(Reuters) -IT platform NinjaOne has secured fresh financing of $500 million led by Iconiq Growth and CapitalG, Alphabet’s independent investment fund, the company said on Monday, valuing it at $5 billion.
The latest funding round is an extension of a previous one last February, where NinjaOne raised $231.5 million at a valuation of $1.9 billion.
The raise marks a positive move in the venture capital funding environment in the United States which has otherwise remained muted.
Founded in 2013 by Sal Sferlazza and Chris Matarese, NinjaOne launched its core platform in 2015 after two years in stealth mode, according to the company’s website.
Sferlazza and Matarese – who now serve as CEO and the finance chief of NinjaOne, respectively – remain the biggest equity holders in company, it said.
The company, which automates IT processes, plans to use the proceeds for research and development focused on autonomous endpoint management and autonomous patching.
“We are investing in innovation across our platform with a vision to make endpoint and patch management as easy and autonomous as possible, while continuing to expand into other AI, IT, and security use cases,” CEO Sferlazza said.
Companies that are investing in AI have received recognition from investors in the start-up investment market, with firms like security systems maker Verkada and enterprise automation platform Tines securing funding from big names in the industry, earlier this year.
Texas-based NinjaOne operates in more than 120 countries and has over twenty-four thousand customers, which include names such as chipmaker Nvidia, consultancy firm PWC and Japan-based Kawasaki & Co.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh Kuber)
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