Most companies aren’t big enough to have in-house IT departments to manage the services it needs to conduct business. And even if the company is big enough, managing all of those working parts can be a huge hassle.
This is why many businesses turn to managed service providers (MSPs) to provide and manage services like helpdesk and support, VOIP, cybersecurity, data storage, and backups. But it turns out that even service providers rely on service providers, and for those that deal with networking infrastructure, remote monitoring and management (RMM) of hardware assets and information flows can be a challenge.
Auvik Networks is a RMM service provider that lets its customers—mostly consisting of managed service providers—analyze, automate, and control their clients’ switches, routers, firewalls, and other network infrastructure.
Today, the Waterloo, Ontario-based company announced its CA$20 million Series C round. The round is led by existing investor OpenView, which also led the company’s Series B round last August. Auvik Networks was OpenView’s first Canadian investment. Its latest round also saw participation from prior Canadian investors Celtic House Venture Partners and Rho Canada Ventures. Including this round, the company has raised close to $33.5 million USD to date, according to Crunchbase data.
In a statement, OpenView partner Ricky Pelletier cited “increased network reliance and complexity” as a driving force behind market adoption of Auvik Networks and other MMR providers.
Among other features, Auvik’s cloud-based software creates exportable visualizations of network topologies, analyzes device and software configurations, integrates professional service automation (PSA) tools, and facilitates password and user identity management functions.
Auvik Networks co-founder and CEO Marc Morin said in a statement that “[this] Series C financing is a huge vote of confidence from our investment partners.” He said that the new funding “will enable [Auvik Networks] to further accelerate [its] efforts and support an ever-growing number of MSP partners.”
As an aside, Morin is a prolific angel investor and successful founder. In 1996, Morin co-founded PixStream with Brad Siim, and four years later, the company was later sold to Cisco for $369 million. In 2001, with the addition of other co-founders, Morin and Siim started broadband network provider Sandvine, which went public in November 2006. Sandvine was taken private in a CA$562 million leveraged buyout in 2017.
Auvik Networks’s other co-founders include Alex Hoff, who serves as the company’s VP of sales and product, and David Yach, who serves as the company’s CTO. Prior to starting Auvik Networks, Hoff was a senior product manager at Sandvine, and Yach served as Blackberry’s CTO for software and Sybase’s chief architect.
Illustration: Li-Anne Dias