RALEIGH — InsightFinder Inc. is on track to scale now that it’s landed $2 million in seed funding and an all-star executive team.
The Raleigh startup, which is an artificial intelligence for IT operations (AIOps) platform provider, recently announced that it secured the pre-series A financing from Durham-based Idea Fund Partners. Existing venture investors Eight Roads Ventures and Acadia Woods Partners also contributed to the round.
The company — founded by Helen Gu, a computer science professor at North Carolina State University — said it plans to use the investment to bring its product to the general public after limited availability.
InsightFinder provides innovative unsupervised machine learning technology to predict potential incidents and prevent service outages. With full-stack visibility across an entire IT system, InsightFinder allows IT leaders to pinpoint root causes, predict incidents, and prevent costly outages.
The platform also diagnoses the root cause of each system issue, and provides automated self-healing capabilities to minimize the impact of service outages. InsightFinder’s AIOps platform can be delivered as a cloud service or as on-premise deployment.
Along with the financing, InsightFinder is announcing two key hires to join its executive team.
Rami Essaid, founder and former CEO of Distil Networks, has joined to lead the company operations going forward.
Meanwhile, Greg Lissy, a software executive with previous industry experience at Citrix, SolarWinds, Red Hat, and Microsoft, will lead product strategy and execution.
“InsightFinder is the culmination of over 15 years of research funded by the National Science Foundation, and the technology has been validated at some of the largest companies in the world,” said Gu in a statement.
InsightFinder received a Small Business Innovation Research (SBIR) grant in 2015 from the National Science Foundation. In 2017, it also landed the highly-competitive Phase II SBIR grant from the same institution.
“We are excited about the market opportunity for InsightFinder,” said Lister Delgado, managing partner at Idea Fund Partners, in a statement.
“Given the volume, variety, and speed that data is created in today’s hybrid dynamic IT environments, AIOps is increasingly essential to maintain a proactive stance in IT infrastructure and operations. We are impressed with InsightFinder’s distinctive use of unsupervised machine learning to extract insights much faster and with a higher degree of accuracy than competing solutions. There’s a lot of growth potential here, and we are thrilled to be leading this investment round.”
IDEA Fund Partners is an early stage venture capital firm focused on working with great entrepreneurs to build disruptive and scalable technology companies. IDEA Fund Partners has a long track record of success and is one of the most active early stage investors in the entire Southeast U.S. IDEA Fund Partners is currently investing out of its third fund.