BugBuster closes CHF 1million Series A round05.11.2013 11:57
BugBuster, the inventor of smart bug detection for software, has closed its Series A financing round. Investors are a consortium led by BAS (Business Angels Switzerland) with Polytech Ventures, the Hasler Foundation, and Go Beyond.
In Beta testing with hundreds of users, bugs were thus found in an astounding 89% of all applications tested. This disruptive technology will change the paradigm of quality assurance for web developers, slashing their testing time and cost by a factor of 5 to 10. The company plans to complete its Beta testing in November, and to then immediately start delivering its service in a SaaS (Software as a Service) model. The Series A financing will support this activity as well as the buildup of BugBuster's go-to-market strategy with direct sales and partners, and further development. The Series B round is already foreseen for mid-2014.
The investment consortium is an alliance of business angels (BAS, Go Beyond) and institutional investors (Polytech Ventures, Hasler Foundation), each with a specific role: Polytech Ventures coached the company since 2012 and instigated the financing round. Go Beyond coordinated the scoping and technology due diligence. The Hasler Foundation renewed its earlier, very helpful financial support. And BAS led the consortium to close the round and execute the capital increase.
"Bringing and keeping together such diverse players is proof of the vitality of early-stage investment in our country", says Caroline Gueissaz, Director BAS Suisse romande. "I am humbled and grateful to see such support for ICT innovation in our country", adds Olivier Crameri, CEO BugBuster.
BugBuster was founded in 2011 by Olivier Crameri (CEO), Renault John Lecoultre (CTO) and Professor Willy Zwaenepoel (Chief Scientist) in Lausanne. It is a spinoff of the Operating Systems Laboratory at EPFL.