According to Electric founder and CEO Ryan Denehy, advisors put up the bulk of the funding ($5 million) with the Slack Fund putting up a little under $1 million and other insiders covering the remainder.
For Electric the funding situation is a little peculiar. In January 2019 Electric raised a $25 million Series B round led by GGV. Then, the pandemic coronavirus rocked the world. The stock market felt this on Monday, March 9, triggering a temporary halt to trading. The next week has been total financial chaos.
That is when Denehy was called up again by Adam Bain. Through this tumultuous time they’ve ‘rapped out’ about Electric’s ability.
“The emergence of remote work will be dramatic,” Denehy said, relaying his conversation with Bain. Electricity becomes more desirable because it’s much more expensive, dollar by dollar than building a big IT department.
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Bain called Denehy again the first week of April, this time saying 01 Advisors wanted to put more money into Electric. Electric is a platform developed to assists an organization’s existing IT department, or in some cases to replace an outsourced IT department. Most of the IT tasks are centered on software system management, delivery, and maintenance. Electric helps IT to mount its software on every corporate computer, thereby giving the department a bird’s eye view of the IT situation of the company.
Electric is also integrated with top software programs’ APIs, such as Dropbox and G-suite, enabling IT to manage most of their daily tasks through the Electric dashboard. In addition, Electric is often integrated with Slack, enabling people to flag a problem within the company or asking a question from the forum where they spend much of their time.
“The biggest challenge for Electric is to keep up with demand,” said Slack Fund’s Jason Spinell, who also reported that he passed on investment in Electric’s seed round and is “excited to figure out [his] mistake.”
Electric has launched a new self-service tool that will stay in the port, enabling workers to access from their remote office all of the software applications that the company offers.
“There are many organizations that worked with outsourced IT dealers and relied on them arriving a few days a week at the office and all of a sudden it doesn’t work at all.
Electric is continuing to invest in ads with the existing environment but, according to Denehy, with a 180 percent rise in demand from potential customers in the pipeline.
Conclusion:
It also aims to allow more flexibility for IT departments to concentrate on real problem-solving and troubleshooting tasks.
Lead IT professionals can grant and revoke permissions from their own computer, delegate positions and ensure the program is up-to-date for all employees.
