIOps is a necessity in today's complex IT environments," said Loom co-founder and CEO, Gabby Menachem. "We're thrilled to have Flint Capital join our existing investors as we ensure predictive IT operations intelligence is available to the entire Fortune 2000. This funding allows us to accelerate the industry-leading innovations we are bringing to the market, while we expand our sales capacity and further our expansion in North America and Europe."
Loom grew by 3x over the past 12 months, driven by greater adoption of hybrid-cloud and microservices in enterprises. More and more Fortune 2000 enterprises are digitally transforming and turning to AI-based solutions to help them prevent incidents in increasingly complex IT environments. Loom's market-leading AIOps platform captures logs, metrics, alerts and events, to correlate and predict IT issues before the business is impacted, while also delivering the insights and knowledge the frontline needs to resolve them quickly.
"As an investment firm, we see a lot of vendors in the market promising the benefits of AI, yet very few actually delivering on them," said Sergey Gribov, Partner at Flint Capital. "I have extensive experience in IT operations and after an exhaustive analysis, it was obvious that Loom Systems is the rare company delivering on its promise, predicting IT issues and helping teams resolve them before critical business systems are impacted. We are very excited to partner with Loom Systems in building a global AIOps leader."
About Loom Systems
Loom Systems' AIOps solution predicts and solves IT incidents in enterprises undergoing digital transformation or cloud migration. Sophie, the technology behind Loom's AIOps platform, proactively detects IT incidents, alerts IT teams before issues impact customers, and enriches alerts with insights and resolutions in plain English. Learn more by visiting www.loomsystems.com and following @Loom_Systems on Twitter.
Ronny Lehmann (CTO), Gabby Menachem (CEO), Dror Mann (VP Product)
Loom's 3 founders.
SOURCE Loom Systems