SuperOps.ai, a services automation, and remote management startup 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 angel investors, Giovanni Sanguily (CEO of Honey CRM), Sidharth Malik (CEO of CleverTap), Noel Wax, and Lisa Woods (CEO and COO of Groundswell Group), and Abhi Kumar (Partner at M12 Ventures).
The company raised $3 million in May 2021, when it launched the beta platform.
Founded in 2020 by Arvind Parthiban and Jayakumar K, the startup aimed at disrupting the stagnant Managed Service Providers (MSP) market using the AI-powered professional services automation (PSA) and remote monitoring and management (RMM) platform. It has now launched its full-service platform and has worked with over 30 clients.
Before SuperOps.ai, Parthiban and Jayakumar have worked at Freshworks at senior leadership levels, and also Zoho. Jayakumar has also worked with Parthiban at his marketing software startup Zarget, which was acquired by Freshworks.
Parthiban, CEO, SuperOps.ai, said in a statement, “The MSP space is in desperate need of innovation and modern software to replace the existing legacy solutions. Customers have been stuck with bloated and extremely outdated on-premise tools. SuperOps.ai is here to modernise the industry and provide users with smart, AI-powered, cloud-based software that is more efficient and effective. With our AI-powered PSA-RMM platform, clients can now focus on the core business and leave the old hurdles behind.”
The opportunity in the MSP space is huge. The global managed services market is projected to grow from $243.33 billion in 2021 to $557.10 billion in 2028 at a CAGR of 12.6 percent, according to market intelligence reports. In addition, the MSP industry is estimated to have over 150,000 players, a majority of them small and medium businesses employing just a handful of technicians.
Quoting multiple surveys, the company said in the statement that the MSPs face several challenges, such as increasing complexity in the tech demands of clients, difficulty in finding capable talent, customer acquisition issues, and struggles of managing multiple tools and platforms. According to the statement, SuperOps.ai offers all the tools an MSP needs, including IT Documentation or Project Management, within the platform and on cloud.
“We are excited to support SuperOps.ai as they bring about a much-needed change in the MSP space, a field that has not yet benefited from the pace of technological innovation seen across most other industries,” said Lee Fixel of Addition, said in a statement.
Tarun Davda, Managing Director at Matrix India, said in the statement that the SuperOps.ai team has built a category redefining product over the last few months and the firm is doubling down on its investment.The current products used by IT MSPs were created years, if not decades, back and the SuperOps.ai has made it extremely easy and seamless, according to Akarsh Shrivastava, Principal at Elevation Capital.