BOULDER — Booming local startup VictorOps Inc., on Tuesday morning announced it has raised a new $10.6 million funding round, a boost that is expected to help the company double to 90 employees over the next 18 months.
The new investment was led by existing investors Foundry Group and Costanoa Venture Capital, and brings the three-year-old company’s total funding to $18.7 million. The new round follows a $2.6 million debt raise from earlier this year.
Founded in 2012, VictorOps makes a software platform that helps development operations teams at software-as-a-service companies manage and remediate software system alerts and outages in real time.
Company officials said the proceeds from the new round would be used to add support for its customer base and expand on several new features released over the past year.
“This funding presents an incredible growth opportunity for us as a company,” CEO and cofounder Todd Vernon said in a release. “As DevOps practices grow, we are seeing great demand among companies of all sizes for our unique solution that streamlines the entire on-call process, from initial alert to final retrospective and information reuse.”
Privately held VictorOps does not disclose revenue, but Vernon told BizWest in May that the company’s sales have been doubling each quarter. The company at that point had 35 employees, a figure that has already increased to 45 and could grow by another 45 over the next 18 months, according to a company spokeswoman.
Founded in 2012, VictorOps launched its platform in early 2014 following a $6.5 million Series A round of funding led by Costanoa. Foundry Group, which also participated in the Series A, led VictorOps’ $1.6 million seed round in 2012.
The company is headquartered in an 8,000-square-foot space at 1401 Pearl St., above The Cheesecake Factory on the Pearl Street Mall in downtown Boulder.
Correction: The original headline and version of this story mistakenly noted the new funding round as a Series B round.