Matrix-backed SuperOps.ai raises $14M Series A led by Addition

Modernizing the legacy MSP (Managed Service Providers) market with its AI-powered PSA-RMM platform, SuperOps.ai looks to disrupt the Managed Service Providers (MSP) market and take on legacy vendors with its newly launched AI-powered PSA-RMM platform.

January 27th, 2022. Phoenix & Chennai: SuperOps.ai, a unified professional services automation (PSA) and remote monitoring and management (RMM) platform, announced today that it has raised $14M in a Series A investment round. This funding is integral in enabling the company to disrupt the stagnant MSP market and take on legacy vendors with its newly launched AI-powered PSA-RMM platform. In beta since May 2021, SuperOps.ai revealed the launch of its full-service platform, having already worked with over 30 clients to build a platform that meets the needs of MSPs.

The Series A fundraise was led by Addition and Tanglin Venture Partners, with participation from existing investors, Matrix Partners India and Elevation Capital, as well as angel investors, Giovanni Sanguily (CEO of Honey CRM), Sidharth Malik (CEO of CleverTap), Noel Wax and Lisa Woods (CEO and COO of Groundswell Group), and Abhi Kumar (Partner at M12 Ventures).

The MSP industry has seen little innovation over the last few decades and customers have been forced to work with clunky, outdated and slow software. SuperOps.ai is looking to change the status quo, providing a unified PSA-RMM platform that is incredibly fast, powerful, intuitive and sleek '“ a stark contrast to the alternative '“ primarily on-premise software, known to be disjointed, slow and outdated.

According to Arvind Parthiban, SuperOps.ai Co-founder and CEO, "The MSP space is in desperate need of innovation and modern software to replace the existing legacy solutions. Customers have been stuck with bloated and extremely outdated on-premise tools. SuperOps.ai is here to modernize the industry and provide users with smart, AI-powered, cloud-based software that is more efficient and effective. With our AI-powered PSA-RMM platform, clients can now focus on the core business and leave the old hurdles behind.'

Multiple surveys and studies have shown that MSPs face several challenges, such as increasing complexity in the tech demands of clients, difficulty in finding capable talent, customer acquisition issues, and struggles of managing multiple tools and platforms. MSPs currently use PSA and RMM tools that were not built to work together and require additional tools and plugins for requirements like IT documentation or project management. SuperOps.ai is a unified PSA-RMM platform, so everything is seamless. All the tools an MSP needs, including IT documentation or project management, is available within the platform. Most importantly, SuperOps.ai is built entirely on the cloud, so MSPs can deploy their services through a tool built with today's technology and capabilities.

In addition, SuperOps.ai boasts a number of features, automations, workflows, and runbooks in ticketing that enable an MSP to proactively deal with their client's IT issues and be on top of operations. SuperOps.ai has launched Intelligent Alerting to further improve MSP productivity, cutting through the noise and highlighting the alert that is most critical to ensuring happy clients.

SuperOps.ai has built its platform by identifying the numerous downfalls of legacy technology. In doing so, they have revealed enormous opportunities for growth and innovation to be realized. The global managed services market is projected to grow from $243.33B in 2021 to $557.10B in 2028 at a CAGR of 12.6% in the forecast period of 2021-28. The MSP industry is estimated to have over 150,000 players'”a majority of them are SMB businesses employing just a handful of technicians. SuperOps.ai's investors have also recognized this opportunity and applaud the company's pioneering efforts in challenging the status quo.

"We're excited to support SuperOps.ai as they bring about a much-needed change in the MSP space, a field that has not yet benefited from the pace of technological innovation seen across most other industries. SuperOps.ai's vision of bringing AI and automation to MSPs is being driven by an impressive and solutions-focused team, and we look forward to partnering with them as they lead the digital transformation of the MSP market,' said Lee Fixel of Addition.

Akarsh Shrivastava, Principal at Elevation Capital said, "PSA and RMM software form the backbone of MSP operations. Current products used by IT MSPs were created years, if not decades, back. SuperOps.ai has reimagined these products for MSPs, which not only makes it extremely easy and seamless for MSPs but also equips them to handle challenges that come with tailwinds like cloud migration and remote work. We have always been fascinated by Arvind and Jay's understanding of the space and the team they have built. Super excited to double down on our partnership.'

Tarun Davda, Managing Director, Matrix India remarked, "Arvind and Jayakumar are experts on the MSP market and over the last few months, the SuperOps.ai team has built a category redefining product with exciting customer feedback. We're delighted to be doubling down on our investment in SuperOps.ai as they transform how MSPs operate and welcome Addition and Tanglin to the partnership.'

The unwavering trends of cloud-first environments, as well as the increased demands and nuances of remote workforce realities, further demonstrate the need for modern technologies that support distributed organizations. SuperOps.ai is now capable and ready to be the innovative force that adapts the industry'”improving the effectiveness and efficiency of MSPs and IT delivery service providers globally.

About SuperOps.ai:
SuperOps.ai is a PSA-RMM platform powered by AI and intelligent automation, built for modern MSPs. The company was founded in 2020 by serial entrepreneur, Arvind Parthiban, and Jayakumar Karumbasalam, who have a combined experience of over 35 years in the IT industry. CEO, Arvind, created the leading marketing automation software'”Zarget, which was acquired by Freshworks. Jayakumar, the CTO and CPO, has worked with Zoho, Optus, and Freshworks, where he was heading and building data platforms. Now, both have entered the MSP space to transform the industry, introducing the modern alternative - SuperOps.ai - pioneering a bright future in the market.

About Elevation Capital:
Elevation Capital is a leading venture capital firm which provides seed and early stage capital for emerging companies in India. Elevation Capital has been investing in India since 2002 and is currently investing out of its seventh pool of capital. The firm is led by Co-Managing Partners Ravi Adusumalli and Mukul Arora, along with three Managing Directors Mridul Arora, Deepak Gaur and Mayank Khanduja. The firm has invested in over 150 companies across Consumer Internet, SaaS, Fintech, D2C, Edtech, Healthtech and Web3/Crypto, and has offices in Bengaluru, Gurgaon and Salt Lake City.

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early, and early growth stages. Matrix India has invested in several market-leading companies such as Ola (mobility), Dailyhunt (mobile local language platform), Razorpay(payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), DealShare (social commerce platform), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), Country Delight (D2C dairy & fresh foods brand), GoKwik (e-commerce enablement platform), Captain Fresh (seafood marketplace), Bijnis (B2B platform for factories), MoEngage (intelligent marketing cloud platform), Mswipe (mobile POS), Zupee (leading skill-based gaming app), Rockelane (B2B SaaS startup) and Itilite (corporate travel SaaS platform) among others. Matrix India has advisory offices in Bangalore, Delhi, and Mumbai. Matrix Partners has a global network of funds investing in the US, China, and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.