SaaS firm SuperOps.ai raises $12.4 million in Series B funding round

SuperOps Cofounders - Arvind Parthiban (left) and Jaykumar Karumbasalam

SuperOps.ai, an IT services automation and remote management startup, has raised $12.4 million in its Series B funding round led by Addition and March Capital despite a tough funding environment faced by startups in India and in the US markets.

The round also saw participation from Matrix Partners India.

“We are raising funds ahead of time as we want to double down on our opportunities as we are fast expanding. We are opening a new office in the US where we have hired a new channel chief and most importantly we are adding a new product,” said Arvind Parthiban, cofounder of SuperOps in an interaction with Moneycontrol.

Parthiban said that the investment will be utilised towards Go-to-market (GTM) expansion across the globe and towards Artificial Intelligence (AI) Research and Development (R&D) efforts.

“We are looking at every single feature where AI can do it better. We are living in a Gen AI world and every single feature is going to be disrupted and we want to be ahead of time,” he added.

Founded in 2020 by Parthiban and Jayakumar Karumbasalam, SuperOps.ai simplifies the IT management process and workflow of managed service providers (MSPs) on a single, unified platform.

It enables clients to move away from fragmented tools by bringing together the capabilities of remote monitoring and management of client assets with professional services automation functionalities.

The fundraise comes at a time when SaaS players are witnessing a global macroeconomic slowdown, which is affecting demand. In fact, SaaS major Zoho said that it is witnessing a slowdown in the month of September.

However, Parthiban explained that SuperOps operates in a mission-critical segment and is seeing healthy demand and customer growth.

“We are seeing healthy traction for SuperOps, even at a time when the overall macroeconomic conditions are not favourable. It’s a very mission-critical product and we have found a product-market fit that is working for us,” Parthiban said.

Over the last 12 months, customer numbers at SuperOps.ai increased by 300 percent, Parthiban said.

In January of 2022, the SaaS firm raised $14 million in Series A funding. The funding was led by Addition and Tanglin Venture Partners, with participation from existing investors, Matrix Partners India and Elevation Capital, as well as from prominent angel investors.

The total funds raised by SuperOps to date is around $29.4 million.

“The SuperOps team has strong domain experience and a customer-first approach, and we believe they are well-positioned to drive innovation in the underserved MSP market,” said Ravi Rajamony, Vice President at March Capital.

SuperOps.ai is scaling partnerships with vendors in areas including cybersecurity, payments, and data backup to ensure MSPs have 360-degree technology support.  The firm operates in the $280-billion MSP industry which is dominated by small and medium-sized businesses.

“With the proceeds of the fundraise, SuperOps.ai plans to increase its investments in further enhancing its AI capabilities for MSMEs and SMEs,” Parthiban said.

The company will also be investing in community-led initiatives aimed at helping MSPs in areas beyond technology.