Electric, a New York-based provider of IT technology for small and medium-sized businesses, raised $90 million in Series D funding.
The round, which brought the total amount raised to over $189M, was led by existing investor GGV Capital with participation from existing investors Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack.
The company intends to use the funds to invest in product development, customer service, and culture. Electric plans to expand its partner and integration ecosystem and extend its IT management platform, providing more proactive tools for customers to manage employees, networks, devices, and applications.
Company: Electric AI, Inc.
Raised: $90.0M
Round: Series D
Funding Month: October 2021
Lead Investors: GGV Capital
Additional Investors: Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack
Company Website: https://www.electric.ai/
Software Category: IT platform
About the Company: Led by CEO and founder Ryan Denehy Electric provides IT technology and real-time support for small and mid-sized businesses. The company’s IT platform includes real-time support powered by 100+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding, and off-boarding, procurement & provisioning, and data monitoring & insights. Electric is reinventing how businesses manage their IT. Providing real-time IT support to 30,000 users and centralized IT management to over 600 customers, Electric offers companies a 50% reduction in IT spending and standardized security across devices, apps, and networks, whether you're on-site or remote.
Source: https://www.finsmes.com/2021/10/electric-raises-90m-in-series-d-funding.html