Seattle startup APImetrics to merge with Contxt
Contxt is a portfolio company of the Symvan Technology SEIS Fund 3.
From left: Contxt co-founder and president Jamie Beckland; APImetrics CEO David O’Neill; Contxt co-founder and CTO Niall Burns; APImetrics vice president of engineering Nick Denny; and Contxt CEO and co-founder Mayur Upadhyaya. (Contxt Photo)
The deal combines products for “end-to-end” API visibility, covering security, monitoring, and optimization. The goal is to help customers improve their API performance, address security concerns, meet regulations, and improve user experiences. Enterprise customers from the combined business include Microsoft, Signify, and Telus.
Seattle-based APImetrics offers tools that help developers track their APIs for performance and potential data leaks. The company was co-founded in 2014 by CEO David O’Neil and vice president of engineering Nick Denny. It has raised $2.6 million from investors including Bain Capital Ventures, Capital Trust, and Sustany Capital.
Co-founded in 2021, Contxt sells tools that monitors APIs, integrating with existing platforms to detect data movements, prevent security lapses, and provide insights. It has raised $550,000 from investors Symvan Capital, 1414 Ventures, and Tiny VC. The London-based startup is led by CEO Mayur Upadhyaya, CTO Niall Burns, and president Jamie Beckland.
Terms of the deal, announced Thursday, were not revealed.
Beckland told GeekWire that the merger comes amid multiple tailwinds driving demand for API monitoring and security tech. He cited increased awareness of API cybersecurity risks, mounting regulations including the European Union’s GDPR, and new rules for tech-focused financial services companies.
The API management market is expected to expand to nearly $50 billion by 2030, with a compound annual growth rate of 28%, according to market research.
Companies of all sizes are facing an increasing number of cyber threats, pressuring company leaders to invest heavily in their security systems. McKinsey and Co. predicts businesses will spend more than $100 billion on related services by 2025.
All 12 employees from Contxt will join APImetrics, which employs five people. All five co-founders from both companies will remain, combining to form its going-forward executive team. It will be headquartered in Seattle, with additional offices in London, Edinburgh, and Portland, Ore.