Tideway draws $27 million for IT automation
European investor Scottish Equity Partners buoys the software company with millions and joins previous VCs like Accel Partners and Esther Dyson.
Tideway, whose software automates business applications, expects to announce Tuesday that it has closed a $27 million round of financing led by Scottish Equity Partners, a new European investor. The series C round brings the 6-year-old company's total funding to $37.5 million. Its previous investors include NESTA (the National Endowment for Science, Technology, and the Arts), Esther Dyson of EDventure Holdings, Accel Partners, and Apax Partners.
The company, which has offices in New York and London, makes software that indexes, models and maps the information technology infrastructure of major companies like JP Morgan Chase. The software is designed to help companies detect inefficiencies in the network and save money as a result. The company said that it plans to use the new funds on marketing and to scale its business to meet new demand for its software.
"This round allows us to continue meeting demand for simple solutions that help firms large and small cut data center costs and reduce operational risk," Tideway CEO Richard Muirhead said in a statement. Muirhead founded Tideway in 2002 while he was an entrepreneur in residence at Accel Partners.