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NEWS June 20, 2016

Unomaly raises 4.6 million euro in Series A funding led by EQT Ventures


STING company Unomaly, the company that is changing the way businesses monitor, detect and investigates IT incidents, has raised 4.6 million euro in Series A funding led by EQT Ventures. Andreas Thorstensson of EQT Ventures will join the board of directors.

Founded in 2012, Unomaly provides a solution that automatically analyses all the data that IT systems, applications and infrastructures produce. It leverages smart algorithms that continuously learns the normal behavior of every IT system to detect and explain virtually any IT incident – from crashes, to problems and breaches. Current customers span 11 countries and include 2/4 Scandinavian banks, nuclear power plants and a broad set of Internet companies.

– Unomaly is the perfect example of the kind of team EQT Ventures wants to partner with. Great founders solving a large and complex problem using ground breaking technology. Machine learning is all the hype right now, but this is an approach where it really excels, says Andreas Thorstensson, Tech Partner at EQT Ventures.

– This is a strong vote of confidence by EQT Ventures, says Unomaly co-founder and CEO Johan Gustafsson. EQT Ventures is one of very few VCs out there with deep technology knowledge and entrepreneurial background. They have precisely the right people for the right questions. We think this understanding and composition is really important for a long term partnership.

Unomaly rides the wave of increasing software dependency. Today, software is a critical part of everything, from Internet services to automobiles, and the impact of failures, breaches and crashes continues to grow. An average IT organisation manages to detect less than one third of all incidents – despite having more than 5 monitoring tools. Two thirds of all cyber security incidents are detected by customers, not the IT departments themselves. This in turn forces the average IT organisation to spend over 20 percent of their time troubleshooting.

– These numbers are highly correlated with underutilisation of data, says Unomaly co-founder and CTO Göran Sandahl. By allowing organisations to have all their data analysed in a continuous and systematic manner, without bias from rules or searches, we enable a fundamentally new understanding of what IT environments are doing and how they are failing.

Unomaly’s technology is packaged as a simple software that customers download and install where they are running systems and applications, either in their own data centers or in the cloud. Customers configure their systems to forward data to the installation and the technology automatically and continuously learns normal behavior. All parts of the IT organisation – from operations, to developers and security engineers – benefit from click-based access to root-cause anomalies and instant notifications without having to bother with rules, search or data overload.

The funding will allow Unomaly to further strengthen global customer operations and product development.

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