Glitchy software isn’t just annoying, as more and more objects get electronic brains in the form of chips, it can be deadly. Automatic drug injection patches to the steering systems on advanced cars are powered by semiconductors that rely on software to tell them what to do and when. That’s why Coverity expects to make between $25 million and $30 million in 2008 selling software that spots potentially bad code during programming.
The five-year-old San Francisco-based startup has raised $22 million to expand beyond its core source code analysis product. The money, from Foundation Capital and Benchmark Capital, will allow Coverity to start selling its more than 400 customers products, which help developers reduce the mistakes made during the software coding and architect process.
Coverity CEO Seth Hallem tells me the products will compliment existing application lifecycle management products from Mercury Interactive and Rational Software (bought by H-P and IBM respectively). So far, the company’s discipline in waiting to take venture capital is unusual and is certainly responsible for its decision to sell its software not as a service, but in an old-school package. Hopefully its decision to let the venture guys in will help it continue its impressive growth.
5 trackbacks so far
2:52 PM PT
[...] Stacey Higginbotham of GigaOM today announced a $22 million fundraising effort by Coverity, a software company that offers businesses the chance to check their code structures for weak links as they are created. And, frankly, I can understand how the specialist has managed to net such an investment. [...]
5:34 PM PT
[...] Stacey Higginbotham of GigaOM today announced a $22 million fundraising effort by Coverity, a software company that offers businesses the chance to check their code structures for weak links as they are created. And, frankly, I can understand how the specialist has managed to net such an investment. [...]
9:35 AM PT
[...] startup, whose product is a software that spots potentially bad code during programming, has raised $22 million to expand beyond its core source code analysis product. The money, from Foundation Capital and [...]
7:53 PM PT
[...] Stacey Higginbotham of GigaOM today announced a $22 meg fundraising try by Coverity, a cipher consort that offers businesses the quantity to analyse their cipher structures for anaemic instruction as they are created. And, frankly, I crapper see how the doc has managed to gain such an investment. [...]
11:46 AM PT
[...] 2007 from Benchmark Capital and Foundation Capital specifically to make acquisitions and otherwise grow its offering into a full-fledged developer [...]
1 comment so far
12:54 PM PT
“five-year-old San Francisco-based startup” - How old does a company have to be before we stop calling it a startup?
Leave a Comment