Concurrently, Appnomic has also announced the appointment of industry veteran Nitin Kumar as its new Chief Executive Officer (CEO). Kumar has previously held leadership roles at companies including HP, Deloitte, PwC, and FTI, the company said in statement.
The company has also named Cuneyt Buyukbezci as the chief marketing officer (CMO) and Girish Muckai as chief risk officer (CRO). D. Padmanabhan, the former CEO and founder, will be still active in an operating role as the Chairman, it said.
Mohan Kumar, Managing Partner at Avataar Ventures, said the funds will allow Appnomic to expand its global presence and market reach to enable autonomous business operations.
“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,” Kumar said.
The software solution offered by Appnomic enables over 40 customers to prevent more than 250,000 severe incidents a year, it claimed.
Avataar Ventures is a $300-million venture capital growth fund floated this year by former Norwest Venture Partners (NVP) executive Mohan Kumar, others. The fund is focused on making $10-30 million growth-stage investments in companies that have at least $15 million of annual recurring revenues and are looking to scale globally.
The fund also own stakes in other B2B, SaaS companies, including Capillary, CRMNext, ElasticRun, Manthan and Zenoti.