AppDynamics Secures $20 Million in Series C Round Of Funding
Date: Wednesday , February 01, 2012
California based application performance management solution provider AppDynamics has secured $20 million in series C round of funding led by Kleiner Perkincs Caufield & Byers (KPCB). The financing also saw the participation of existing and founding investors Greylock Partners and Lightspeed Venture Partners. The funds would be used to fuel the company’s growth and continue expansion of the engineering and sales teams to enable product enhancements and aggressive new customer acquisition. Previously the company had raised $11 million in series B round and $5.5 million in series A from Lightspeed Venture Partners and Greylock Partners.
The company provides Software-as-Service (SaaS) and on-premise application performance management for modern application architectures in both the cloud and the data center. Its portfolio customers include Netflix, The Priceline Group of Companies, ZipRealty, Karavel.com, FOX News Channel, Cornell University, Taleo, Intuit, Conexus, AAA Northern California, Staples, Fresh Direct, Care.com, Swisscom, and many others.
“Modern applications are no longer monolithic in nature but are highly distributed and dynamic, fueled by architectural trends such as Cloud, SOA, Big Data and Agile Development. As a result, traditional application performance management solutions have become obsolete. We are leading the charge in next-generation management technology to address this generational shift in web architectures,” says Jyoti Bansal, Founder & CEO, AppDynamics.
AppDynamics, which was founded in 2008 by Bansal has a market size of over $2 billion and has about 90 employees of now. Bansal previously led the design and architecture at Wily Technology. More than 60,000 people have downloaded AppDynamics Lite their free Java troubleshooting solution. The company has now raised $36.5 million in total.