NinjaOne has completed a $231.5 million Series C funding round led by ICONIQ Growth, with participation from notable figures including Frank Slootman, chairman and CEO of Snowflake, and Amit Agarwal, president of Datadog.
This funding round brings the valuation of NinjaOne to $1.9 billion and introduces ICONIQ Growth's General Partner, Roy Luo, to the company's board of directors.
This announcement comes about six months after the company unveiled new advancements to its platform, which the company said at the time would enhance automation and improve visibility into over five million devices used by its global customers.
The capital raised in this latest funding round is earmarked for significant enhancements in customer support, platform development, and product innovation.
Funding Goals: Support and Innovation
NinjaOne aims to leverage these investments to expand its capabilities in solving and automating use cases for endpoint management, a critical area of focus for businesses navigating the complexities of remote and hybrid work environments.
Sal Sferlazza, CEO and Founder of NinjaOne, highlighted the strategic use of the funds:
"ICONIQ Growth’s investment in NinjaOne is being used to make our customers more successful. We are quadrupling down on customer support, heavily investing in platform and product innovation to solve and automate more use cases, and ensuring the business can scale to meet our customers’ needs."
The Challenge of Endpoint Management
The announcement issued by NinjaOne underscored the growing challenge of endpoint management within IT infrastructures.
Citing research, it points to a significant gap in the ability of organizations to actively monitor their endpoint devices, a critical issue given the rise in remote and hybrid work arrangements and the increased reliance on endpoint devices.
Industry Support and Expectations
Roy Luo, General Partner at ICONIQ Growth, commented:
"Under Sal and Chris’s exceptional leadership, NinjaOne has demonstrated impressive product velocity, leading to increased market share, geographic expansion, and customer growth."
Amit Agarwal, president, Datadog, added:
"Managing endpoints has always been a complex challenge for IT teams. With recent trends in hybrid work and cybersecurity proliferation of personal mobile devices, the problem continues to grow exponentially in complexity and scale."
Another Take on the Meaning of the Deal
Chief analyst at Canalys, Jay McBain, noted in a LinkedIn post that the participation of Slootman and Agarwal offers another signal about what the deal could mean and the future trajectory of NinjaOne. These two data-centric technology leaders are at the forefront of the artificial intelligence movement. It’s likely they recognize the value of the data across NinjaOne’s 17,000 customers and 7 million endpoints, McBain wrote. These leaders recognize that you can’t train AI models without data, and data is something that NinjaOne has plenty of.
McBain also pointed out that it was Slootman who took ServiceNow to IPO and created “a $163.8 billion valued juggernaut.”
NinjaOne focuses on automating IT management tasks, specifically in the realm of endpoint management, security, and visibility.
The company's offerings are designed to assist IT teams and Managed Service Providers (MSPs) in gaining better control over their IT environments, aiming to improve efficiency, reduce risks, and manage costs.
With this latest round of funding, NinjaOne is poised to further develop its platform and expand its services to meet the evolving needs of its customer base.