Round Led by Mobius Venture Capital, with Follow-on Investments from Pequot Ventures, U.S. Venture Partners and Cisco System
BURLINGTON, Mass. — May 11, 2005 — Klocwork Inc., the proven leader of automated software solutions for improving software security and quality, announced today that the company has received $10 million in series C funding. Mobius Venture Capital led the round. Klocwork’s previous investors Pequot Ventures, U.S. Venture Partners, and Cisco Systems have also participated in the round. Klocwork will use the funds to expand operations and customer support as sales traction continues to accelerate globally with major accounts.
“Klocwork’s static analysis solutions have delivered significant ROI to some of the most well-respected corporations in the world, including 10 of the Fortune 100,” said Brad Feld, managing director, Mobius Venture Capital. “A growing number of companies are looking for automated solutions that systematically address software security and quality defects during the development process. What excited us about this opportunity was Klocwork’s demonstrated success based on the breadth, depth, and scalability of its products. As this market trend continues and more companies recognize the importance of managing software development as a discipline, we believe Klocwork is well-positioned to extend its market leadership position.”
Klocwork’s solutions were initially developed for the telecommunications industry and designed to analyze millions of lines of software code. In addition to its growing success in that market, Klocwork’s solutions are also deployed by many of the largest embedded systems companies, including Motorola and Panasonic, a number of leading military and aerospace companies, and several industry leading software development companies. These organizations use Klocwork’s tools to identify software and security defects, as well as architectural and system flaws, help automate code reviews, and measure the efficiency and productivity of their software development processes. Klocwork provides the only solution that pulls these important software development metrics together into one integrated suite of products. By seamlessly integrating into the developer’s IDE of choice, Klocwork can help detect and eliminate software security vulnerabilities and defects before the code is entered into the build process.
“The addition of Mobius to our top-tier investment team provides additional expertise and resources to ensure Klocwork’s continued success,” said Mike Laginski, CEO of Klocwork. “At this stage of our growth, we are benefiting from several years of aggressive investment in R&D and a strong portfolio of Fortune 500 customers who understand that their success is directly tied to the quality and security of their software assets. We have hit a sweet spot with companies serious about the discipline of software development. For the first time, development organizations have an automated holistic view into what is happening at the architecture, system and implementation level of their critical software code bases.”
Klocwork helps developers create more secure and reliable software. Our tools analyze source code on-the-fly, simplify peer code reviews, and extend the life of complex software. Over 1000 customers, including the biggest brands in the mobile device, consumer electronics, medical technologies, telecom, military and aerospace sectors, have made Klocwork part of their software development process. Thousands of software developers, architects, and development managers rely on our tools everyday to improve their productivity while creating better software.