[Funding alert] Appnomic raises $22M in funding from Avataar Ventures
Appnomic, a B2B SaaS startup which provides self-healing IT software, has raised $22 million led by Avataar Ventures.
This latest fundraise will be used by Appnomic to expand its global presence and market reach. Prior to this, the startup had raised $15.6 million.
Appnomic’s core offering is its AI-enabled self-healing technology platform. According to the startup, technology-enabled industry sectors lose $1.7 trillion every year globally due to downtime and information loss.
According to Appnomic, AI is changing all of this by predicting problems before they occur and preventing them from surfacing by resolving the causes automatically. The startup's software solution can detect if the IT systems are crossing a threshold of normal behaviour or even if a seemingly normal behaviour is problematic.
“Appnomic offers the industry’s first autonomous IT operations software. Avataar is excited about this investment and the new team,” said Mohan Kumar, Managing Partner at Avataar Ventures.
Appnomic also announced the appointment of Nitin Kumar as CEO and made additional appointments of Cuneyt Buyukbezci as CMO and Girish Muckai as CRO.
The new CEO and leadership team have the right background and track record to drive aggressive growth for Appnomic, stated a press release.
Nitin Kumar, a veteran strategist in the hi-tech sector, has previously held leadership roles in startups, enterprises, and management consulting firms, including HP, Deloitte, PwC, and FTI.
D Padmanabhan, the former CEO and founder, will remain active in the operating role of Chairman and will continue to bolster the product vision and execution into its next phase of growth, the release added.
“Appnomic has multiple patents in the self-healing domain and continues to innovate in this arena. The new team and I have great plans to scale this business in 2020,” said Nitin.
Cuneyt Buyukbezci, the new CMO, has a history of working at HP Software, Sun Microsystems, and CA Technologies. Girish Muckai has worked in companies such as Passage AI and Juniper Networks.
(Edited by Athirupa Geetha Manichandar)