Coverity raises $22M to get the flaws out of your code

▤ Summary

Coverity, a company that analyzes software code for flaws, has raised $22 million in a first round of funding. Hallem says software security company Fortify takes a similar approach, but fills a different niche. Coverity looks at the general quality of code for software that is sold to normal consumers, while Fortify is focused on security — namely, preventing banking and financial institutions from being hacked. In the aftermath of the dot-com crash, Hallem says the founders decided to bootstrap the company rather than struggle to win over venture firms, and they’ve had positive cash flow every year. By finally seeking outside funding, Coverity will be able to develop products to address other parts of the software lifecycle.

$ Funding

▦ Linked Companies

Coverity

$50M to $100M

Virage Logic

$50M to $100M