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Undo has closed a $3.3 million Series A financing round.
The round was led by Cambridge Innovation Capital (CIC), a preferred investor for the University of Cambridge and a Cambridge-based investor in technology companies. The latest round of funding will enable the expansion of Undo’s product portfolio, with a strong emphasis on Continuous Integration (CI) and DevOps.
In addition to CIC, investors include Rockspring, Martlet, Sir Peter Michael (founder of Quantel, Classic FM and California’s Peter Michael Winery), the Cambridge Angels group and Jaan Tallinn (a founder of Skype and Kazaa). The round closed in October 2016.
“We are thrilled to have a group of CIC’s stature to lead our Series A investment round. We will use the funds to drive company growth via continued innovation in our core technology and specific investments in initiatives that further strengthen use of the technology in CI and other test automation for DevOps teams,” said Greg Law, CEO and co-founder, Undo. “Debugging is a $312 billion industry problem each year . While there are lots of tools on the market that can tell us when performance goes bad, few can reliably determine why and precisely where. Our technology tackles this issue, helping our customers increase their productivity and improve their overall software quality.”
Undo secured its initial seed funding in 2012, when the company was based in Greg’s garden shed. Today, Undo is a recognized leader in software debugging and recording technology that gives developers precise visibility into their software failures. The technology is able to record a Linux or Android program’s execution for subsequent replay and analysis. A developer can go back in time to any instruction in the program’s history and view any location in memory.
Undo’s products are used today by many of the world’s biggest and best technology companies and leading global banks. The technology has received numerous awards, including winning ‘Best Software Product’ at the 2015 ARM Innovation Challenge and the Accenture FinTech Innovation Programme 2016. The financing comes on the heels of the company’s expansion into the Jenkins community. Undo announced a Live Recorder plugin for Jenkins in September at the Jenkins World 2016 conference.
“With nearly half of all developers spinning their tires on debugging, Undo’s products not only solve complex real-world problems for thousands of DevOps and development teams, but do so on a global scale,” said Victor Christou, CEO, Cambridge Innovation Capital. “Undo’s innovative technologies, combined with exciting expected growth in its core market globally, make it a great addition to the high calibre of businesses that continue to bloom here in Cambridge.”