One bug less: uTest Raised $5 Million for SaaS QA
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Israeli start up uTest has announced a $5 million investment in series B led by new investors Longworth Venture Partners and Egan-Managed Capital (owned by co-founder of EMC Corp) as well as previous investors Mesco Ltd. and Massachusetts Technology Development Corp who invested in March this year. To date, uTest has raised $7.3 million.
In the press release, uTest said The company plans to use the proceeds to accelerate growth and continue market penetration, particularly in the web, desktop and mobile application space.
Doron Reuveni, chief executive officer, uTest, added:
Our cost-effective and sustainable business model demonstrates a strong value for technology companies, and the resulting sales momentum helped to accelerate our fund raising efforts.
uTest found a niche in the 13 billion dollar market of software testing - crowdsourcing. Instead of hiring full time QA engineers, engaging in an expensive contractor relationship or relying on the work of random freelancers, uTest delivers an end-to-end solution by providing a marketplace for testing services from a community of professional testers. The company has gathered the world’s largest pool of professional software testers (12K testers in 148 countries) in creative ways - see coverage of uTest’s Facebook app. The uTesters get paid for performance, to deliver every aspect of testing throughout the product development lifecycle.
Clients seem to be happy with the flexibility given by the system: the ability to choose testers according to their qualifications, feedbackand geographic locations. In Q3 this year, uTest was able to increase its activity by signing 26 new companies and recruiting an additional 3000 members to its testing community. Founded by Roee Salomon and Doron Reuveni, uTest is based in Boston and is expected to grow to 20 employees by the end of 2009.
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