Appnomic Systems raises $5M in Series C from Norwest Venture Partners
Bangalore-headquartered Appnomic Systems Pvt Ltd, a global provider of software and SaaS solutions for predictive, application-centric and autonomic management of IT infrastructure, has raised $5 million in Series C round of funding from Norwest Venture Partners. The funds will be primarily used for expanding the company's market operations in the US and enhancing its products and services.
The company had earlier raised $2.5 million in Series B, led by Norwest Venture Partners. The latest investment takes the total funding to $12.5 million.
Promod Haque, managing partner at Norwest Venture Partners, said, "Appnomic has a proven track record of IT performance management for its clients in India, the Middle East and other global markets. This investment will be crucial for expanding its product, marketing and sales teams and for creating engineering enhancements to its product platforms and services in the US."
The company claims that its US organisation has grown 300 per cent in the last year itself.
"India, by virtue of being our first market, has now settled down to a predictable growth, a sign of our product maturity as well as our movement from early adopters to more discerning customers," said Paddy Desikachari, CEO of Appnomic. "The current round of fundraising will help us further accelerate our growth in Asia and the Middle East markets, as well as raise our level of penetration in the US," he added.
The company was founded in 2006 and has overseas offices in the US and the UAE. Its SaaS and enterprise AppsOne and OpsOne solutions automate complex application performance management tasks & routines and labour intensive maintenance activities, respectively.
(Edited by Sanghamitra Mandal)