AppDynamics Raises Fresh $83.4 Million after hiring former Adobe Digital chief

San-Francisco-based AppDynamics has raised $83.4 million in funding just a month after hiring former Adobe digital chief David Wadhwani as its new CEO.

According to Tech Crunch, the fresh funding for the seven-year-old tech company was shown in its SEC filing. The money it raised is part of a round that aims to make $150 million.

According to CrunchBase, AppDynamics develops software to manage the performance of business apps. It competes with giant firms like IBM and younger companies like New Relic, which is now valued at $1.8 billion from a $214 million venture funding capital. So far, AppDynamics raised about $206 million in debt and equity, not including its latest funding.

As Vator News reported, AppDynamics Inc., has raised $120 million in equity and debt of more than $1 billion as told to VentureWire. It's software checks how applications perform in order to help companies grow faster. AppDynamics Chief Executive Jyoti Bansal made ready for an eventual IPO and keep up with its legal battle against rival CA Inc. for patent infringement.

One of AppDynamics satisfied customer is Jostle, which is an award-winning design firm based in Vancouver. According to its technical operations director Teg Ryan, its users don't want any glitch or delay on their app, which is why they use AppDynamics.

He said, "We use AppDynamics Application Intelligence to monitor every aspect of response time levels. If there's slowdown, we can easily drill down and find exactly where in the stack is causing a problem. Our mean time to recovery has been cut in half given the visibility that we have now."

AppDynamics had recently revealed that in July last year it had a $120 million round, with $70 million in equity and the rest of the $50 million in debt. CEO Jyoti Bansal said the money is a pre-IPO growth financing. However, he didn't said when they would go for an initial public offer. That round valued the company at more than a billion dollars.

When Wadwhani went on board, Bansal said, "With David as my partner focused on scaling the company, I can focus on driving the company's vision, strategy and innovation agenda as we expand into new categories and new markets."

Some of the company's investors are Sands Capital Ventures, battery Ventures, Clearbridge Investments, Greylock Partners, and Klener Perkins Caufield & Byers.