Avataar Ventures Backs Appnomic With $22 Mn Funding

Bengaluru and California-based self help enterprisetech startup Appnomic Systems, on Wednesday (December 18), announced that it has raised $22 Mn funding from Avataar Ventures. Additionally, as part of top management restructuring, the company appointed industry veterans — Nitin Kumar as the CEO; Cuneyt Buyukbezci as CMO and Girish Muckai as CRO.

The company will be utilising the funds to expand its global presence and market reach to enable autonomous business operations across various digital enterprises.

Founded in 2008, Appnomic was founded by Padmanabhan Desikachari in 2008 and the founder will be the chairman of the board after the restructuring.

The company provides autonomous self-healing enterprise solutions to digital enterprises, where it helps businesses to mitigate risks, enhance customer experiences, reduce downtime and optimise cost and AI-enabled automation for IT operations. Typically, tech-enabled industry sectors lose $1.7 Tn a year globally because of downtime and information loss. Appnomic claims to be a game-changer in the industry with its self-healing technology, which mitigates risk automatically.

Currently, the software solution offered by the company is deployed in 40-plus enterprise customers. It claims to have prevented more than 250K risks a year, which amounts to 850K plus savings in man-hours and $40 Mn in costs, apart from the impact on the customers’ brand and client relationships.

Last year, Appnomic Systems was selected for the India FinTech Awards (IFTA) 20 Fintech Startups from the US, UK, Israel, Japan, Russia and India to showcase their product to one of the biggest fintech demo day events.

At present, many startups are looking at ways to leverage in emerging technologies like AI, ML and blockchain to offer enterprise-driven products that to an extent automates the business process and operations.

According to a study conducted by Accenture revealed that AI could contribute $957 Bn to the Indian economy by 15% in the next 15 years. Multiple investors and large corporates have shown their interest to partner with such tech-focused startups to stay ahead of the curve. The startups that have emerged in the enterprisetech landscape includes Whatfix, Fireflies, and ShepHertz among others.

In October 2019, the Hyderabad and San Francisco-based startup raised $5 Mn in its first funding round led by Canaan Partners. In March 2019, Bengaluru and San Jose-based enterprisetech startup Whatfix raised $13.2 Mn in Series B funding led by Eight Roads Ventures, F Prime Capital and Cisco Investments alongside existing investors like Stellaris Venture Partners and Helion Venture Partners.