Allstacks Raises $4.7M Seed Round Led by Hyperplane Venture Capital
Thursday, December 12, 2019
Startup with Skyrocketing Growth Secures Funds to Expand its Team and Grow the Company to Meet Demand for its Predictive Forecasting Platform
RALEIGH, N.C., Dec. 4, 2019 /PRNewswire/ -- Allstacks, a predictive forecasting and risk management platform that improves software development outcomes, today announced it has secured $4.7 million in seed funding led by Hyperplane Venture Capital, who were joined by Polaris Partners, Uncommon Denominator, and Wildcat VC. Existing investors S3 Ventures, Moneta Ventures and Bala Investments also participated.
After experiencing rapid growth and expansion into the enterprise market, Allstacks will use the new funding to scale up the business and grow its teams in Raleigh, NC and Austin, TX to meet the demand for its product.
"We are thrilled our investors are eager to join us in our vision of changing the way software is built and delivered," said Hersh Tapadia, Allstacks co-founder and CEO. "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."
Allstacks has realized significant growth and traction in the enterprise market in a short time, and its ability to provide predictive forecasting and risk management are key capabilities driving that growth. Allstacks has grown 700 percent year-over-year and expects to continue at that rate through 2020.
"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.
Allstacks emerged out of the experiences of Tapadia and co-founder Jeremy Freeman as they led software teams within companies across various industries, from medical devices to AgTech to pharmaceuticals. From this experience, they identified a significant pain in communicating true software project status and potential risk to senior executives. The Allstacks platform addresses this by running machine learning and AI models across every tool used to build software in order to identify specific, actionable risks that allow teams to keep projects on track. The company continues to grow the capabilities of Allstacks, and is excited by the reception of its recently-launched executive portfolio functionality, which aligns senior executive stakeholders to key product initiatives.
For more information about Allstacks, visit https://www.allstacks.com/.
About Allstacks
Headquartered in Raleigh, NC with an office in Austin, TX, Allstacks is a predictive forecasting and risk management platform that improves software development outcomes. By running machine learning and AI models across the data from the entire software development life cycle, Allstacks identifies at-risk initiatives then provides solutions to get them back on track.
About Hyperplane Venture Capital
Hyperplane Venture Capital is a seed stage firm based in Boston, Massachusetts. The firm partners with exceptional founders who are harnessing machine intelligence, sensor technology, and cloud computing to design solutions at the nexus of perception, communication, and insight. Hyperplane's portfolio covers a wide array of industries including financial technologies, robotics, digital health, industrial automation, and others.
Contact: Joshua Milne, Joshua Milne PR, 230345@email4pr.com, 617-501-1620
View original content:http://www.prnewswire.com/news-releases/allstacks-raises-4-7m-seed-round-led-by-hyperplane-venture-capital-300968849.html
SOURCE Allstacks
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