Apptio, maker of an analytics suite for IT executives, announced today that it has completed a fundraising round worth $20 million that was oversubscribed from its original goal of $16.5 million thanks to an investment from Cisco Systems.
The company offers a web-based software service that helps monitor financial and operational data about IT and technical customer support. The service compiles all the data and gives companies a dashboard of tools for visualizing and analyzing that data.
The goal is to help business executives make better decisions about what to do with their IT operations — such as whether to introduce new software or add additional staff. Apptio’s Technology Business Management service also provides some cost modeling and a decision-making engine.
Apptio originally wanted to raise $16.5 million in its most recent round of funding — but that was before Cisco decided to participate. The company decided to raise the cap on its round of funding to allow for Cisco’s investment, since Cisco brings with it access to a wide network of enterprise clients, said Apptio founder and CEO Sunny Gupta. Apptio’s existing investors also participated.
The Bellevue, Wash.-based company was founded in 2007 and has so far raised $41 million. It was also the first investment for investment guru Marc Andreessen’s new venture capital fund when it raised $14 million last year. It raised $7 million in its first round, bringing its total funding to date to $41 million.
The company has seen 400 to 500 percent growth every quarter when compared to the same quarter a year earlier, Gupta said. Its clients include Microsoft, Cisco and JP Morgan Chase. While Gupta was mum on Apptio’s yearly revenue, he said it was north of eight figures.
The most recent fundraising round was led by a number of heavy-hitters including Andreessen-Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures.