Edmonton, Alberta – Sprout Fund II is leading an investment in Calgary-based application dependency management startup, Lightstrike. The company has completed its first outside round from a syndicate of investors including Sprout Fund II, a US-based angel syndicate including a founding team member of Robinhood (NASDAQ: HOOD), Albertan family offices, and Weave VC.
Lightstrike (www.lightstrike.ai) leverages AI to uncover hidden risks embedded within enterprise applications and between them. This enables enterprises to take necessary steps to prevent cascading system failures that can cripple their operations.
The exponential impact of Artificial Intelligence is resulting in an explosion of productivity and data volumes across corporate environments. Critical dependency management derived from the source code has become essential to ensuring risk management and application modernization. “The visualization solution that Lightstrike provides delivers unparalleled clarity to key enterprise stakeholders. This architecture enables LS to deliver value and establish a new market sector rapidly: Application Dependency Management,” commented Kristina Milke, Partner at Sprout Fund who met and coached the LightStrike founders through the Alberta Innovates GrowthX Revenue Accelerator (www.growthx.com).
“Lightstrike makes it easy for enterprises to understand, visualize, and prioritize how to manage and modernize applications so they can meet internal business needs. Our vision is to provide clarity and to reduce or eliminate cascading failure events and give stakeholders pinpoint control over their Enterprise Ecosystems.” said Vernon Briggs, co-founder and CEO. “We are looking forward to leveraging the support of the Sprout Fund team, which has been providing growth assistance far beyond the financial capital they bring,” he said. “We are very excited to support such an experienced team with a vision to become the global leader in this space,” added Milke.
Lightstrike has gained traction with leading enterprises and will use the proceeds of this round to further expand across North America and commercialize with a number of new large enterprise customers.