AppDynamics raises $120 million; to invest in sales expansion

Application solutions firm AppDynamics today said it has raised $120 million (about Rs 721 crore) in growth financing, led by new investors Battery Ventures, ClearBridge Investments and Sands Capital.

All four existing investors Greylock Partners, Lightspeed Venture Partners, Kleiner Perkins Caufield & Byers and Institutional Venture Partners also participated in the round.

The funding also includes $50 million in debt financing provided by Silicon Valley Bank.

The new round brings the total capital raised to over $200 million and will fund its expansion of Application Intelligence Platform into IT operations and business analytics markets and also accelerate go-to-market investments worldwide, AppDynamics said in a statement.

"This financing will help fuel our continued rapid pace of technology innovation, and expansion of our worldwide sales and go-to-market execution," AppDynamics founder and CEO Jyoti Bansal said.

Application intelligence is rapidly becoming the foundational management platform for modern enterprises that are going through a digital transformation, he added.

It has the opportunity to reshape not only the $4-5 billion per year application performance management market, but the broader $20 billion per year IT operations management and $34 billion per year operations and business analytics markets, Bansal said.

Its application intelligence platform helps software defined businesses monitor, manage and optimise the most complex software environments, all in real time and all in production.

Its customers include Citrix, Edmunds, Expedia, Fox News, John Deere, OpenTable, Salesforce, Sephora, StubHub and Union Pacific Railroad.