SevOne’s $50M the Latest VC Bet on New England IT Infrastructure Firms
Big dollars continue to pour into New England tech companies that help enterprises manage the flood of data that has become the norm with the rise of mobile apps and cloud computing.
The latest recipient is Boston-based SevOne, which today announced a $50 million Series C round led by Westfield Capital Management and Bain Capital Ventures, with participation from Brookside Capital, HarbourVest, VT Technology Ventures, and Osage Venture Partners. SevOne has now raised $203.5 million from investors.
SevOne sells software that allows large companies to monitor the performance of their IT infrastructure—including their data networks, applications, servers, data storage, and more—in real time through an online dashboard. SevOne primarily serves tech companies, broadband providers, and investment services firms. Its customers include Comcast, Verizon, Credit Suisse, Lockheed Martin, and Alere.
SevOne employs nearly 500 people across a handful of offices worldwide, a spokesman says. In October, it’s opening a 48,000-square-foot research and development center at the University of Delaware campus in Newark, DE. (SevOne was founded in Newark in 2003, according to SEC documents.)
Other recent investments in New England IT infrastructure companies include $35 million for Plexxi, announced this month. And plenty more startups are working on related products in the region, including ClearSky Data, Actifio, CloudHealth, DataGravity, Rift.io, Storiant, and VMTurbo.