IT management platform NinjaOne has raised $500m in Series C extensions at a valuation of $5bn.

The funding came in separate tranches led by ICONIQ Growth and CapitalG, Alphabet’s independent investment fund, with participation from other private investors.

This latest investment is an extension of a previous round in February 2024, where NinjaOne secured $231.5m at $1.9bn valuation.  

Led by ICONIQ Growth, the Series C funding round saw participation from other investors such as Snowflake chairman and CEO Frank Slootman, and Datadog president Amit Agarwal.

The company plans to use the fresh capital to enhance research and development (R&D) efforts, focusing on autonomous patching, autonomous endpoint management, and vulnerability remediation.

Additionally, the funds will also be used for the expansion of IT use cases that enhance employee experiences with devices.

The funding will also support NinjaOne’s pending acquisition of Dropsuite, a SaaS provider specialising in backup and data protection solutions.

NinjaOne CEO and co-founder Sferlazza said: “At NinjaOne, we are investing in innovation across our platform with a vision to make endpoint and patch management as easy and autonomous as possible, while continuing to expand into other AI, IT, and security use cases.

“Endpoints are the backbone of organisations today, and we believe in the coming years, providing products that support the user and their devices will be critical to making our customers successful.”

NinjaOne currently operates in more than 120 countries. Serving more than 24,000 customers, the company’s clientele include Nvidia, PwC, Japan-based Kawasaki & Co., Lyft, Cintas, Vimeo and HelloFresh, plus The King’s Trust, and Porsche.

Following the Series C extensions, NinjaOne remains a debt-free, founder-led and controlled company.

Co-founders Sal Sferlazza and Chris Matarese continue to be the largest equity holders, retain majority control of the Board of Directors, and hold a majority of the company’s voting power.