Appnomic Raises $22M, Appoints Industry Veteran, Nitin Kumar as CEO
Appnomic, the providers of self-healing technology for IT operations, today announced a $22M round led by Avataar Ventures, as well as the appointment of high-tech veteran, Nitin Kumar, to the CEO post. In addition, the company has named Cuneyt Buyukbezci CMO and Girish Muckai CRO.
The company is pioneering AI-enabled self-healing technology, which is a game-changer for IT operations. The technology-enabled industry sectors lose $1.7 T every year globally due to downtime and information loss. While companies employ a myriad of tools to detect problems early, they still fight a losing battle as they address the issues only after incidents occur and start damaging the business.
AI is changing all of this by predicting problems before they occur, preventing them from surfacing by resolving causes automatically. The software solution offered by Appnomic enables 40+ customers who could prevent more than 250,000 severe incidents a year. This amounts to 850,000+ man-hours savings, and more than $40,000,000 in costs, excluding the impact on the customers’ brand and external relationships.
This exciting new technology category has motivated Avataar Ventures to lead the latest round, investing $22M in Appnomic.
“Appnomic offers the industry’s first Autonomous IT Operations Software. Avataar is excited about this investment and new team,” said Mohan Kumar, Managing Partner at Avataar Ventures. “These funds will allow Appnomic to expand its global presence and market reach to enable autonomous business operations, which will save companies a tremendous amount of time and money.”
The new CEO and leadership team have the right background and track record to drive aggressive growth for Appnomic.
Nitin Kumar, a veteran strategist in the Hi-tech sector, has previously held leadership roles in startups, enterprises, and management consulting firms, including HP, Deloitte, PwC, and FTI. He has a history of building and scaling businesses. Nitin is well recognized in the industry for his leadership with Business Model Innovation and Transformation. Kumar counts several hundred M&A transactions, multiple business pivots, and global expansion success among his accomplishments.
“Appnomic is years ahead of traditional monitoring, APM, AIOps and Cognitive Operations players because true AI and ML were put into use a long time ago,” explained Nitin Kumar, CEO, Appnomic. “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.”
Cuneyt Buyukbezci, the new CMO, has a history of working at big enterprises running marketing, product strategy, and sales leadership at HP Software, Sun Microsystems, and CA Technologies.
Girish Muckai, the new CRO, brings over 20 years of start-up and large-company experience in commercial roles around SaaS, AI/ML, Security, and Networking in companies such as Passage AI and Juniper Networks.
D. Padmanabhan, aka Paddy, the former CEO, and founder, will be still active in an operating role as the Chairman and will continue to bolster the product vision and execution into its next phase of growth.
