AppViewX announced that the company has raised $20 million in a Series B funding round.
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 to reduce risk by securing and orchestrating enterprise identities and applications.
Through its Automation Platform, AppViewX reduces risk and ensures compliance in many of the most demanding Fortune-ranked organizations across financial services, banking, healthcare, oil and gas, manufacturing, and high tech. The company 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 COVID-19 pandemic, the company also has nearly doubled its workforce since 2019, bolstering its customer success, engineering and go-to-market teams across the globe.
“Because of Digital Transformation initiatives and the accelerated shift to multi-hybrid cloud, the number of machine and app identities has grown exponentially,” said Gregory Webb, CEO at AppViewX. “To reduce their digital risk, organizations acknowledge the importance of machine identity management, but there’s a lack of mature certificate lifecycle capabilities from antiquated, manual tools and siloed tactics. AppViewX enables organizations to reduce this growing risk with our Automation Platform, which facilitates digital transformation through streamlined workflows to prevent outages and reduce security incidents.”
Gregory continued, “We are thrilled to have the additional investment from Brighton Park, which is a testament to our overall growth and momentum, and look forward to continuing to leverage their technology expertise as we further scale the company.”
The growth also includes three new strategic hires, who each have proven experience in transforming growth strategies and streamlining complex processes:
- Samantha Symonds as Vice President of Legal oversees all legal, corporate governance, and compliance functions.
- Phil Biegler as Senior Vice President, Customers, acting on behalf of the customer voice, Phil leads the global post sales organization to ensure AppViewX customers achieve value and ROI from their partnership with the company.
- Bryan Grabowski as Vice President of Alliances supports the company’s GTM strategy and will lead and scale AppViewX’s channel ecosystem to drive new opportunities and maximize partner profitability.
“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. “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.”