Cloud service firm AppNeta raises $16m

AppNeta, a firm that provides cloud-delivered network and application performance monitoring services for clients’ IT departments, said it has raised $16 million in Series C funding.

The round was led by Bain Capital Ventures, Egan-Managed Capital, JMI Equity, and Business Development Bank of Canada, said AppNeta, which has offices in Boston and Vancouver.

Ben Nye. Photo taken from Bain Capital Ventures website.

“We have seen remarkable growth across our business during the past two years demonstrating a growing demand for SaaS-delivered performance management solutions,” Jim Melvin, chief executive of AppNeta, said in a statement. “Our customers know they can’t tolerate poor performing applications. They need complete, end-to-end visibility to assure optimal performance and end-user experience of all applications across all locations.”

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(In this world, SaaS equals software as a service.)

Including this latest round, AppNeta has raised a total of $47.8 million to date, a company spokeswoman said in an e-mail.

Among AppNeta’s clients are Component Assembly Systems, Inc., GitHub, LinkStatus, and the Province of British Columbia.

“Exceptional application delivery and end-user experience depend on understanding the performance of both the network and the applications running on it,” Ben Nye, managing director at Bain Capital Ventures, said in a statement. “AppNeta is leading the market in converging application and network performance management, offering detailed application level performance data together with deep network performance insight. AppNeta is bringing customers end-to-end performance visibility they simply have never had before.”