Bloomfilter – a process intelligence platform for software development – recently announced the closing of a $7 million seed round of capital. This funding round included $5.5 million of equity financing led by Magarac Venture Partners (MVP) with participation from Sequoia, HPA, North Coast Ventures, Techstars, and others along with $1.5 million of venture debt from Pacific Western Bank.
Plus Bloomfilter also announced the general availability of its industry-first process intelligence platform to help software teams improve the transparency, predictability, and efficiency of developing new software products.
Businesses often depend on software development to solve problems and deliver a better user experience. But software development projects are notorious for missing deadlines and budget estimates. And research shows that 65% of software projects are either challenged or fail while 70% of software projects are delivered late, over budget, or are not delivered to the original specifications.
Bloomfilter’s patent-pending process mining and predictive algorithms help software development teams identify bottlenecks in the development process, objectively predict project outcomes, and deliver software on time and within budget.
This Bloomfilter platform will also partner with consulting companies to help customers assess and improve their development process. And the funding will enable the company to accelerate product development, customer success, and go-to-market activities.
KEY QUOTES:
“We are thrilled to lead this investment in Bloomfilter. This is an exceptional team that’s tackling a massive and pervasive problem in software development. MVP is investing in fast-growing companies building AI solutions for business process automation. Bloomfilter fits that thesis perfectly by applying process mining to software development.”
– Mike Stubler, Partner at MVP
“We believe that software development is a business process that can be measured and improved like any other. By enabling that improvement, Bloomfilter is ushering in a new era of transparency, predictability, and efficiency in the software industry. We are excited to partner with MVP and others to make this vision a reality.”
– Andrew Wolfe, co-founder and co-CEO of Bloomfilter
“The process mining ecosystem is growing at 78% annually because the technology helps customers understand and improve complicated business processes. We are pleased to bring to market the first process mining solution purpose-built to support the business process of software product development.”
– Erik Severinghaus, co-founder and co-CEO of Bloomfilter
“The Bloomfilter platform has fundamentally changed the nature of our conversations with the product development organization. For the first time, we have alignment and understanding from our Board presentation all the way to the daily standups for our developers.”
– Myron Schram, VP of Product at Intrusion and one of Bloomfilter’s beta customers
“Having seen the power of the platform to transform the software development lifecycle firsthand, I was honored to be asked to join the Board and help the company grow. For 30 years, I have been asked the questions, ‘What are we building, when will we get it, and how much does it cost?’ Bloomfilter is the first platform that lets me answer those questions easily and accurately.”
– Michael Keithley, CIO at UTA; As part of the funding round, Michael Keithley, CIO at UTA, another beta customer, will join the Board of Directors
“Process Mining has the potential to be a game-changer for product development. We are excited to watch what Bloomfilter is building.”
– Andy Thurai, principal analyst at Constellation Research
“We are thrilled to partner with Bloomfilter to include the platform in our leading advisory practice for improving software development efficiency and outcomes.”
– Choon Aun Quek, executive vice president at Softserve, a leading digital and IT advisory
