Electric AI is an AI-driven IT management software company that develops chatbot-based IT troubleshooting systems for enterprises. Its platform provides IT asset management, network security monitoring, application and OS management, database oversight, activity auditing, and device recognition in a unified system. Electric AI has raised $211M in funding from investors including Bessemer Venture Partners, GGV Capital, and Greenspring Associates, with a current valuation of $1B (as of March 29, 2022).
What Is Electric AI and What Does It Do?
Electric AI, founded in 2016 by Ryan Denehy and Bill Tyndall, is headquartered in New York, New York. The company specializes in AI-powered IT management and support solutions for enterprises.
Electric AI’s platform combines chatbot-driven IT troubleshooting with asset management, network security monitoring, application and operating system oversight, database management, auditing, and device recognition. By automating IT workflows and providing a unified management interface, Electric AI helps organizations reduce operational complexity, enhance cybersecurity, and optimize technology resources.
With a team of approximately 175 employees, the company serves enterprise clients seeking efficient, AI-driven IT operations and support solutions.
How Much Funding Has Electric AI Raised?
1. Series C
- Amount Raised: $40M
- Date: February 2021
- Lead Investors: Greenspring Associates, Bessemer Venture Partners, GGV Capital, Primary Venture Partner, Atreides Management, 01 Advisors, Vintage Investment Partners
- Valuation at Round: Not publicly disclosed
- Motivation: To expand the AI-driven platform and scale enterprise IT management capabilities.
2. Series D
- Amount Raised: $90M
- Date: October 2021
- Lead Investors: GGV Capital, Primary Venture Partner, Bessemer Venture Partners, Greenspring Associates, Atreides Management, Vintage Investment Partners, 01 Advisors, Slack
- Motivation: To accelerate product development and enterprise adoption.
3. Series D (Follow-on)
- Amount Raised: $23.4M
- Date: March 29, 2022
- Lead Investors: Harmonic, Bessemer Venture Partners, Greenspring Associates
- Motivation: To strengthen AI platform capabilities and expand the enterprise customer base.
Total Funding Raised: $211 Million
Current Valuation: $1 Billion (as of March 2022)
Latest Funding Date: March, 2022
Key Investors
1. Bessemer Venture Partners
- Details: Global venture capital firm investing across technology sectors.
- Investment Focus Areas: Cloud, enterprise software, AI
- Notable Investments: LinkedIn, Shopify, Twilio
2. GGV Capital
- Details: Venture capital firm with investments in early and growth-stage technology companies.
- Investment Focus Areas: Enterprise IT, SaaS, AI
- Notable Investments: Slack, Square, Airbnb
3. Greenspring Associates
- Details: Venture and growth equity firm providing capital to high-growth technology companies.
- Investment Focus Areas: IT operations, enterprise software, cloud infrastructure
- Notable Investments: Electric AI, Sisense, Udemy
4. Harmonic
- Details: Growth investor focusing on technology and software enterprises.
- Investment Focus Areas: Enterprise software, SaaS, IT solutions
- Notable Investments: Electric AI, other enterprise tech companies
Where Is Electric AI’s Headquarters?
Electric AI is headquartered in New York City, a hub for technology innovation, enterprise software development, and access to a rich pool of IT and AI talent. The location provides strategic proximity to major enterprise clients and partners.
What’s Next for Electric AI?
With $23.4M in Series D follow-on funding, Electric AI is positioned to expand its AI-powered IT management platform, enhance automation features, and scale enterprise adoption. The company aims to innovate IT troubleshooting with advanced AI capabilities, support global enterprise clients, and continue integrating emerging technologies. Challenges include intense competition in enterprise IT solutions and maintaining seamless AI-driven operations across complex IT environments.
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