Bringing Innovations in Big Data and Natural Language Processing to IT Service Management, Moogsoft Cuts Costs & Increases Efficiency for Enterprises
London, England / San Francisco, CA / New York, NY – May 29, 2013 – Moogsoft, the leading Agile Service Management software company, announced today a $7 million Series A funding round led by Redpoint Ventures. John Walecka, General Partner at Redpoint Ventures, has joined Moogsoft’s Board of Directors.
Moogsoft, which began customer deliveries of MOOG® in February 2012, helps enterprises significantly reduce IT Incident Management costs, increase the frequency of IT change and increase the efficiency of their staff.
Moogsoft’s MOOG® automatically identifies the existence of IT Incidents, goal orchestrates the stakeholder responses and captures the resolution knowledge. MOOG® requires no rules, no business logic or models and no learned patterns to administer and maintain. MOOG® reduces the mean time to identify and diagnose incidents, reduces the actionable responder activities and, reduces the mean time to resolve the incident. MOOG® reduces adverse impact on end-users and the business bottom line.
“I knew from our first meeting that Redpoint Ventures and John Walecka were the right partners for Moogsoft. I love their enthusiasm, energy and of course, their insight and experience. I am really looking forward to achieving our vision for this business with a venture partner who is focused on the intelligent exploitation of big data to create sustainable companies playing in commercially scalable markets,” said Phil Tee, Co-Founder and CEO of Moogsoft.
Moogsoft will use the investment from Redpoint Ventures to exploit its proven technology innovations at a time when businesses are struggling to cost effectively manage their IT infrastructures as they move to joint vendor supply arrangements underpinned by hybrid cloud and SDN.
“The team at Moogsoft has taken a blue sky approach to the IT Operations and Service Management problem, built an unbelievable technology and has achieved impressive results in a short period of time,” said John Walecka, General Partner at Redpoint Ventures. “With its innovation leadership, deep industry experience and rapid implementation time, we see huge growth potential in Moogsoft.”
Moogsoft has found that Incident Management processes underpinned by brittle rules and models adversely impact business agility. In a survey of major businesses, greater than 50 percent of IT incidents were reported by end users, not the operations and service management tools already in place. With the Series A investment from Redpoint Ventures Moogsoft is focused on closing this gap and ensuring customers become pre-emptive rather than reactive to all incidents.
The Moogsoft innovation is the industrialization of an Agile Service Management platform. The application of machine learning with recent inventions in Big Data and natural language processing (NLP) to real-time infrastructure events (from devices, databases, applications and, human generated instant messages and trouble tickets) enables Moogsoft’s customers to pre-emptively identify the existence of service impacting Incidents and apply goal oriented social orchestration to the resolution and impact management processes.
Moogsoft is the leader in Agile Service Management software, exploiting modern concepts, including Big Data and Social Networking, to aid our customers in leveraging greater value from their existing service management resources, reducing their operations costs and, increasing the quality of the services they deliver.
MOOG® transforms Alert driven Incident Management into Goal Oriented Situation Management. MOOG® is a registered trademark of Moogsoft Incorporated.
The Moogsoft team are the original team behind IBM Tivoli Netcool.
About Redpoint Ventures
Founded in 1999, Redpoint Ventures is a leading technology focused venture capital and growth equity investment firm with over $3B in capital under management. Redpoint focuses on investing globally in technology ventures across the Internet, digital media, mobile, and enterprise sectors to accelerate growth and build industry defining companies. Its partners have been involved in 41 IPOs and 66 upside acquisitions. The firm is headquartered in Menlo Park, CA with offices in Los Angeles and Shanghai, China. For more information visit http://www.redpoint.com/.
Moogsoft was advised by Orrick, Herrington & Suttcliffe LLP