Electric, a New York-based leader in providing world-class IT technology for small and medium-sized businesses, raised $90 million in Series D funding.
Existing investor GGV Capital is leading the round, with participation from existing investors Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack, bringing Electric's total amount raised to over $189M.
The new capital will be used to drive additional growth through investments in product development, customer service, and company culture. Furthering its mission to make IT easy for small businesses, Electric plans to expand its partner and integration ecosystem and extend its IT management platform, providing more proactive tools for customers to efficiently manage employees, networks, devices, and applications.
Company: Electric AI, Inc.
Round: Series D
Funding Month: October 2021
Lead Investors: GGV Capital
Additional Investors: Bessemer Venture Partners, Primary Venture Partners, Greenspring Associates, 01 Advisors, Atreides Management, Vintage Investment Partners, and Slack
Company Website: https://www.electric.ai/
Software Category: Information Technology & Services
About the Company: Founded in New York City in 2016, Electric is the industry leader in providing world-class IT technology and real-time support for small and mid-sized businesses. Electric’s mission is to revolutionize IT by making it simple, effortless, & lightning-fast for businesses everywhere. Through a first-of-its-kind technology, paired with an elite squadron of IT technicians, Electric delivers lightning-fast IT support. Whether you're remote or onsite, Electric provides real-time issue resolution, security at the device, app, and network levels, employee onboarding/offboarding, and IT management. With over 700 customers and more than 40,000 employee end-users, Electric's IT platform includes real-time support powered by 100+ IT technicians, security, device & inventory management, network & server management, application & cloud management, employee on-boarding, and off-boarding, procurement & provisioning, and data monitoring & insights.