Riga-based Monq Lab has raised $1.5 million in a seed funding round. The startup offers a self-hosted topology-based AIOps incident control and automation platform, and will use the funds to expand both sales and marketing activities in North America and the EMEA region.
Operating in a market projected to be worth $644 billion by 2026 and growing at a rate of 20-30% per year, Monq addresses the needs of enterprise customers to proactively monitor their IT systems through its root-cause analysis and incident management platform.
Using topology-based automation techniques, the platform analyses data from a variety of monitoring input systems, can automatically discover topology, and control application and infrastructure health. If and when something doesn’t add up, the system will then begin an incident remediation process.
What this adds up to, according to Monq, is a 50% decrease in customer downtime and 84% fewer user complaints, an increase a root-cause analysis, and a decrease of time spent investigating IT incidents by 70-95%.
“Dispatching, like detection, classification, localization, prioritization, routing and elimination control will be handled by AIOps systems rather than dozens of engineers in front of hundreds of monitor screens,” explained CEO and founder Nikolay Ganyushkin. “This change in the industry can be compared to the transition from the manual labor of telephonists in the early 20th century to a PBX with automatic dialing. AIOps is disrupting the IT industry, and we want to be at the forefront of this disruption.”
Monq’s $1.5 million seed round was led by data protection and management platform Veeam former CEO Ratmir Timashev, and saw support New Nordic Ventures and other undisclosed investors.
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