Numerify, a cloud-based analytics company focused on the Business of IT, yesterday announced it has raised USD 15 million in Series B funding round, led by Sequoia Capital. Numerify has received a total of more than USD 23 million in financing to date, including a Series A round of USD 8.25 million led by Lightspeed Venture Partners, who also participated in the Series B round.
Other investors in Numerify include Amit Singh, president of Google for Work, Deep Nishar, senior vice president of products & user experience at LinkedIn, and Lane Bess, former CEO of Palo Alto Networks. In conjunction with this news, Doug Leone, partner at Sequoia Capital, will join Numerify’s board of directors.
“Most IT executives are ‘flying blind’ when it comes to understanding the financial and operational dimensions of their service delivery, and they don’t usually have the money, time, or talent to invest in the type of analytics solution needed to effectively run IT like a business,” said Doug Leone, partner at Sequoia Capital and board member at ServiceNow.
“I am delighted to announce our Series B financing, led by Sequoia Capital, and welcome Doug Leone to the Numerify board,” said Gaurav Rewari, founder and CEO of Numerify. “Having the backing of Sequoia Capital and Lightspeed Venture Partners is a strong endorsement of the strategic importance of unified IT Business analytics for enterprises today and the ability of Numerify’s applications to meet this pressing need.”
Existing investor Lightspeed Venture Partners also participated in the round. “Since our early investment in Numerify, we have seen the company make rapid progress toward their highly focused vision of providing rich, pre-built analytical applications in the cloud,” said Bipul Sinha, partner at Lightspeed Venture Partners. “The interest we saw from multiple top-tier VCs was a testament to the opportunity for Numerify and the market’s reception to its products.”
IT Leaders Require a Comprehensive View of the IT Business
Gartner estimates that the total worldwide IT spend will rise to USD 2.1 Trillion by the end of 2014, across devices, data center systems, enterprise software, and IT services. And, a study referenced in the book The Real Business of IT estimates that IT accounts for more than half of all capital spending by businesses worldwide. IT leaders now recognize many opportunities to reduce waste and increase efficiencies across their processes and overall spend.
“The business of IT at higher education institutions like USF is constantly evolving,” said Opinder Bawa, vice president and chief information officer at the University of San Francisco. “With initiatives in online learning and the growth of BYOD (bring your own device), the technology services we provide our students and staff are increasing in number and complexity, while the budget realities remain the same. We are working with Numerify to gain insight into our IT portfolio across service, asset, and project management, with the goal of proactively identifying the most effective use of our resources in response to changing demand.”
Numerify’s cloud applications give IT executives and managers the context and analytics capabilities they need to achieve a single view of their IT business. Deployed in days or weeks, versus months or years, customers gain instant visibility and deep insights on how to improve IT business operations from the accumulated history of their IT service records, IT asset data, and related HR, financials, and procurement data.
Since its product launch in April, Numerify is already working with more than a dozen enterprises including Netflix, University of San Francisco, Incomm, and Spansion.
“As an IT organization, our goal is to empower our 2,000 employees to deliver for our 50 million customers. Numerify allows us to tackle the root cause of problems much faster and properly identify and prioritize the services that have the most business impact,” said Ashi Sheth, enterprise platform manager at Netflix. “In a matter of weeks, Numerify moved us from a painful manual reporting process to contributing and validating data and being able to present the contribution IT makes to the business. Rather than focus on building a system to generate the data, we can focus on what the data means.”
“InComm’s IT Services team manages incoming requests and incidents from employees, automated system alerts as well as directly from our external retail partners. We were looking for a solution that would let us analyze service level trends and spot issues, provide beautiful and compelling management dashboards, and help us become a more metrics-driven organization,” said Hollie Gregg, ITSM manager at InComm. “Numerify fit the bill. It provides a natural extension to our ServiceNow environment, provides a library of pre-packaged metrics, eliminates the need for heavy data manipulation in Excel, and was deployed within weeks.”