June 23, 2024
ardoq 125m series eqt growthlundentechcrunch

A new class of enterprise software has arisen to aid firms as they continue to develop their digital architecture. Ardoq has now closed a round that will help it expand its own business. Ardoq is now valued at over $300 million after a Series D fundraise of $125 million. Ardoq develops enterprise architecture tools that give organizations an accurate picture of their digital networks, including who is working on what, when, and where.

About 30% of Ardoq’s enterprise clientele are located in the Nordic countries; the remaining clients are spread out among Europe and the United States. Ardoq is based in Oslo. The whole list features organizations like Carlsberg, Condé Nast, and the Federal Communications Commission of the United States.

The co-founder and CEO, Erik Bakstad, stated in an interview that they intend to use the funds for product development as well as further company growth to increase their user base. The tool is now helpful for constructing a picture of how the network currently functions, flagging when something is failing or maybe going against a security or data protection protocol, and making recommendations for how to solve it.

The longer-term objective is to increase the number of modeling and predictive analytics tools that make use of the “digital twin” that Ardoq creates from a network.

“Today’s enterprise architecture is very much about the organizational scaffolding,” he remarked. “Our goal is to integrate that with measurements based on the digital twin as well as behavioral data. This implies that you can also execute other processes, including scenario analysis. We’ll quicken the pace of that product strategy.

The growth of Ardoq is very similar to what has been occurring in the corporate software industry as a whole. For many organizations in the last few years, digital transformation has been the norm. COVID inspired both large and small businesses to invest in new software, hardware, and working methods that use cloud services to address the challenge of changing market conditions.

But that also brought about a problem: more complicated, interconnected systems, and people working less independently and more collaboratively. As a result, if something goes wrong or unintentionally causes a bug in another area of the system, the effects may extend beyond a single person, team, or application.

We have more developers in Europe than in the United States, but valuations are still generally lower, according to the fundamentals, he said, making it “a very appealing market to operate in as an investor.” He continued that Ardoq stood out among the many possibilities due to the business potential and the fact that it has already been successfully implementing its plan. He estimates that the market for corporate architecture tools is worth €3 billion.

In a second statement, he said that “Erik and his team have built Ardoq into one of the world’s best enterprise architecture SaaS companies.”