SuperOps.ai, a unified professional services automation (PSA) and remote monitoring and management (RMM) platform, has raised $14 million as a part of its Series A funding round led by Lee Fixel's Addition and Tanglin Venture Partners, the company said in a statement on Thursday.
Existing investors Matrix Partners and Elevation Capital also participated in the funding round, the statement said.
Angel investors including Giovanni Sanguily, Chief Executive Officer, Honey CRM, Sidharth Malik, Chief Executive Officer, CleverTap, Noel Wax, Chief Executive Officer of Groundswell Group, Lisa Woods Chief Operating Officer of Groundswell Group, and Abhi Kumar, Partner at M12 Ventures, also contributed to the investment round, it added.
The startup, operated by SuperOps Inc, said it will use the funds to disrupt the managed service providers (MSP) market and to take on legacy vendors with its AI-powered PSA-RMM platform, which it launched recently. The company was in beta version since May last year, and now has launched the full-service platform, it said. SuperOps.ai claims to have worked with over 30 clients to build the platform for MSPs.
SuperOps.ai said that it is targeting the MSP industry, which faces challenges like increasing complexity in the tech demands of clients, customer acquisitions, difficulty in hiring capable employees and managing multiple tools and platforms. The industry currently uses PSA and RMM tools that were not built to work together and thus require plugins for IT documentation or project management, it noted. SuperOps.ai’s platform integrates all these tools and is built entirely on cloud enabling MSPs to deploy their services through a tool built with latest technology and capabilities, it said.
The statement noted that the global MSP market is projected to grow from $243.33 billion in 2021 to $557.10 billion in 2028, at a CAGR (compounded annual growth rate) of 12.6% in the forecast period of 2021-28. The MSP industry is estimated to have 150,000 companies, and many of these are SMBs (small medium businesses), which employ only a handful of technicians currently.
“The MSP space is in desperate need of innovation and modern software to replace the existing legacy solutions. Customers have been stuck with bloated and extremely outdated on-premise tools. SuperOps.ai is here to modernize the industry and provide users with smart, AI-powered, cloud-based software that is more efficient and effective,” said Arvind Parthiban, Co-founder and Chief Executive Officer, SuperOps.ai.
SuperOps.ai also has features, automations, workflows and runbooks in ticketing that enable an MSP to deal with their clients' IT issues. The platform also launched Intelligent Alerting to further improve MSP productivity.
The company was founded in 2020 by former Freshworks Inc employees Parthiban and Jayakumar Karumbasalam, who have over 35 years of industry experience. Parthiban had created marketing automation software -- Zarget, which was later acquired by Freshworks Inc. Karumbasalam built data platforms for companies like Zoho, Optus along with Freshworks.
"We’re excited to support SuperOps.ai as they bring about a much-needed change in the MSP space, a field that has not yet benefited from the pace of technological innovation seen across most other industries," said Addition's Lee Fixel, who was earlier a partner at Tiger Global, where he spent more than a decade of spearheading venture capital deals related to consumer internet startups including an early bet on e-commerce firm Flipkart.
"Arvind and Jayakumar are experts on the MSP market and over the last few months, the SuperOps.ai team has built a category redefining product with exciting customer feedback. We're delighted to be doubling down on our investment in SuperOps.ai," said Tarun Davda, Partner and Managing Director at Matrix Partners.
Matrix Partners and Elevation Capital had invested $3 million in a seed funding round in SuperOps.ai in May last year.