Onymos, a feature-as-a-service platform for app development, closed a $12 million Series A round. Shiva Nathan, CEO of Onymos, said that the funds will be put toward product development and ramping up Onymos' go to market activities.
Nathan made a sales pitch for Onymos, saying that software-as-a-service sprawl creates complexity and a lack of visibility for enterprises. For an enterprise engineering team, the balance has moved from having to choose from just a few providers for the long term to being overwhelmed by the plethora of choices It is at the mercy of trillion-dollar companies who may deprecate services sooner or later, change how they are implemented, or introduce updates that are incompatible with your current build environment. We would like to change that paradigm.
App development can take a long time and cost a lot. The average developer spends more than 17 hours a week dealing with maintenance issues. They spend four hours a week on bad code, which equates to $85 billion in opportunity cost lost every year.
The image is called Onymos.
The aim of Onymos is to give off-the-shelf features that can be used in new and existing applications. The platform has a number of modules that can be used to process data in the cloud, including the user interface, underlying logic, and server-side functions.
The promise of a maintenance-free, fully secure app development future with Onymos is probably too good to be true. What Onymos can deliver is time to spend on other, more important product R&D tasks.
It is possible for companies to use their creativity and insight to build real value-add capabilities that their employers can win. Nathan thinks the choice is clear. The platform acts as an integration layer for software vendors and allows customers to build on a single endpoint When enterprises use Onymos features, they don't have to worry about anything.
The idea of feature-as-a-service has been around for a long time. Maps for location and Localytics for social are available. Anyone can add stories to their website or app. WorkOS gives developers enterprise capabilities like single sign-on.
Nathan thinks expansion in the machine learning space will help Onymos stand out.
Nathan said that they plan to expand their product portfolio into the machine learning space and introduce new end-to-end features. There is a lot of need for optical character recognition in healthcare. There is an opportunity to introduce new efficiency in these processes.
By the end of the year, Onymos will have between 40 and 60 employees. The company has raised millions of dollars.
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