Bloomfilter has recently announced the successful closure of a seed funding round worth $7 million to support the development of its process intelligence platform for software development. The round included $5.5 million of equity financing, led by Magarac Venture Partners (MVP), with support from Sequoia, HPA, North Coast Ventures, Techstars, and other investors.
Additionally, Pacific Western Bank provided $1.5 million of venture debt. Bloomfilter also revealed the general availability of its groundbreaking process intelligence platform that aims to improve the predictability, efficiency, and transparency of software product development, as per reported by newsdirect.
“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,” said Andrew Wolfe, co-founder and co-CEO of Bloomfilter.
Software development is critical for businesses to resolve issues and provide a satisfactory user experience, but these projects often suffer from delays and exceed budget estimates. Studies indicate that approximately 65% of software projects face challenges or do not succeed, while about 70% experience late delivery, cost overruns, or do not meet the initial requirements. With Bloomfilter’s innovative process mining and predictive algorithms, software development teams can pinpoint bottlenecks in the development process, make objective projections about project outcomes, and successfully deliver software within the predetermined timeframe and budget.
“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,” said Mike Stubler, Partner at MVP. “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.”
“The process mining ecosystem is growing at 78% annually because the technology helps customers understand and improve complicated business processes,” added Erik Severinghaus, co-founder and co-CEO of Bloomfilter. “We are pleased to bring to market the first process mining solution purpose-built to support the business process of software product development.”
The company has not only raised capital but has also declared the general availability of its platform, having concluded a prosperous Beta program.
“The Bloomfilter platform has fundamentally changed the nature of our conversations with the product development organization,” said Myron Schram, VP of Product at Intrusion and one of Bloomfilter’s beta customers. “For the first time, we have alignment and understanding from our Board presentation to the daily standups for our developers.”
As part of the round, Michael Keithley, CIO at UTA, another beta customer, will join the Board of Directors. “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,” Keithley said. “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.”
Andy Thurai, a principal analyst at Constellation Research, stated that “Process Mining has the potential to be a game-changer for product development.” He further expressed his excitement about monitoring the progress of Bloomfilter’s advancements in this field.
The Bloomfilter platform will also partner with consulting companies to help customers assess and improve their development process. “We are thrilled to partner with Bloomfilter to include the platform in our leading advisory practice for improving software development efficiency and outcomes,” said Choon Aun Quek, executive vice president at Softserve, a leading digital and IT advisory.