VuNet Systems, an AI-based business journey observability provider, has raised $5 million in its Series A round led by Mela Ventures and Athera Venture Partners (formerly Inventus India) with participation from Dallas Venture Capital and TVS Capital Funds.
The funding will help VuNet focus on global expansion and accelerate growth in India & other key global markets to expand the pioneering work with leading Banks and financial institutions, the company said in a statement.
Co-founded by Ashwin Ramachandran, Bharat Joshi, and Jithesh Kaveetil, VuNet’s unified observability platform signals a radical shift in monitoring complex application systems at scale as enterprises move towards complex workloads, cloud, microservices, and more API interconnects.
The platform helps banks, payment gateways and financial institutions to improve their digital payments workflow and deliver a superior customer experience.
Early-stage VC Mela Ventures raised Rs 320 crore ($40 million) towards the final close of its maiden fund in March this year. The firm’s portfolio companies include Tessol, KNOLSKAPE, FIrstHive, Voiro, General Aeronautics and Infilect among others. Bengaluru-based Athera Venture, which has backed Policybazaar, Euler, HealthifyMe, Redbus among others, also launched its fourth fund with a target corpus of Rs 900 crore ($120 million) in May.