News Karnataka
Tuesday, March 21 2023

Appnomic raises $22 mn, appoints new CEO

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Bengaluru: Appnomic, the provider of AI-enabled self-healing technology for enterprises, on Wednesday announced $22 million in funding led by Avataar Ventures, besides appointing industry veteran Nitin Kumar as the new Chief Executive Officer (CEO).

Kumar has previously held leadership roles at companies like HP, Deloitte, PwC and FTI, the company said in a statement.

“Organisations 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,” said Kumar.

The tech sector loses nearly $1.7 trillion every year globally due to downtime and information loss, according to the startup.

The software solution offered by Appnomic, which has offices in California and Bengaluru, enables over 40 customers who could prevent more than 250,000 severe incidents a year.

This amounts to more than 850,000 man-hour savings, and over $40,000,000 in costs, said the company.

“Appnomic offers the industry’s first Autonomous IT Operations Software. Avataar is excited about this investment and the new team,” said Mohan Kumar, Managing Partner at Avataar Ventures.

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