Waterloo’s Auvik Networks Raises $20 Million Series C

Less than a year after their last round of financing, Auvik Networks is back at it again.

The Waterloo-based company has announced a $20 million Series C round led by their existing investor OpenView, with participation from returning investors Celtic House Venture Partners and Rho Canada Ventures.

Auvik provides network monitoring and management software for managed service providers (MSP). They focus on remote monitoring management and specialize in network infrastructures like routers, firewalls and wifi controllers. This can provide deep insight into client networks while automating time-consuming tasks. MSPs use Auvik to help with the quick and efficient scaling of their company.

“This Series C financing is a huge vote of confidence from our investment partners,” said Marc Morin, CEO of Auvik Networks. “Auvik is providing industry-leading network management software for MSPs, and the funding will enable us to further accelerate our efforts and support an ever-growing number of MSP partners.”

As mentioned, this is the third large round of funding for Auvik, and the second within a year, showing how quickly the company is growing. They have doubled their partner base over that span of time, as well as their total employee base. Auvik’s first round of funding came in 2013.

“The Auvik team has more than executed against plan since we made our initial investment in the company last August,” said Ricky Pelletier, Partner at OpenView and Auvik board member. “It’s been clear since then that with increased network reliance and complexity, the need for a product like Auvik has never been more critical. We are thrilled to double down to help Auvik ensure that no MSP is left in the dark again.”

Recently, Auvik took home the Most Valuable SOftware award at the Channelnomics MSP Awards.

This new funding will go towards continuing Auvik’s exceptional growth and keeping pace with the overall growth of the industry.

from Techvibes