RALEIGH – Allstacks, a startup focusing on improvements in software development through use of artificial intelligence and machine learning, is planning to grow its workforce and expand its capabilities at both its Raleigh headquarters and a second office in Austin, Texas, after closing on $4.7 million in new capital.
Investors include Hyperlane Venture Capital, which led what Allstacks is calling “seed funding.”
“Allstacks’ data-driven diagnostic tool enables organizations to proactively manage development risks, improving the speed and accuracy of software development, with fewer surprises,” said Jack Klinck, Managing Partner at Hyperplane Venture Capital, which is a seed stage investment firm based in Boston.
Also signing on as backers are Polaris Partners, Uncommon Denominator and Wildcat VC.
Previous investors S3 Ventures, Moneta Ventures and Bala Investments participated as well.
An NC IDEA grant winner in 2016, Allstacks has been on a roll.
What’s the mission? Says CEO Hersh Tapadia:
“Allstacks is focused on making engineering teams and engineering managers more effective. We aggregate and analyze data generated in the course of software development to identify leading indicators of project health and then enable engineering managers to identify and quickly take action to keep their teams and projects on track.”
Allstacks says the new funding comes after it expanded into enterprise offerings and generated “rapid growth” of 700 percent over the past year. It forecasts similar growth in 2020.
“We are thrilled our investors are eager to join us in our vision of changing the way software is built and delivered,” Tapadia, Allstacks co-founder and CEO, said in a statement.
“Allstacks refocuses the conversation around software development to center on outcomes, not arbitrary metrics, enabling the entire company and all of its stakeholders to align around what really matters – getting great product to the market.”