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SaaS Co. Appnomic Systems Gets $ 5Mn In Series C Funding From NVP
Norwest Venture Partners (NVP) has pumped in US$ 5 Million in Bangalore based Appnomic Systems. The funding will be utilized to expand the firms operations in the US & bolster its product delivery platforms besides adding services.
Appnomic is primarily a Software as a Service (SaaS) firm that specializes in application driven autonomic management of IT infrastructure. In simpler words, the company has products that intelligently decipher the next logical step via predictive technology that it has developed in-house. NVP is convinced the company is onto something great & this round of funding is double of what it pumped in via an earlier Series B round.
SaaS firms have been making steady progress over the years owing to the continual interest from both, the target end-user & the companies that offer the services. Be it in the field of education, mobile apps, or even the back-end coding work, these companies are vital to creative firms who have the idea, but lack the expertise to develop that idea into a full-fledged & commercially viable product
According to Paddy Desikachari, CEO of Appnomic, Indian market has now surpassed the stage of being relegated to early-adopters only, “India, by virtue of being our first market, has now settled down to a predictable growth, a sign of our product maturity as well as our movement from early adopters to more discerning customers”. Of course, founded over six years ago, a firm like Appnomic can comfortably claim this. So far the company has managed to get US$ 12.5 Million in all the rounds of funding combined.
India is currently a hot-bed for application development, which is the core area of expertise for such companies. If global giants like Walmart can seek out Indian developers, the future of such SaaS companies is surely huge. What are your views?
Image Courtesy | prlog.org
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2012-09-20 23:00:34
Source: http://www.watblog.com/2012/09/20/saas-co-appnomic-systems-gets-5mn-in-series-c-funding-from-nvp/
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