ControlUp, a developer of technology for managing end-user computers in large enterprises, announced the completion of a $27 million fund-raising round last week, bringing the total raised by the company to date to $40 million. The round was led by Jerusalem Venture Partners (JVP) and K1 Investment Management.
ControlUp was founded in 2011 by its CEO Asaf Ganot and COO Yoni Avital. Its headquarters are in Silicon Valley, but 124 of its 180 employees work in Israel. ControlUp says that, following the current, round it will expand its workforce by 40% in 2021. The company supports more than 1,200 enterprises, among them American Express, Sprint, Verizon, and T-Mobile.
Ganot attributes the relatively low amount of capital raised by the company so far to an efficient corporate culture and to its ability to generate cash itself. "Since September last year, our cash flow has been positive," he says. "The coronavirus pandemic put us center stage. Home working has raised the complexity of managing the computers in an enterprise, leading to a boom in enquiries."
ControlUp's solution enables enterprises to identify, in real time, breakdowns or low performance in computing resources, and to solve the problems using a range of ready-made solutions. The system makes it easier to support end-users, spot problems and overloads in the infrastructure, and find the source of a problem quickly and deal with it.
On the company's plans for the future, Ganot says, "We are looking towards building a big company. We're not looking to sell; we want to get to an IPO. So far, we have been focused on the markets in the US and Western Europe, and now we want to expand to other regions, while continuing to improve the platform and compete with the big players."
Published by Globes, Israel business news - en.globes.co.il - on November 22, 2020
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