Bengaluru-based self-healing enterprise tech startup Appnomic Systems has raised ₹155 crores from Avataar Ventures. The startup will utilize the funds to expand its presence around the globe and boost its marketing reach to enable autonomous business operations across various enterprises.
Founded by Padmanabhan Desikachari in 2008, the company provides autonomous self-healing enterprise solutions to digital enterprises. Appnomic Systems helps its clients to mitigate risks, enhance customer experiences, reduce downtime and optimize cost. It also provides AI-enabled automation services for IT operations.
The technology and digital industry sector report a loss of $1.7 trillion annually around the world due to downtime and information loss. Appnomic comes to the role here and claims to be the game-changer for the industry by mitigating risks automatically.
The startup’s software solution has helped more than 40 enterprise clients and has prevented more than 250,000 risks a year which amounts to 850,000 man-hours in savings and around $40 million in costs. Apart from these metrics, it also helped increase customers’ trust in the brand and overall experience.
The startup was selected for the India FinTech Awards (IFTA) 20 Fintech startups from the US, UK, Japan, Israel, Russia, and India in 2018 to showcase their solutions to one of the biggest fintech demo day events.
Appnomic has raised ₹109 crores in Series A funding round from Norwest Venture Partners in 2015.
Appnomic’s unique patented cognitive capabilities include predictive anomaly detection, anomaly linked healing triggers and unified causation that navigates the linkages between digital journeys, transactions, Applications, and IT Infrastructure from edge to public and private cloud. As a category-defining application with abilities far beyond the AI-assisted APM, Appnomic elevates digital user experiences, optimizes IT resources, and achieves uninterrupted operations for the enterprises.
According to a study by Accenture, artificial intelligence and machine learning could contribute $957 billion to the Indian economy in the next 15 years. A lot of investors and corporates are in the line to utilize the potential of AI and have shown their interest to partner with such tech-focused startups.
Other notable startups in the sector are Fireflies, Whatfix, and ShepHertz. In March this year, Whatfix raised ₹92 crores in Series B funding from Eight Roads Ventures, F Prime Capital and Cisco Investments along with existing investors like Stellaris Venture Partners and Helion Venture Partners. Fireflies also raised ₹35 crores from Canaan Partners in October 2019. ShepHertz has also raised around $1.2 million from investors like growX Ventures, Mumbai Angels, LetsVenture, Kae Capital and Blume Ventures.