Electric Raises $20M Series D-1 Financing Bringing Valuation to $1 billion
Gunderson Dettmer represented client Electric, a modern IT infrastructure solutions provider, in its $20 million Series D-1 Financing led by Harmonic Growth Partners that brought the company’s valuation to $1 billion. The company offers automated software that provides IT assistance across businesses directly through a real-time chat interface. The new capital will be used by Electric for product innovation, additional strategic acquisitions and expansion into new markets and verticals.
In the announcement of the transaction, Founder and CEO Ryan Denehy said, “Electric is enabling a world where businesses can buy and manage IT through a single cloud-based platform, keeping businesses secure and delivering a remarkable employee experience. We have known the team from Harmonic for quite some time, and felt it was a great opportunity to leverage the firm’s extensive network of software industry CEOs and operators.”
The Gunderson deal team was led by Michael Hacker and included Vanessa Smith.