TMCnet News
NEA Co-Leads Investment in Optinuity Inc.; Sees Vast Opportunity in IT Problem Solving RESTON, Va. --(Business Wire)-- Nov. 15, 2004 -- New Enterprise Associates (NEA) today announced that it has invested $2.5 million of a $6.5 million financing in Optinuity Inc. Optinuity, based in Bethesda, Maryland, is developing software solutions that aim to change the way IT operations groups respond to security incidents, system failures, or other mission-impacting events. Proceeds from this Series A financing will be used to support the launch of the company and the introduction of its products into the marketplace."We are excited to partner with Optinuity and their strong management team, led by proven entrepreneur, Scott Stouffer," said Robert McGovern, a NEA Venture Partner and newly-appointed Optinuity board member. "Optinuity's automated and coordinated approach to human-intensive IT operations presents a compelling value proposition in terms of cost savings and efficiency gains. Their distinctive solution fundamentally changes IT response time." Currently, proprietary IT operations procedures are captured in binders and carried out by siloed specialists within organizations. Optinuity will drive down costs associated with administration, problem resolution and disaster recovery by institutionalizing the expert knowledge and integrating the various IT disciplines required to maintain the systems and applications that support the enterprise. This paradigm shift in the way operations are managed will allow IT to reduce errors, speed remediation and deliver more predictable service levels. "It's great to find an investor who truly understands the IT customer's conundrum," said Scott Stouffer, President and CEO. "Working with NEA significantly and positively affects our market momentum through access to their intelligence and community. Optinuity looks forward to bringing greater efficiencies to companies' IT operations management." About Optinuity Optinuity enables the automation and management of complex IT procedures performed frequently by specialists and operations personnel. For additional information, visit www.optinuity.com. About NEA New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same basic principles: support their entrepreneurs, provide an excellent return to their limited partners and practice their profession with high standards and respect. Practicing classic venture capital for over 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $6 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 145 have gone public and more than 185 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com. |
