SevOne, a spinout of Delaware University, has raised $50m in its series C, pushing the firm’s valuation to $1bn.
The round was led by Westfield Capital Management and Bain Capital Ventures, with support from Brookside Capital, HarbourVest, VT Technology Ventures and Osage Venture Partners. Osage has been an investor in SevOne since it held its first funding round in 2009, acting as the sole investor in a $2m series A.
The firm, started in 2005, would go on to have a series B three times the size of its latest funding round, also led by Bain Capital, in 2013. In total, the firm has now raised $202m in venture support.
Now spread across the US and Europe, SevOne recently began rehoming itself back to its home state of Delaware, and the latest funds will be going towards a 48,000 square foot research and development centre based on Delaware University’s campus.
SevOne’s platform allows for the monitoring of millions of objects within a network, and aims to pre-empt potential issues with algorithms and artificial intelligence. The company says its systems are used by 40% of world leading tech firms, 50% of top broadband carriers, and 60% of top investment firms.
Jack Sweeney, SevOne’s CEO, said: “The opportunities and challenges of managing digital infrastructures have never been greater. SevOne is uniquely positioned to capitalise upon this demand, allowing the world’s largest datacentre and network operators to unlock the true business potential of their digital infrastructure.”
