Instana raised a $20 million Series B investment led by Accel, with participation from existing investor Target Partners.
This brings the company’s total funding to $27 million to date. The funding will be used to grow the company’s ability to fulfill the demand from across global markets and expand the development of its products.
“Since our incubation in Germany, Instana focused on delivering to the needs of monitoring today’s modern dynamic application environments,” said Mirko Novakovic, Instana founder and CEO. “By providing a unique AI-powered solution, we’ve succeeded in driving rapid customer adoption, having been deployed at nearly 100 enterprise customers globally in just 10 months. The addition of Accel to our existing investor, Target Partners, is another strong endorsement; their guidance and support will be critical as Instana continues to scale, mature and succeed.”
“Across industries, businesses large and small continue to make application monitoring and engineering for speed top priorities. Instana’s solution delivers the capabilities organizations need to accelerate the development of customized software to optimize and grow their business. Highly-technical and knowledgeable experts with decades of experience in the APM market, the Instana team collectively shares a vision of what is needed to manage the performance of today’s dynamic applications,” said Harry Nelis, Partner, Accel, who will join the board.
“Instana’s founders had a global vision from inception of how to effectively manage today’s dynamic applications. This vision combines core research and R&D capabilities from the team in Germany with an experienced sales and marketing team in Silicon Valley. Through this holistic approach, the company addresses the key requirements of global enterprises seeking to leverage dynamic applications as part of their business growth strategy. We could not be happier with the market’s response to Instana,” said Target Partners co-founder and partner Dr. Berthold von Freyberg.
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