AUSTIN, TX, Pinpoint today announced that it has raised $13.5 million in Series A financing.
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The round was led by Bessemer Venture Partners, to accelerate the adoption of its advanced analytics platform for measuring and optimizing software engineering. The new financing had full participation from existing seed investors Storm Ventures, Boldstart Ventures, Bloomberg Beta, Slack Fund, Social Capital and Cherubic Ventures. Pinpoint also formally launched its platform today.
"Software Engineering is home to some of the most creative and technically astute minds in any company, but we're behind in one really important way," said Pinpoint CEO Jeff Haynie. "Namely, being able to show our contribution to the business. With Pinpoint we said, what if we instrumented the activity in software source systems like Jira and GitHub, and combined that activity with data science to understand how people, teams, and work are actually progressing? You get a true, data-driven view of engineering performance."
Prior to founding Pinpoint, Haynie and Chief Product Officer, Nolan Wright, co-founded Appcelerator, synonymous with Titanium, a cross-platform development toolkit used by more than a million developers worldwide that helped democratize mobile app development. Appcelerator was acquired by global software company Axway in 2016.
"Software engineering is the heartbeat of business today," said Ethan Kurzweil, partner at Bessemer Venture Partners. "Despite numerous systems to automate individual phases of development, no platform exists today to holistically analyze, assess and drive better overall engineering performance. Pinpoint has the opportunity to do for software engineering what Salesforce did for sales and customer relationship management."
Pinpoint is the first and only advanced analytics platform for software engineering. By applying machine learning to activity from a range of software lifecycle systems (Jira, GitHub, GitLab, BitBucket, SonarQube, etc.), Pinpoint gives leaders a true view of costs, results, efficiency and performance. Think of it as using the power of data science to advance the way people and teams deliver software. For more information, visit pinpoint.com.