Sweden-based enterprise software producer Apica Systems secured $12.7m yesterday in a round featuring SEB Venture Capital, the corporate venturing arm of financial services provider SEB.
The round included Swedish state-owned venture capital firm Industrifonden, investment firm Oxx and KTH Chalmers Capital, a VC firm backed by Chalmers University of Technology and KTH Royal Institute of Technology.
Founded in 2005, Apica provides software that enables enterprise clients to monitor the performance of their IT applications for their end users.
The company’s services include synthetic monitoring, which replicates the execution of a client’s program in a sandbox environment, and load testing, which probes whether system performance can withstand high levels of traffic.
The round boosted Apica’s overall funding to $35m and the proceeds will go to hiring and the expansion of its product offering.
SEB had previously led the company’s $5m series C round in 2012, investing alongside existing backers KTH Chalmers Capital, Industrifonden and Almi Invest.
Apica raised $4.6m from SEB Venture Capital, KTH Chalmers Capital and Industrifonden in 2014, with all three returning for a $12m round in September 2017 that was led by Oxx.
– The original version of this article appeared on our sister site, Global University Venturing.