Kinvey CEO Sravish Sridhar on “outpacing” competition with latest funding
Earlier this week, backend as a service provider Kinvey announced it had raised $10.8m (£6.59m) in series B funding, only days after rival service FeedHenry was swallowed up by Red Hat.
The round, led by existing investors Avalon Ventures and Atlas Venture, and new investors NTT DOCOMO Ventures and Verizon Ventures, will be used to grow the company, accelerate enterprise IT sales, and drive product development among other projects.
Kinvey’s USP revolves around selling primarily to the enterprise IT market, rather than to lines of business. The recent acquisition of Schneider Electric, enabling the firm to build hundreds of apps for commercial and consumer markets, validates that bet, according to CEO Sravish Sridhar.
“Kinvey is the only backend as a service company that has repeatedly demonstrated success with enterprise IT,” he tells Enterprise AppsTech in an email. “What sets us apart beyond our go to market model is the comprehensiveness of our platform.”
The mobile backend as a service (MBaaS) space is pivotal for a couple of key reasons, as Enterprise AppsTech has explored in the past. If it’s becoming inevitable that future enterprise IT will be driven through mobile, companies who can push out good looking apps quickly and easily can cash in.
Kinvey therefore positions itself in the box seat, not just because of its enterprise-heavy base, but a full feature set to develop sophisticated apps for smartphone, tablet, mobile web and Internet of Things.
With FeedHenry being bought by open source cloud bods Red Hat, thoughts naturally turned to whether Kinvey would follow suit, an assertion Sridhar denied.
“Seminal companies in the enterprise technology market are created when enterprise IT goes through a platform shift,” Sridhar adds. “Today, we are seeing two platform shifts happen simultaneously – web to mobile and virtual infrastructure to cloud.
“At Kinvey, we’ve proven that enterprise IT is buying our platform to deliver on their mobile-cloud strategy, and our entire team is motivated by building a large and lasting business in Boston.”
One area the two companies share though is a common enemy: legacy IT vendors, namely Oracle, IBM and SAP. FeedHenry CEO Cathal McGloin also mentioned them by name when he spoke to this publication last week, arguing that as part of Red Hat he has a branding power which means the big boys can’t “diss” his firm.
Kinvey evidently disagrees on the specifics, but it’s clear the enterprise IT market is in the middle of a mighty shake-up – and the venture capital funding just keeps rolling in.
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