Software testing company uTest has completed a $17 million series D round of funding. The company announced in its corporate blog today that the round was led by QuestMark Partners, with full participation from all of uTest's previous investors including Scale Venture Partners, Longworth Venture Partners, Egan-Managed Capital and Mesco Ltd.
This latest round brings the company's total funding to more than $37 million since its founding in 2007. uTest says that this marks one of the largest investments ever made in a crowd-sourcing company. uTest added that in the 15 months since its $13 million C round, the company has seen its valuation more than double. This sharp increase was driven by the rapid customer adoption of uTest's in-the-wild testing services and other contributing factors.
uTest was founded by CEO Doron Reuveni and VP product management Roy Solomon. Although today based in Southborough, Massachusetts, the company retains a development center in Herzliya.
uTest will use the funds raised to "Open new offices in app creation hot spots, including Seattle, Los Angeles, Dallas and Chicago, develop tools that enable companies to launch better apps, explore M&A opportunities in the app-enablement space, recruit additional specialized experts - including security testers, linguists and performance engineers, and expand its testing platform for third-party developers."
Reveni said, "The market's adoption of uTest's services has been amazing - particularly among retailers, media companies, gaming firms and agencies. Given the ever-increasing demands by users that a company's apps work flawlessly under real-world conditions, the opportunity before uTest is massive. This latest round sets us up to help even more companies, developers and testers launch apps that their users love."
Published by Globes, Israel business news - www.globes-online.com - on December 5, 2011
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