Automox Raises $110M To Help IT In Post-COVID World
Boulder, Colorado-based Automox closed a $110 million Series C led by Insight Partners, looking to expand its platform and give companies’ IT departments better vision into what is going on as workforces get more distributed.
The new round also included investments by funds managed by Blackstone and existing investors Koch Disruptive Technologies and TechOperators. Founded in 2016, the company has raised more than $152 million in funding.
Automox’s cloud-native endpoint management platform allows companies to see the infrastructure they are dealing with and act upon issues they see — something that only has become more complicated with so many working remotely. The platform has grown through time, as Automox started mainly doing patching work on operating systems and related software, but has evolved into a space now consisting of competitors such as IBM BigFix, Tanium and Ivanti.
“COVID really started a bright light on certain areas,” said CEO Jay Prassl. “Those areas included allowing IT (operations) to see their infrastructure and also being able to act upon it.”
The new money will help the company with its go-to-market operations, as well as grow internationally. Prassl said the timing is right to raise as the environment is currently good for fundraising and the company’s market is growing as the pandemic and the resulting work-from-home explosion “crippled” IT departments and their ability to do their job.
That growing market helped lead the company to realize 113 percent growth in sales last year, and it “expects to continue that into this year” Prassl added.
Michael Triplett, managing director at Insight, said Automox’s cloud-native platform helps differentiate the company in a crowded market and sets it up well for at least another five to eight years of significant growth.
“First and foremost, the cloud-native architecture and how the product has been designed attracted us,” Triplett said. “People are moving away from the four-corner firewall structure to now being more remote, so that cloud-native architecture is important.”