ControlUp finds $100 million investment

Monitoring and understanding the experience of employees has always been important to IT teams, but the pandemic has emphasized the need to have useful and accurate data.

As employees became dispersed during the pandemic, many teams wanted to improve how they resolved IT issues from afar.

This led to many companies looking at software like ControlUp to support their needs.

ControlUp has built technology for IT teams to monitor and improve performance across their networks.

It has an impressive clientele with five of the top eight US health insurance companies using the product. In fact, the company’s revenues grew 50% in the last year, and enterprise accounts increased by 67%.

This means that ControlUp’s tools are monitoring over 1 million endpoints across its 1,500 customers.

To cement this growth, the Israeli company has closed an round of investment led by K1 Investment Management and JVP; in total $100 million was raised.

At this time, ControlUp is not discussing its valuation, but it is believed to be significantly more than its 2020 $330 million valuation from PitchBook.

The next steps for ControlUp

Speaking about the early days of ControlUp, CEO and co-founder Asaf Ganot, told TechCrunch: “User experience was always a big thing.

“Good means high productivity, that people are happier and will probably work better. What is happening in the last year or two is that the issues have become more predominant. It’s not just a niche.”

While some people are concerned about an agent being on a remote device, the tool is designed to keep employee privacy intact. The product focuses on work-related disruptions, such as network issues and application problems.

The tool also offers automated fixes to issues and the ability for IT staff to access devices and make fixes remotely.

Naturally, this is a valuable function in a hybrid working world.

Erel Margalit, founder and chairman of JVP, detailed the importance of the investment: “In the post-COVID-19 era, IT managers of large organizations have the unique challenge of monitoring the performance of the network for each of their employees in the office, at home or in any other remote location.

“ControlUp provides a deep analysis of mission critical applications—for every employee—highlighting problems and finding remedies to solve them.

“The company’s dashboard enables IT managers to monitor, assess and improve the productivity for all the employees in the company.”

Roy Liao, SVP at K1 added: “We continue to see a significant shift toward work-from-anywhere across all industries.”

“K1 is proud to partner with ControlUp as it continues to innovate and change the landscape of the digital employee experience market.

“By focusing on making the employee experience simpler, faster, and more cost-effective, ControlUp provides a unique value proposition that no other vendor fills.”