Bangalore-based enterprise IT startup Appnomic raises a modest $5M
Summary
Appnomic has secured its third round of funding from existing investor Norwest Venture Partners for its cloud application monitoring service. In recent months, startups in the space have reported massive rounds, anywhere from $15 million to over $80 million for a Series B or C. For instance, AppDynamics, a competitor in the application performance monitoring (APM) arena, recently pulled in $20 million for its Series C. Appnomics says it’s using the funds to expand U.S. market operations and enhance the development of its suite of application performance monitoring tools. Its high-profile customers include Rackspace, a cloud hosting provider, and Fino, a microtransactions channel based in India. “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 the early adopters to more discerning customers,” said Paddy Desikachari, CEO of Appnomic, in a statement. “The current round of fund raising will help us further accelerate our growth in Asia and Middle East markets, as well as raise our level of penetration in the U.S.” The company is based in Bangalore but has an office in Silicon Valley.
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