Appnomic announced a $22M round led by Avataar Ventures, as well as the appointment of high-tech veteran, Nitin Kumar, to the CEO post.
The company is pioneering AI-enabled self-healing technology, which is a game-changer for IT operations. The technology-enabled industry sectors lose $1.7 T every year globally due to downtime and information loss. While companies employ a myriad of tools to detect problems early, they still fight a losing battle as they address the issues only after incidents occur and start damaging the business.
AI is changing all of this by predicting problems before they occur, preventing them from surfacing by resolving causes automatically. The software solution offered by Appnomic enables 40+ customers who could prevent more than 250,000 severe incidents a year. This amounts to 850,000+ man-hours savings, and more than $40,000,000 in costs, excluding the impact on the customers’ brand and external relationships.
This new technology category has motivated Avataar Ventures to lead the latest round, investing $22M in Appnomic.
“Appnomic offers the industry’s first Autonomous IT Operations Software. Avataar is excited about this investment and new team,” said Mohan Kumar, Managing Partner at Avataar Ventures. “These funds will allow Appnomic to expand its global presence and market reach to enable autonomous business operations, which will save companies a tremendous amount of time and money.”
“Appnomic is years ahead of traditional monitoring, APM, AIOps and Cognitive Operations players because true AI and ML were put into use a long time ago,” explained Nitin Kumar, CEO, Appnomic. “Businesses are looking for providing better customer experiences, less downtime, and cost savings. Organizations integrating self-healing systems have a competitive advantage over those that do not. Appnomic has multiple patents in the self-healing domain and continues to innovate in this arena. The new team and I have great plans to scale this business in 2020.”
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