AppViewX Secures $30M In Funding To Boost Network Automation Prowess, Channel Efforts
In its first-ever funding round, AppViewX has raised $30 million institutional funding to expand the reach of its subscription-based network automation technology and grow its channel program, the company told CRN.
Network automation and management specialist AppViewX has raised $30 million in its first round of institutional funding to help expand the reach of its network automation technology, the company announced on Tuesday.
Specifically, the funding round from Brighton Park Capital will go towards pushing more innovation into AppViewX's product line, growing its subscription-based revenue and expanding its channel program, Ryan Windham, CEO of AppViewX, told CRN.
"A good portion of the investment is going toward accelerating the sorts of use cases that we can automate in the network and security space," Windham said. "Another big portion is going toward building out our sales infrastructure and a channel leader in the U.S. to really expand our partner program."
Windham was named CEO of the Seattle-based company last year. The executive said AppViewX does upwards of 70 percent of its business though the channel.
The company got its start in 2016 specializing in managing and automating application delivery and network security through its "low-code," software-based platform -- the AppViewX platform -- which gives users a single dashboard for viewing and managing their entire network operations landscape.
AppViewX’s flagship product, CERT+, helps businesses manage the lifecycle of their various certificates to protect themselves from cybersecurity risks associated with expiring security certificates.
AppViewX has been diligently working to boost the company's subscription-based revenues over the past two years and the efforts have paid off. The company's subscription revenue jumped up 80 percent for AppViewX's financial year which ended in March. The company saw an impressive 422 percent increase in annual subscription revenues in 2017. Today, Windham said that virtually 100 percent of AppViewX's offerings are served up on a subscription basis today, an effort that he plans on continuing to drive.
"Everything moving forward is going to be sold in a subscription model," Windham said.
In addition to solution providers and system integrators, AppViewX partners with major technology players, including Amazon Web Services and Microsoft Azure on the cloud side, as well as application delivery specialists and software providers such as F5 Networks and Citrix.
The company has been able to postpone funding because it's been able to stay profitable for the past three years, but AppViewX has gained enough traction that now was the time to take on institutional investors, Windham said. The funding, in addition to R&D and product innovation, will also allow the company to continue to built out its global footprint. AppViewX recently expanded into Australia and Singapore and last year increased its field presence in North America, the EU and UK.
AppViewX also announced on Tuesday that it has brought on three new board members; Mike Gregoire, the former chairman and CEO of CA Technologies, Larry Biagini, CTE of Zscaler, and Zachary Gut, a partner at Brighton Park Capital.