Troy-based software company Apprenda is getting $24 million in a new round of funding led by Safeguard Scientifics, a publicly traded Philadelphia-area venture capital firm that already owned a 22 percent stake in the firm through a previous investment.
Two other well-known venture capital firms, New Enterprise Associates and Ignition Partners, also participated in the so-called D-Series, or fourth investment round, which brings Apprenda’s total outside funding to $56 million.
Apprenda makes a software platform — think of it as a software factory or kitchen — that other companies use to develop new software and connect it to their existing internal software programs.
The company’s clients include banks like JPMorgan Chase and health care companies like AmerisourceBergen that have large IT and computer programing departments. Apprenda does not reveal its revenue.
Sinclair Schuller, CEO and cofounder of Apprenda, said some of the new capital will be used by the company to add 25 people to the 85 working in Troy’s Hedley building, as well as an additional 10 to 15 people in its offices in New York City and in the Netherlands.
He said the Internet of Things was one of the drivers as companies seek to have machines and other devices communicate with one another.
“We’re the only technology on the plant that allows them to repurpose the existing software,” Schuller said Tuesday.
The CEO also spoke highly of the environment it has found in Troy, calling it a city with a future.
Troy Mayor Lou Rosamilia thanked the company for bringing its “ingenuity, their innovation, their confidence” to the city and congratulated it on its successes.
Schuller said the company is expanding the space it has on the fourth floor of the Hedley building, a nine-story former shirt factory on the Hudson River just north of downtown, to accommodate the additional staff.
“As the company grows, we will have multiple locations,” he added, “but we want the DNA of this company to come from this region.”
A Safeguard Scientifics spokeswoman did not return a call seeking comment on the deal or how large the company’s stake in Apprenda had grown as a result of the new investment.
Safeguard Scientifics, which is based in Wayne, Pa., is releasing its earnings Thursday and may shed more light on the deal then. At the time Safeguard Scientifics made its last investment in Apprenda in 2013, it’s 22 percent stake cost $12.1 million.
Apprenda also declined comment on the details of the investment.
Schuller said despite the latest infusion of capital, the company has no plans to go public — at least not at the at this time. Safeguard Scientifics has both sold companies and taken them public, although its last initial public offering was in 2010, according to the company’s web site.
“Those are things that we don’t think of on a day-to-day basis,” Schuller said.