ScienceLogic Gets $105 million funding to grow its AIOps market
A headway for AIOps companies to aim at maximum opportunities.
A company developing an AIOps and IT infrastructure monitoring platform, ScienceLogic, recently made a public statement of getting a $105 million fund. The statement made known by the company says the investment will support its continued growth in the AIOps market and further widen ScienceLogic’s position in the IT operations management industry.
ScienceLogic is a private software and service vendor founded in 2003 that produces information technology management and monitoring solutions for IT Operations, cloud computing and server monitoring.
The funding is intended to boost ScienceLogic, accelerate its product growth and engineering leadership, as well as to support the company's wider expansion plans and the scope of its flagship SL1 digital infrastructure monitoring platform.
AIOps will be a $14.3 billion market by 2025 according to research and market forecast.
Artificial intelligence for IT operations (AIOps) is an umbrella term for the use of big data analytics, machine learning (ML), and other artificial intelligence (AI) technologies to automate the identification and resolution of common information technology (IT) issues. Given the pandemic, an increase in market value in 4 years may become a conservative projection, which causes IT teams to perform their work remotely. AIOps solutions could help avoid significant outages. Research firm Aberdeen pegged an outage at about $260,000 per hour.
The Virginia-based establishment founded in 2003, ScienceLogic, gathers and stores a variety of analytical data in a clean, normalized data lake, applying algorithms to illustrate relationships between applications for infrastructure and business services. IT teams combine and exchange data through various technologies with ScienceLogic. Also, the startup can implement integrations to automate behavior in real-time. ScienceLogic has emerged as one of the AIOps market's leading players.
It's basically a bid to replace existing IT operations point management software with a wider framework designed from the ground up for hybrid cloud environments. In the wider market for IT observability, ScienceLogic competes with the likes of Dynatrace LLC and Datadog Inc.
A primary service-centric AIOps platform provider revealed that AIOps instruments produce value for 87 percent of organizations, according to OpsRamp. The information technology industry is ready for the future implementation of AIOps with the exponential growth of technology. During the forecast period, the AIOps market is expected to record an upward trend at a CAGR of 27 percent (2019-2024).
To improve the technology, some of the leading players are entering into strategic alliances, which will not only enhance the company's efforts to provide improved customer service but also help them gain more weight. This, in turn, over the forecast period, will fuel demand for AIOps in the industry.
A report made available by ScienceLogic, states that among the thousands of clients using its software are some of the biggest multinational companies, government agencies, and managed service providers. ScienceLogic plans to invest in product development and engineering as well as recruiting with the proceeds from the Series E funding round announced recently, which was led by Silver Lake Waterman with participation from established investors Goldman Sachs, Intel Capital, and NewView Capital.
In support of its wider growth plans, ScienceLogic said the new funding would be used to accelerate its product creation and engineering leadership. The company also stated that the funds will be dedicated to both recruiting activities and product investments targeted at cloud-native technologies such as microservices and software containers, artificial intelligence, machine learning, and hybrid cloud operations.
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