Funding news this morning for incident management company VictorOps who is announcing a $10.6 million funding round led by the Foundry Group and Costanoa Venture Capital. This round takes total funding to date for VictorOps to just shy of $20 million.
VictorOps is involved in the broader DevOps space. The theory goes that modern applications fundamentally need to move on from the historical models of development and operations. In the old days, developers wrote code and then threw that code over the metaphorical wall for other people to actually run. This created massive tensions for people on both sides of the dev/ops continuum -- operations teams blamed developers for creating applications that were difficult or impossible to run robustly on the particular infrastructure the organization used. At the same time, developers accused operations teams to be a major impediment to the agile creation of software -- dev teams were historically hamstrung by a need for operations to provision them hardware.
Out of this dysfunction came the DevOps movement, an approach that saw the two worlds, development, and operations, come together into a unified, collaborative and mutually understanding continuum. Much more than technology, however, DevOps is all about changing organizational cultures such that the ideal outcomes of agility and enabling innovation can be realized.
Of course with this culture change came a need for new tools and systems and this is where a company like VictorOps comes in. VictorOps offers a real-time incident management platform that covers the entire lifecycle of incident management and offers a platform to enable collaborative resolutions of issues. The VictorOps platform orchestrates team situational awareness, incident creation, escalation, notification and remediation with team members regardless of physical location or time of day.
Since entering the market nearly two years ago, the company has built revenue and customer expansion. Each quarter 33% of new seats, on average, are added by existing customers. This comes as usage expands throughout organizations: across development, support and operations.
“VictorOps has proven to be more than just alerting for us. It has revolutionized the on-call process by supporting us through the entirety of an incident,” said Craig Cogle, director, IT infrastructure & operations at F5 Networks. “When it’s 2:00 am and something goes wrong, those on-call are woken up to full awareness of the problem alongside potential remediation solutions. Additionally, VictorOps is the only solution that documents everything, from alarm details to chat conversations amongst the team, which allows us to learn from each incident and adapt going forward.”
VictorOps is based in the paradise of Boulder, Colo., and in that it shares an attribute with one of its funders, the Foundry Group. This isn't simply an irrelevant fact as Foundry has increasingly built a brand that sees them recognized as one of the more influential small VC firms. Made up of only four general partners, the Foundry Group has been deeply involved not only with high-profile fundings but also a number of programs and offerings designed to help entrepreneurs on their startup journey. Out of the Foundry (or at least associated with it) have come books, the TechStars incubator program and a generally founder-friendly approach to funding.
VictorOps seems to be one benefiting from both the Foundry approach and the general move towards DevOps. There are, of course, a large number of companies vying to be the "IT management platform for the DevOps-aware organization." It is, however, a big and rapidly growing market and this funding should help VictorOps build its importance within the space.
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