Anodot, an autonomous business monitoring platform, raised $35 million in Series C funding, bringing the company’s total funding to date to $62.5 million.
Intel Capital led the round with participation from SoftBank Ventures Asia, Samsung NEXT, and La Maison. Existing investors Disruptive Technologies, Aleph, and Redline Capital Management also participated.
The company plans to use the new funds to support its go-to-market activities, including expanding into new verticals, such as banking and financial services, building ready-made business packages per use case, and increasing hiring across its global team.
With Anodot’s autonomous machine learning-powered business monitoring platform, organizations can monitor business metrics, including revenue and costs, partners, and customer experience.
Fortune 500 companies, from digital business to telecom, use Anodot’s technology to reduce time to detection and resolution for revenue-critical issues by as much as 80 percent. For example, with Anodot, a fintech company was able to detect a drop in payment success rate from a specific payment provider and correlate it with a new API version release. After being alerted by Anodot, the company fixed the glitch and saved more than $50,000 on that incident alone.
The company’s clients include Atlassian, Xandr, T-Mobile, and Bird.
Anthony Lin, vice president and senior managing director at Intel Capital, said: “Changing market dynamics are going to force companies to become more efficient, and Anodot’s proven ROI model and impressive traction across its enterprise customer base is a game-changer.”
“Today’s organizations are facing unprecedented market uncertainty, and many are struggling to achieve visibility into business incidents that cost money, impact third-party tools and platforms, and diminish customer experience,” said David Drai, CEO and co-founder of Anodot.
“Anodot takes a new approach to business monitoring. By focusing on autonomous monitoring at a granular level, we’re able to deliver the right results in real-time to help organizations take immediate action, avoid losses and stay on top of business success, especially in times of economic turbulence. We look forward to leveraging this new capital, and the experience of our investors, to further advance our platform, to expand our team, and to better help organizations effectively identify and address business incidents.”
Image Credit: Anodot