GRAND RAPIDS — Blue Medora LLC, an enterprise software developer, received a $10 million investment from Edison Partners, a Princeton, N.J.-based growth equity investor.
The company will use the investment to accelerate development and market adoption of products such as BindPlane, a service that collects data from enterprise technologies and delivers it to a monitoring platform, according to a statement.
“There has been awe-striking advancement in monitoring in the past two years thanks to (artificial intelligence), but the industry is still relying on a hodgepodge of data collection strategies. It’s painful for end-users, who struggle to get clear insights when things go wrong,” Blue Medora co-founder and CEO Nathan Owen said in a statement. “Edison’s partnership validates the value of decoupling data collection from data analytics and will help us to elevate monitoring to its fullest potential.”
The investment from Edison Partners came after Blue Medora grew it customer base by 60 percent in the last year.
Edison Partners has more than $1.4 billion in assets under management in the eastern U.S. The firm invests in high-growth companies with revenue of $5 million to $20 million.