When you were trying to remember what you did for work during the first week of the new year, Electric AI had moved to a new office and appointed a new COO and VP of Sales. And now, just a few weeks later, they’re announcing a $25 million Series B funding round.
Led by GGV Capital with participation from existing investor Bessemer Venture Partners, this financing brings the company’s total funding amount to $38 million. The company plans to use the money to hone its product and expand its team — two initiatives they’ve been focused on since launching in 2016 with just four team members. Three years later, that number has exploded to 101.
“Once we figured out our formula for building our product, we decided it was time to raise more money and scale the business, said Founder and CEO Ryan Denehy. “Looking ahead, we’re trying to find that balance between enhancing the product and growing the team so we can expand nationally.”
The need for a business to manage [IT support] in an efficient way is just going to get bigger and bigger, and we’re here to help."
The company provides IT support in real-time using a chat and web interface. Currently, its customers are small- and mid-sized companies that need help with troubleshooting, systems administration and more.
And since so many companies are swapping their legacy systems for more efficient applications, the need for IT support will just continue to grow.
“Small and mid-sized companies typically have closets full of old IT equipment they’re planning on getting rid of as they move to the cloud and update all of their systems,” said Denehy. “The need for a business to manage that in an efficient way is just going to get bigger and bigger, and we’re here to help.”
Electric moved to their new headquarters at Broadway and Canal earlier this month. During that time, they welcomed Rani Yadav as COO and David Weiner as VP of Sales. Yadav and Weiner were previously at Blue Apron and Compass, respectively, and will bring with them years of startup expertise.