North Carolina based InsightFinder, a startup that provides predictive analytics services in the form of realtime insights has bagged $2 million in seed round funding led by IDEA Fund Partners. The financing also saw participation from Eight Roads Ventures and Acadia Woods Partners. Before this round, the firm had bagged grants and seed financing worth $4 million from multiple backers. National Science Foundation also had given a couple of grants for the development of the product.
InsightFinder was founded by Xiaohui Gu in 2015. Gu worked and researched on the subject for around 15 years at North Carolina State University before launching it. The firm also announced that they have got Distil Networks co-founder and CEO Rami Essaid on board as the chief operating officer. The firm without naming their users says that 10 large companies are using the tools.
The firm's product uses machine learning technology to identify IT issues. It checks the data generated by the IT infrastructure and then it notifies the problems to the administrations and at the same time gives remediation suggestions.
Helen Gu talking about the firm said, 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. We are excited to have Rami and Greg join InsightFinder to help bring the power of our technology into the hands of more IT operations teams."
Idea Fund Partners' managing partner Lister Delgado commenting on the financing said, "We are excited about the market opportunity for InsightFinder. 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."
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