KTH Chalmers Capital, which first backed IT software developer Apica Systems in 2007, has been joined by Industrifonden, SEB, Almi and Oxx for the latest round.
Sweden-based enterprise IT software developer Apica Systems secured $12.7m yesterday in a round that featured KTH Chalmers Capital, a VC firm backed by Chalmers University of Technology and KTH Royal Institute of Technology.
SEB Venture Capital, the corporate venturing arm of financial services provider SEB, also supplied funding, as did Swedish state-owned venture firm Industrifonden and investment firm Oxx.
Founded in 2005, Apica develops business-to-business software that enables clients to monitor the performance of their IT applications for the end-user. The technology is designed to be robust at scale and can process complex user-scenarios from a range of web-enabled devices.
Apica’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 cash will enable Apica to add to its team in North America and other international markets as it looks to grow its global market share and extend its product offering.
Oxx previously led a $12m funding round in September 2017, investing together with KTH Chalmers Capital, SEB Venture Capital and Industrifonden, all three of which had backed a $4.6m round in 2014.
Apica closed a $5m series C round in 2012 led by SEB and backed by KTH Chalmers Capital, Industrifonden and Almi Invest, the VC arm of Swedish government-owned business development arm Almi Företagspartner.
Industrifonden led a $2m series B round in 2011 that also included KTH Chalmers Capital and Almi Invest. KTH Chalmers Capital had already provided Apica with $713,000 in funding in 2007.
