To help firms continue to build their digital architecture, a new category of enterprise software has emerged. Ardoq closed a round to expand its business. After a $125 million Series D funding, Ardoq now stands at more than $300 million. Ardoq is a developer of enterprise architecture tools that provide organizations with a complete picture of their digital networks. This includes who is working on what, when and where.
Around 30% of Ardoq’s enterprise clients are located in Nordic countries. The rest are spread across Europe and the United States. Ardoq’s headquarters is in Oslo. This entire list includes organizations such as Conde Nast and Carlsberg.
Erik Bakstad (co-founder and CEO) stated that the company plans to use the funds to further product development and to grow their user base. This tool can be used to build a picture of the network, flagging any issues or going against security protocols, and then make recommendations on how to fix them.
Ardoq’s long-term goal is to expand the range of predictive analytics and modeling tools that use the “digital twin” created from a network.
He said, “Today’s enterprise architecture focuses very much on the organizational scaffolding.” We want to combine that with behavioral and digital twin data. This means that you are also able to perform scenario analysis. We will accelerate the development of this product strategy.
Ardoq’s growth is similar to that of the entire corporate software industry. Digital transformation has become a common practice in many companies over the past few years. COVID prompted both large and small companies to invest in new software and hardware.
This created a problem. More complex, interconnected systems mean that people work less independently and more collaboratively. If something goes wrong, or is unintentionally caused by a bug in another part of the system, the consequences can extend beyond one person, team or application.
There are more European developers than there are in the United States. However, valuations in Europe are generally lower than those in the United States. He said that this makes it an attractive market for investors. He also stated that Ardoq stands out because of its business potential and the fact it has been successfully implementing the plan. According to him, the market for corporate architecture tools amounts to EUR3 billion.
He said in a second statement that Erik and his team had made Ardoq one of the best enterprise architecture SaaS businesses in the world.