ScienceLogic, a leader in context-infused Artificial Intelligence for IT Operations (AIOps), announced today that it has secured $25 million in growth financing from Square 1 Bank, a division of Pacific Western Bank. Proceeds from the credit facility, which is currently untapped, will be used to support ScienceLogic’s continued growth and global expansion.
Since the May 2018 launch of ScienceLogic’s SL1, an automation engine for AIOps, the organization has quickly asserted itself as the industry leader in the emerging AIOps market, part of an overall market nearing $20 billion today and projected to grow to $30 billion by 2024. With this recent financing, ScienceLogic has surpassed $100 million in total capital investment, a testament to its dynamic growth within the industry and affirmation to its commitment to deliver real-time, automated solutions to enterprises worldwide.
“This new flexible line of credit from Square 1 supports ScienceLogic’s current initiatives of global expansion, ongoing product development, and continued growth into new market segments,” said Patrick McCoy, Chief Financial Officer for ScienceLogic. “We’re coming off our most successful quarter in the history of our company, now cash flow positive and debt free. This increase in our credit line further ensures ScienceLogic will be more agile with future growth opportunities. Our relationship with Square 1 is key in accelerating our success and provides the fiscal flexibility to more rapidly expand our business and service to our growing number of customers around the globe.”
“The growth and innovation that ScienceLogic’s IT operations technology has achieved in such a short time is truly impressive,” added Kevin Johnson, Managing Director of Square 1’s mid-Atlantic banking practice. “We are thrilled to work with the talented ScienceLogic team as they continue to build a successful company.”
ScienceLogic’s SL1 is the fastest-adopted global product in the company’s history and recently earned ScienceLogic the recognition as one of the Top AI/ML Vendors for IT Operations by analyst firm Enterprise Management Associates.
ScienceLogic (sciencelogic.com) is a leader in IT Operations Management, providing modern IT operations with actionable insights to resolve and predict problems faster in a digital, ephemeral world. Its solution sees everything across cloud and distributed architectures, contextualizes data through relationship mapping, and acts on this insight through integration and automation. Trusted by thousands of organizations, ScienceLogic’s technology was designed for the rigorous security requirements of United States Department of Defense, proven for scale by the world’s largest service providers, and optimized for the needs of large enterprises.
About Square 1 Bank
Square 1 Bank (square1bank.com) is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $24 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp.
Laura Piggott, Square 1 Bank, a division of Pacific Western Bank
P: 919-597-7466 - E: lpiggott[.]square1bank.com.