API-turned-analytics company Apigee has taken in another $60 million in funding, bringing its total raised to $171 million since it came on the scene in 2004.
The funding comes shortly after Apigee Corp. acquired InsightsOne, to add predictive analytics to its application programming interface (API) arsenal, and then launched a new analytics offer, Apigee Insights, based on the acquisition. (See Apigee Nabs $60M in Funding, Apigee Puts InsightsOne Acquisition to Work, and Apigee Acquisition Brings Analytics to APIs.)
Pine River Capital Management and Wellington Management Company led the $60 million funding round, which Apigee says it will use to "accelerate across all areas of its business to keep up with demand for APIs and big data analytics, as enterprises increasingly embrace these technologies for digital business."
Its focus has been on the enterprise market lately, but Apigee is also a big player in telecom. Waqar Hasan, Apigee senior vice president of big data, told Light Reading earlier this month that the company is focused on helping operators pull together traditional customer information with machine data for a more complete view of the customer, which then enables predictive analytics.
"We can predict who is likely to churn for a telecom provider, then say, 'what is the offer they should give to them to retain them?' Those are the benefits of deeper bits of information," he said. "That is really the promise of big data that we're bringing to the table."
Apigee is one of the largest independent players left in the API space and is likely eyeing an IPO as its two main investors, Pine and Wellington, tend to invest in companies on the brink of going public, according to the Wall Street Journal. Competitors Mashery and Layer 7 were both acquired last year by Intel and CA Technologies, respectively. (See Intel Adds to Its SDN Arsenal, CA Technologies Completes Layer 7 Acquisition, and AlcaLu Sells Off Its API Repository.)
— Sarah Reedy, Senior Editor, Light Reading