Onymos Secures $12 Million Series A Financing to Expand World’s First Features-as-a-Service Platform
Onymos, developer of the world’s first Features-as-a-Service platform, announced that it has raised $12 million in Series A financing led by Great Point Ventures, with participation from Benhamou Global Ventures, Engineering Capital, and Industry Ventures. Onymos will use the funds to further enhance its platform for application development, expand its team, and build market leadership. The Series A financing builds on an exceptional year for Onymos, which saw a more than 300% increase in annual recurring revenue.
The Onymos Features-as-a-Service platform enables application development and innovation at unmatched speed, quality, and cost for enterprises across industries such as retail, healthcare, delivery, and digital media and entertainment. It has a full suite of over 20 foundational Features, including login, biometrics, chat, data storage, deep links, geo-services, and notifications. These Features can be easily added to new or existing applications and include the UI/UX, underlying logic that runs on the device, as well as server-side functions and integrations that process and store data in the cloud.
“We are thrilled to invest in Onymos’ continued growth and the expansion of its Features-as-a-Service platform,” said Gautam Krishnamurthi, Partner, Great Point Ventures. “In today’s fast-paced digital world, enterprises must constantly innovate to meet the needs of evolving customer demands, as evidenced by the massive shift to digital in the last two-three years. Onymos has the solutions and capabilities enterprises require to develop these applications in a timely manner, without creating a burden to the enterprise.”
Today, new application development accounts for nearly 20 percent of enterprise IT budgets and timelines can vary greatly from a few months to a year or more. The time and effort spent on routine application maintenance can occupy 10-20 hours per week per developer, limiting their bandwidth and productivity for new innovation.
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“Enterprises today are experiencing long development times, the ongoing burden of technical debt, and diminished returns on their investments in innovation,” said Shiva Nathan, Founder and CEO, Onymos. “Onymos provides a solution that addresses these common challenges and enables engineering teams to focus on building true business value for their organizations. This financing round will allow us to expand our Feature capabilities and continue helping customers rapidly develop and launch best-of-breed applications in weeks instead of months.
“We had determined that it would take our own developers months to build the basic functionality for our social shopping application. However, in the ever-changing fashion industry, we needed to launch our application quickly to keep up with trends,” said Jenny Cipoletti, Founder, TIVVIT. “We started working with Onymos to leverage its innovative Features-as-a-Service platform, allowing our team to easily build the foundation for the application using its out-of-the-box Features like Access, Chat, Payments, and Notification. Ultimately, the platform was able to cut our development time by more than 60 percent and allowed us to focus on functionality that would redefine the social shopping space.”
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