11/11/2002 - Reasoning, the leading provider of automated inspection services, announced that it has closed a $9M round of Series B Preferred Stock funding in October 2002.
The funding was led by the New York technology investment bank C. E. Unterberg, Towbin in partnership with Novus Ventures, Aspen Ventures, Shea Ventures and Portage Ventures. This follows a Series A Preferred Stock funding of $9.2 million in September 2001.
Reasoning's automated software inspection service helps development organizations reduce the time and cost involved in finding software defects. Reasoning's solution, Illuma, finds the exact location of defects in C and C++ code in just five to ten business days.
"Identifying defects in software is traditionally a difficult, time consuming and expensive process for companies," said Reasoning CEO Scott Trappe. "Reasoning's clients have able to find defects at one fifth the cost and in much less time than other methods and, at the same time free up software engineers for other endeavors."
"Our investors expressed confidence in Reasoning's clear ability to execute on its business model, and satisfaction that the company is achieving significant growth while many companies have been struggling in a challenging economic environment," said Reasoning CFO Julia O'Connor. "The additional funds will be used to enhance and extend our inspection service to continue to meet the needs of global software development organizations."
Reasoning Inc. is a leading provider of automated software inspection services that helps development organizations reduce the time and cost involved in finding software defects. The company's business is focused on organizations that develop C and C++ applications. Reasoning is headquartered in Mountain View, Calif. Contact Reasoning at (650) 316-4400.
Reasoning, Illuma, and the Reasoning logo are trademarks and/or service marks of Reasoning, Inc.
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