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MTDC Continues Investment in Software Testing Leader, uTest

Series D Funding Enables uTest to Launch Developer Tools, Scale Faster and Expand its Offering

BOSTON, MA (December 20, 2011) – MTDC announced that it has continued investing in software testing leader, uTest, as part of a $17 million Series D round of funding. This latest round brings the company's total funding to more than $37 million since its 2007 founding, and marks one of the largest investments ever made in a crowdsourcing company.

While its steep top-line growth has put uTest in a strong financial position, the company elected to raise additional capital to enable it to scale faster and expand its offering. uTest will use the funds to:

  • Open new offices in app creation hot spots, including Seattle, Los Angeles, Dallas and Chicago
  • Develop tools that enable companies to launch better apps
  • Explore M&A opportunities in the app-enablement space
    • Recruit additional specialized experts - including security testers, linguists and performance engineers
    • Expand its testing platform and APIs for third-party developer

"uTest's valuation since our last round of funding has almost doubled. Revenues, head count and its strong customer base have grown substantially year-over-year," comments Jerry Bird, President, MTDC. "We are pleased to have supported the growth and been part of the success of this game-changing technology from the start. The additional investment from leading, out-of-state firms including QuestMark Partners and Scale Venture Partners validates MTDC's investment and supports uTest as it continues to lead the field and meet the needs of both app developers and their end users."

"The market's adoption of uTest's services has been amazing-- particularly among retailers, media companies, gaming firms and agencies," said uTest CEO, Doron Reuveni. "Given the ever-increasing demands by users that a company's apps work flawlessly under real-world conditions, the opportunity before uTest is massive. This latest round sets us up to help even more companies, developers and testers launch apps that their users love." 

About uTest, Inc.
uTest provides in-the-wild testing services that span the entire software development lifecycle - including functional, security, load, localization and usability testing. The company's community of more than 45,000 professional testers from 180 countries put web, mobile and desktop applications through their paces by testing on real devices under real-world conditions. Thousands of companies - from startups to global brands - rely on uTest as a critical component of their QA processes for fast, reliable, and cost-effective testing results. More info at http://www.utest.com or http://blog.utest.com.

About Massachusetts Technology Development Corporation
Massachusetts Technology Development Corporation (MTDC), is a leading edge venture capital firm that addresses the "capital gap" for start-up and expansion of early-stage technology companies operating in the Commonwealth of Massachusetts. MTDC has invested in many of Massachusetts' most promising new technology-based companies. More information is available at http://www.mtdc.com.

Contacts:
Mass Technology Development Corporation
Jerry Bird
President
617-723-4920
jbird@mtdc.com

uTest
Erica Smith
PR Director
415-518-7559
Erica.smith@utest.com