Bloomfilter, a Cleveland, OH, and Chicago, IL-based process intelligence platform for software development, closed a $7 million seed funding round of capital.
The funding included $5.5 million in equity financing led by Magarac Venture Partners (“MVP”) with participation from Sequoia, HPA, North Coast Ventures, Techstars, and others, along with $1.5 million in venture debt from Pacific Western Bank.
The financing will allow the company to accelerate product development, customer success, and go-to-market activities.
“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.
“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.”
In addition to the capital raise, Bloomfilter also announced the general availability of its industry-first process intelligence platform to help software teams improve the transparency, predictability, and efficiency of developing new software products.
Company: Bloomfilter, Inc.
Round: Seed Round
Funding Month: May 2023
Lead Investors: Magarac Venture Partners
Additional Investors: Sequoia, HPA, North Coast Ventures, Techstars, and Pacific Western Bank
Company Website: https://www.thebloomfilter.com/
Software Category: Process Intelligence Platform
About the Company: Bloomfilter is a process intelligence platform for software development, designed to measure and improve the software development lifecycle. The platform helps organizations develop a shared understanding of what the product team is building, when it will be delivered, and how much it costs. Bloomfilter uses process mining to analyze time-series data from your entire stack and build a model of your team's unique software development process – and then help you optimize it. The company is on a mission to make software development measurable and efficient.