Apigee Closes $20 Million Funding Round to Seize Increasing API Market Demand
PALO ALTO, Calif. – July 24, 2012 – Apigee, the API company, today announced the completion of a $20 million round of funding, led by new investor Focus Ventures, with participation from current investors Bay Partners, Norwest Venture Partners, SAP Ventures and Third Point Ventures. The company will use the funds to rapidly scale development, marketing and sales for its leading API platform, while also expanding into new markets.
"There will soon be a trillion mobile devices connected to the Internet, and consumers are spending more time on mobile apps than on the Web. Every business – from technology start-ups to bricks-and-mortar giants -- needs an API to compete in a digital economy that is increasingly dominated by apps as the primary vehicle for communicating, connecting and e-commerce," said Chet Kapoor, Apigee CEO.
"As demand for APIs and apps climb, we are using the additional funding to accelerate our time-to-market and expand into new vertical markets with industry-specific API solutions," continued Kapoor. "Our recent acquisition of WAC (Wholesale Applications Community) and resultant new Apigee services for unified mobile API/app development is our first major step in this direction."
Apigee is experiencing strong growth as businesses increasingly align their IT strategies and investments with the explosion in information consumption on mobile devices and other platforms. Today, nearly 20 percent of top 100 companies listed in the Fortune 500 use Apigee, and over 100 billion API calls per month run through the Apigee platform. Global enterprises using Apigee include Walgreens, Netflix, Bechtel and Getty Images.
Promod Haque, Managing Partner of Norwest Venture Partners (NVP), said, "Apps are becoming the foundation of mobile computing as well as enterprise IT, and Apigee enables businesses to embrace the new economy built on APIs and apps. We are thrilled to contribute to Apigee as it quickly builds on its API leadership position, meets overwhelming customer interest and helps drive this expanding industry.”
An API is the point of control for mobile and other Internet applications ("apps"), dictating how and what data flows between the app and the services that support them. An API can define the standard for an ecosystem of third-party apps built around a business's data, services and brand, helping that business reach new customers across thousands of platforms. For example, through the Google Maps API, any third-party developer can easily integrate Google Maps functionality and data into websites and mobile applications.
Apigee's flagship offering is the Apigee Enterprise API platform, a cloud-based service that helps businesses deliver, manage and measure APIs and the applications built on them. Apigee can reduce the complexity of delivering APIs and building apps, drive developer adoption, provide comprehensive analysis and control of API usage, and helps businesses easily scale as channels grow.
Apigee is the leading provider of API technology and services for enterprises and developers. Hundreds of companies including Walgreens, Netflix, eBay, Pearson, and Gilt Groupe as well as tens of thousands of developers use Apigee to simplify the delivery, management and analysis of APIs. Apigee's global headquarters are in Palo Alto, California, and it also has an office in Bangalore, India and London, England. Learn more at www.apigee.com.
Apigee is a registered trademark in the U.S. Other product or company names mentioned may be trademarks or trade names of their respective companies.
Grayling Connecting Point