Josys, a startup offering a software-as-a-service (SaaS) platform to automate corporate IT software application management, has raised a $93 million Series B round led by existing backer Global Brain and a new investor, Globis Capital Partners.
The latest funding, which brings its total raised to $125 million, comes about a year after its $32 million Series A in September last year.
Josys, spun off from its parent company, Raksul, in 2021, currently has 300 small- to medium-sized enterprises using its platform, an increase of more than triple from 90 customers in August 2022, Yasukane Matsumoto, CEO of Josys, told TechCrunch. In addition, the outfit generates revenue with its net revenue retention (NRR) rate exceeding 140% and has hit profitability with a customer acquisition cost payback period of less than one year, Matsumoto said.
Josys provides the SaaS management platform and IT outsourcing services that manage the IT device life cycle, including “purchasing, configuration, shipping, repairing and storage of laptops and mobile devices,” which will be, in particular, practical for companies that operate in many countries.
Since its Series A round last year, it has added features such as Shadow IT discovery, which enables users to discover unregulated software usage, and SaaS usage visualization and real-time asset tracking via a master data management system.
The Japan-headquartered company has expanded globally and now operates its business in the U.S. and a number of Asian countries, including Singapore, India, the Philippines, Indonesia, Malaysia, Vietnam, Thailand and South Korea. Josys says it aims to offer services in over 100 countries by 2025.
Josys will use the recent capital to double its product and engineering team workforce and increase its distribution channels to deliver the services. As of August this year, the company had approximately 120 employees across all locations, aiming to grow to about 240 staff by year-end.
“Organizations across the globe are struggling to modernize their operations and catch up with the technological and human shifts that have transformed how and where work gets done,” Matsumoto said in its statement. “At Josys, our vision for ‘Better Systems, Better World’ drives us to reimagine the traditional IT operations playbook for the hybrid work era and deliver a next-generation LifecycleOps platform to help companies of all sizes establish efficient and secure practices for managing their applications and devices.”
Read the full article here