Debugging tool provider Undo Software secures $2m
Investment from Cambridge Innovation Capital and Skype co-founder to fuel development of tools which could save the industry $81.1bn a year
Cambridge-based Undo Software has raised $2m in funding from Cambridge Innovation Capital (CIC) Cambridge Angels, Skype co-founder Jaan Tallinn, and Sir Peter Michael to accelerate growth.
Founded by programmers Greg Law and Julian Smith, the start-up produces debugging tools for Linux; one of the most popular operating systems used by businesses.
The company’s core technology allows applications to record themselves as they run. If the application crashes the software developer can replay the recording to identify the bug without having to recreate the whole programme.
It’s estimated these tools could save the industry $81.1bn a year by finding the origin of software problems which can take up to 50% of a developers time to fix – according to research by Cambridge Judge Business School.
The investment will be used to accelerate the company’s expansion as they seek to compete on the global stage.
Undo Software CEO and co-founder, Law, explained: “Until last year the company was literally five people in a garden shed. Now we have grown our international sales, with most of our customers in Silicon Valley, and launched two new products: Live Recorder, which allows remote debugging, and Out-and-About, which supports a new way of licensing the software
Senior investment director of CIC, Victor Christou, said its investment will help address the funding gap suffered by many early stage, potentially high growth start-ups:
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“Angel support is invaluable for early stage companies as it provides very high-risk capital, resources and access to the contacts that are essential in the formative days of an enterprise. Our investment in Undo is a perfect example. It is made alongside Cambridge Angels and has strengthened our relationship with this influential investor group. Hopefully, it will provide a template for future interactions and pave the way for many more promising Cambridge Cluster businesses to raise growth funding rounds.”