Skype founder backs $1.25m Undo Software fundraising
Skype and Kazaa co-founder Jaan Tallinn has invested in the $1.25m third funding round of Cambridge-based bug-busting technology business Undo Software.
The proceeds of the oversubscribed funding round will be used to scale the UK business internationally and support the growing adoption of its UndoDB record-and-replay reversible debugging software.
Existing investors backing the round include members of the Cambridge Angels group.
Tallinn is co-founder of the University of Cambridge-based Centre for the Study of Existential Risk.
Undo’s record-and-replay reversible debugging software makes it easier, quicker and cheaper for Linux and Android developers to record their program’s execution and then rewind their code in real-time to find bugs more quickly, saving time and reducing cost.
Undo’s software is sold direct to customers such as Mentor Graphics and through a partnership with ARM. Its performance is said to be several orders of magnitude better than open source solutions, with significantly improved memory consumption.
Tallinn said: “What attracted me to Undo was the sheer usefulness of its software, combined with the strength of the management team’s vision for growing the business.
“In my career as a developer I’d have loved to have had access to UndoDB, and with software now critical to the world around us, the addressable market for this technology is potentially huge.”
In January Undo announced plans to expand its workforce by over 30 per cent and moved into new Cambridge offices which are four times larger than the previous headquarters. This builds on several major milestones achieved in 2013.
ARM integrated the company’s UndoDB software into ARM DS-5 Professional Edition, its flagship software development studio; sales expanded within multiple markets, including enterprise, design automation and scientific computing, and the company launched UndoDB version 4, which supports ARM processors and Android Native.
Undo CEO and co-founder Greg Law said: “Undo is at an exciting time in its development and this oversubscribed funding round demonstrates the potential for the business.
“The support of our investors will enable us to scale the company and expand operations, grow our customer base and help more businesses speed up software development and reduce their costs.”
According to recent Cambridge University research, the global cost of finding and removing bugs from software has risen to $312 billion annually – and that it makes up half of development time of the average project.
As software becomes more complex, and its use extends further to control everything from cars to cash machines, the consequences are now potentially even more serious, both financially and to company reputation.