Optinuity Secures $6.5 Million In Venture Capital Funding
Operations Process Management Software Provider is Funded by New Enterprise Associates, Venrock Associates, and Mid-Atlantic Venture Funds
BETHESDA, Md. - NOVEMBER 15, 2004 - Optinuity Inc., a software provider that will change the way companies perform human-intensive IT processes, today announced that it has secured $6.5 million in Series A venture capital funding. Co-leading the round of funding are New Enterprise Associates (NEA) and Venrock Associates, with additional funding from Mid-Atlantic Venture Funds (MAVF). The financing will support the launch of the company and the introduction of its products into the marketplace.
"Today, many Global 2000 companies take labor-intensive and often haphazard approaches to managing the processes and procedures involved with maintaining mission-critical IT systems," said Scott Stouffer, CEO of Optinuity. "There is a critical need in the market for a solution that brings discipline to chaotic IT operations and allows organizations to cut costs, reduce exposure to risk and better deploy valuable expert resources. We're going to make IT operations best practice guidelines a reality."
Currently, proprietary IT operations procedures are captured in binders and carried out by siloed specialists within an organization. Optinuity will drive down costs associated with administration, problem resolution and disaster recovery by institutionalizing the expert knowledge and integrating the various IT disciplines required to maintain the systems and applications that support the enterprise. This paradigm shift in the way operations are managed will allow IT to reduce errors, speed remediation and deliver more predictable service levels.
"Large organizations can no longer afford to burden their senior-level operations personnel with simple tasks that could easily be resolved by support staff with the right process management tools in place," said Rob McGovern, Venture Partner for NEA. "Optinuity's solutions will enhance readiness through regular testing and validation of existing IT procedures, while keeping top-tier talent focused on developing new strategies to meet the changing demands of the organization."
Scott Stouffer's experience and proven track record in the technology industry was a critical factor in securing Optinuity's funding. As the founder and former CEO of Visual Networks, Scott pioneered a new class of performance management tools for enterprises and their carriers with complex wide area network infrastructures.
"We have great confidence in Scott's ability to anticipate market needs and build a company to deliver critical solutions to address those needs" said Michael Brooks, General Partner of Venrock Associates, an early investor in Visual Networks. Optinuity intends to deliver a new class of management and automation solutions to improve IT operations and we believe that Scott can assemble the right team to accomplish this."
About Optinuity
Optinuity, a privately held company headquartered in Bethesda, MD, enables the automation and management of complex IT procedures performed frequently by specialists and operations personnel. More information about the company is available at www.Optinuity.com or by calling 301-652-3168.
About New Enterprise Associates (NEA)
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for over 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 145 have gone public and more than 185 have been acquired. NEA has offices in Menlo Park, California, Reston, Virginia and Baltimore, Maryland. For additional information, visit www.nea.com.
About Venrock Associates
Venrock Associates, originally founded as the venture capital investing arm of the Rockefeller Family, today continues a six-decade tradition of funding financing and helping talented entrepreneurial teams build and establish successful, enduring companies. Venrock's activities have focused on early stage companies in the information technology and healthcare and life sciences industries, with investments in such companies as Intel, Apple Computer, Stratacom, Check Point Software, Visual Networks, and DoubleClick in the IT sector.
About Mid-Atlantic Venture Funds
The Mid-Atlantic Venture Funds, founded in 1985, are four private partnerships with more than $250 million under management. MAVF's primary investment interest is in purchasing the equity securities of new, young and growing businesses located in the mid-Atlantic region of the US. In addition to investments in Inphonic, Sequoia Software, Ravisent Technologies, NET 2000 Communications and Innovative Solutions and Support, Inc., MAVF also led the first round of institutional funding in Visual Networks.
Contact:
Jayson Schkloven
Merritt Group (for Optinuity)
703-556-6829
schkloven@merrittgrp.com