"7-figure deals": The Israeli company groundcover raises $100 million
The groundcover company has completed a third funding round led by One Peak, bringing its total funding to $160 million. The company, which has developed a platform for monitoring computer systems, employs 140 people and reports more than 250 paying customers.
As more companies integrate artificial intelligence (AI) tools into their workflows, the volume of data they need to collect and analyze to ensure systems operate correctly continues to grow. AI systems can only make accurate decisions if they receive a complete picture of background processes, yet legacy monitoring tools struggle to cope with the data volumes generated today. The Israeli company groundcover has developed a solution designed to address this challenge.
Its system connects quickly to an organization's infrastructure without requiring changes to the code, aggregating information from all parts of the environment in one place. Data is stored within the organization's own cloud environment, ensuring it is not shared with third parties. Amid the product's adoption by more than 250 paying customers, including Fortune 500 companies, groundcover has announced the completion of a $100 million funding round.
The round was led by the One Peak fund, with participation from Morgan Stanley Expansion Capital and existing investors Zeev Ventures, Angular Ventures, Heavybit, and Jibe. This brings the total capital raised by the company since its inception to $160 million. The funding follows a year of accelerated growth, during which groundcover tripled its revenue and doubled its workforce to 140 employees. Of these, 80 are based in Israel, with the remainder in the company's Boston and San Francisco offices. According to the company, it has also signed a number of 7-figure deals and increased revenue from existing customers over the last 12 months.
groundcover was founded in 2021 by Shahar Azulay (CEO) and Yehezkel Rabinovich (CTO). The two served together in the cyber unit of the Prime Minister's Office, where they were involved in the management and development of cyber and infrastructure systems.
The capital raised will be used to expand the company's Go-to-Market strategy in the United States, recruit additional staff, and accelerate activity in other markets. Furthermore, groundcover plans to deepen collaborations with strategic partners and cloud providers, while directing additional investment toward accelerating product development, expanding the platform's AI capabilities, and creating new products.
