Employee Experience Platform ControlUp Raises $100M to Manage IT Performance Anywhere
Digital employee experience management platform ControlUp announced the company has received $100 million in new funding.
The latest funding round, co-led by K1 Investment Management and JVP, will fuel investment in product innovation and partnerships, according to the Santa Clara, Calif.-based company. ControlUp’s goal is to promote the ability to work from anywhere by creating remote work environments “that people can count on.”
The company's SaaS application gives IT teams a real-time view of their digital employee experience to monitor and improve the health of their systems, gain insights into their IT architecture, and help ensure employees can access business applications from anywhere. With those capabilities in place, ControlUp now believes it’s poised to expand and lower costs, according to CEO Asaf Ganot.
“This injection of capital will accelerate our ability to help more enterprises open the door to the limitless possibilities of a simpler, more reliable work-from-anywhere experience,” said Ganot in a press release statement. “We give IT real-time visibility into system status, with the ability to resolve help desk calls faster, and even handle potential system issues before they happen. All this translates to fewer headaches, lower costs, higher productivity and happier people.”
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The new funds come as certain segments of the workforce have moved into remote work. ControlUp believes this move allows managers and team members to increase productivity and work satisfaction while reducing attrition rates. As that evolution continues, enterprise IT teams are beginning to require newer systems, as opposed to the older systems currently used in many organizations around the world.
A move to remote work also means “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,” according to investor Erel Margalit, founder and chairman of VC fund JVP.
Founded in Israel in 2012, ControlUp is headquartered in Silicon Valley but continues to run research and development out of Israel. The company has not disclosed its valuation, according to TechCrunch, and last received funding, a Series C investment of $27 million from K1 and JVP, in November 2020. According to company reports, ControlUp is used by several large US health insurance, healthcare and telecommunications companies. They report 50% growth in revenue, and 67% growth in enterprise accounts in the past year.