AppViewX, the leader in automated machine identity management (MIM) and application infrastructure security, today announced that the company has raised US$20 million in Series B funding led by growth equity firm and existing investor, Brighton Park Capital (“Brighton Park”). The additional investment will help maximize AppViewX’s go-to-market operations, product development and overall revenue growth strategies on its mission to help Global 2000 organizations reduce risk by securing and orchestrating enterprise identities and applications. The company announced the inauguration of its 100-seater global center of excellence in Bengaluru. AppviewX is seeing a significant shift in revenue to its SaaS offerings and currently has a best-in-class customer retention rate. Despite industry-wide challenges from the pandemic, it has nearly doubled its workforce since 2019, bolstering its customer success, engineering and go-to-market teams across the globe.
“Digital transformation and the accelerated shift to multi-hybrid cloud has led to exponential growth in the number of machine and app identities. Which has led to spurt in demand for our automation platform which enables organizations to reduce this growing risk and which facilitates digital transformation through streamlined workflows to prevent outages and reduce security incidents, “said Gregory Webb, CEO at AppViewX, adding, “We are thrilled to have the additional investment from Brighton Park, which is a testament to our overall growth/momentum and look forward to leveraging their technology expertise as we further scale the company.”
In his comments, Anand Purushothaman, Co-founder, AppviewX, said “Bengaluru has emerged as the largest innovation hotspot in India and home to some of the brightest tech talent in the region. As we scale globally, it was important for us to have a presence here in order to tap into this talent pool. We expect the Bangalore center to scale rapidly over the next couple of years as we continue to grow our global teams to further our mission towards cementing AppViewX as a frontrunner in the Machine Identity Management space.”
“Brighton Park prides itself in investing in companies that are revolutionizing or disrupting their market,” said Mike Gregoire, Partner and Co-Founder of Brighton Park, adding,“AppViewX is doing just that, automating Machine Identity Management to help some of the world’s biggest organizations prove success on board level topics like business risk reduction and compliance. We look forward to continuing our partnership with AppViewX as the company continues to innovate and advance the Machine Identity space forward.”