Tuesday, February 19, 2008

Coverity Finds $22M

San Francisco-based Coverity, which develops software used for finding code defects, said today that it has raised a first round of outside funding worth $22M. The funding came from Foundation Capital and Benchmark Capital. According to Coverity, the firm has had five consecutive years of cash flow positive growth for the firm; the new funding will be used to extend sales and marketing, as well as acquisitions and research and development. Bruce Dunlevie and Paul Holland of Foundation, along with Mike Schuh of Benchmark join the firm's board, which has also been expanded with Mercury Interactive's Tony Zingale and D2S Chairman and CEO Aki Fujimura. More information »