App performance management startup AppDynamics has raised $50 million from top-tier investors in its fourth round of funding, cash that will help the company expand and fight for more users.
AppDynamics offers cloud-based app performance management solutions to more than 100,000 customers, including 500 large enterprise businesses. It competes with other application performance management companies like Flexera Software, Compuware, and Appnomic. But with these funds, it might be able to edge out its rivals.
“The primary goal of this funding is to grow at a fast pace,” AppDynamics CEO Jyoti Bansal told VentureBeat. “We’ve grown at more than 300 percent annually and we expect that growth to continue.”
The new batch of funding was led by Institutional Venture Partners, with participation by current investors Greylock Partners, Kleiner Perkins Caufield & Byers, and Lightspeed Venture Partners. Including the new funds, AppDynamics has raised $86.5 million to date.
With the new money in hand, Bansal said AppDynamics will be able to grow its R&D and sales teams on an international scale.
“AppDynamics is poised to become the leader in a multi-billion dollar market with its unique technology and its customer-friendly sales model,” Steve Harrick, General Partner at IVP, said in a statement. “IVP is a believer with conviction in AppDynamics’ vision, market opportunity, and leadership team.”
San Francisco-based AppDynamics was founded in 2008 and now has 200 employees. Bansal said he believes the company will likely double its employees over the next two years. Its customers include Overstock, Priceline, Fox News, and Walgreens.
Top photo via AppDynamics