Instana, a US-based application performance management software developer that counts software development technology provider Codecentric as an investor, has secured $30m in a series C round led by Meritech Capital.
Growth equity firm Meritech was joined in the round by venture capital firm Accel which, like VC firm Target Partners, was described as an existing investor. Codecentric, which backed a series A round for Instana in 2016 that was led by Target Partners, was not mentioned.
Spun out of Codecentric in 2015, Instana has developed a software platform that uses automation and artificial intelligence to help clients monitor their cloud, container and microservice applications. It will put the series C funding into growing its product range.
The company has now raised a total of $57m in funding altogether, securing $6m in its series A round before adding $20m in a December 2017 series B that was led by Accel.
Mirko Novakovic, founder and chief executive of Instana, said: “Instana has a steadfast commitment to delivering innovative monitoring built for modern dynamic application environments.
“The addition of Meritech to Instana’s existing investors, Accel and Target Partners, is a tremendous endorsement of our strategy and success, highlighted by rapid customer adoption and global annual sales growth of more than 600% in our last fiscal quarter.”
