SaaS startup Appnomic has raised $22 million in a round led by Avataar Ventures, a growth-stage fund focused on India & South-East Asia market.
Dubbed as self-healing technology for IT operations, Appnomic will use the fresh proceeds to expand its global presence and market reach to enable autonomous business operations.
As a part of the funding round, the company has also announced the appointment of Nitin Kumar as its CEO. The company also named Cuneyt Buyukbezci and Girish Muckai as CMO and CRO respectively.
Unlike traditional monitoring tools, Appnomic can detect if crossing a threshold is normal behaviour, or even if a seemingly normal behaviour is problematic.
Appnomic uses unsupervised AI to learn how a system works under normal circumstances and creates a dynamic baseline. In a nutshell, it enhances digital user experiences, optimizes IT resources, and achieves uninterrupted operations for the enterprises.
According to Appnomic’s press statement, the company’s clients have on average faced 60% reduction in false-positive alerts, 60% reduction in developer time spent on solving problems, and 75% decrease in issues.
The software solution offered by Appnomic enables over 40 customers who could prevent more than 250,000 severe incidents a year. This amounts to more than 850,000 man-hours savings, and more than $40,000,000 in costs.
Headquartered in Palo Alto, Appnomic also has a presence in India with offices in Bengaluru, Chennai, Hyderabad and Mumbai; Europe and the Middle East.
Apart from Avataar Ventures, Norwest Venture Partners was the lead investor of Appnomic since 2009 till their exit in 2019.