Virtualization Technology News and Information
Itential Raises $20 Million Series B to Advance Network Automation in the Enterprise
Itential has raised $20 million in Series B financing from Elsewhere Partners, an investment firm backing scale-up software companies with thoughtful capital, subject matter expertise, and a network of seasoned operators. As it helps its customers navigate the complexity of hybrid and multi-cloud networks, Itential will use the funds to accelerate its core business and continue to build its Software-as-a-Service (SaaS) offering to expand within the global enterprise market.

Founded in 2014, Itential helps Fortune 500 companies, Communications Service Providers, and Enterprises of all sizes automate their most critical infrastructure, working across physical, virtual, and hybrid, multi-cloud networks. Itential's low-code, vendor-agnostic platform seamlessly connects to any IT system, cloud, or network technology for configuration, compliance, and automation.

As a part of the investment, Cam McMartin, one of Elsewhere Partners' Operating Advisors, joins the Itential board. McMartin previously held the roles of COO and CFO at SailPoint Technologies (NYSE:SAIL), where he steered the company towards a SaaS hybrid business model from an on-premises solution.

Elsewhere's Operating Advisor network includes over 100 C-Suite executives like McMartin who have collectively scaled software businesses at all stages to successful exits. Elsewhere places these leaders on portfolio boards as part of its investments to provide tailored guidance to company leaders.

Elsewhere previously invested a $5.5 million Series A in Itential in 2017 to accelerate the company's existing go-to-market and product roadmap.

"Itential's comprehensive low-code approach to network automation saves time and human capital on traditionally cumbersome, manual processes," said McMartin. "We have been impressed with the company's ability to quickly deliver and showcase value across enterprises of all sizes and its pragmatic approach to product-led growth to address its customer needs."

"Itential is seeing a tremendous response from customers and partners to adopt network automation. We are honored to have our Series B led by Elsewhere Partners and share our vision in transforming how enterprise networks are managed," said Ian Bresnahan, President, CEO and co-founder of Itential. "We are delighted to welcome Cam McMartin to our Board and to receive the ongoing support from Elsewhere on this exciting journey."

Published Tuesday, April 13, 2021 9:21 AM by David Marshall
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