Application monitoring solution Instana, based in Germany, has secured $20 million in a Series B round led by Accel with participation from Target Partners.
Instana develops a monitoring solution that applies automation and artificial intelligence to the APM (application performance management) process. It has clients in financial services, automotive, healthcare, and retail, including Audi, Edmunds.com, and ClearScore. The APM market is tipped to be worth $5.6 billion by 2020, per Gartner.
The new funds will be invested in product expansion and entering new markets globally.
“Since our incubation in Germany, Instana focused on delivering to the needs of monitoring today’s modern dynamic application environments,” said Mirko Novakovic, CEO of Instana. “By providing a unique AI-powered solution, we’ve succeeded in driving rapid customer adoption, having been deployed at nearly 100 enterprise customers globally in just 10 months.”
This round of investment brings Instana’s total funding to date to $27 million.