Tech company secures $10M investment
A local technology business has secured a $10-million investment from an out-of-state firm.
Grand Rapids-based Blue Medora, which makes IT monitoring software, said today it received the funds from Princeton, New Jersey-based Edison Partners, a “growth equity” firm.
The funds will be used to “accelerate development and enterprise market adoption of the company’s innovations,” including the recently introduced BindPlane offering, which delivers IT monitoring integration “as a service.”
“There has been awe-striking advancement in monitoring in the past two years thanks to AI, but the industry is still relying on a hodgepodge of data collection strategies,” said Nathan Owen, CEO and co-founder, Blue Medora. “It’s painful for end users, who struggle to get clear insights when things go wrong.
“Edison’s partnership validates the value of de-coupling data collection from data analytics and will help us to elevate monitoring to its fullest potential.”
With recent integrations for Dell EMC VxRail, IBM Cloud and Alibaba Cloud, the catalog of technologies BindPlane connects now stands at more than 150.
Blue Medora said its year-over-year bookings have grown by nearly 80 percent, and its customer base has grown over 60 percent.
Lenard Marcus, general partner at Edison Partners, led the investment and will join the board of Blue Medora.
“There is a massive amount of value in using untapped IT performance data to proactively prevent crippling system outages like we’ve seen in airlines, retailers and other technology-intensive industries,” Marcus said. “Blue Medora has a one-of-a-kind vantage point in this market, with significant differentiation and momentum. We are thrilled to partner with Nathan and team in re-shaping the expectations for IT performance monitoring, management and data analytics.”
Edison Partners has financed and guided more than 200 private companies and manages more that $1.4 billion in assets.
Blue Medora and Chicago-based Bento for Business are the firm’s most recent growth equity investments in the Midwest.