Spintop Ventures, Sydsvensk Entreprenörfond and EDA veteran Lars-Eric Lundgren invest into Verifyter AB
Verifyter AB, a provider of software for the automatic debugging of regression tests, today announced that Spintop Ventures, Sydsvensk Entreprenörfond and EDA veteran Lars-Eric Lundgren have invested in the company.
Verifyter develops and markets PinDown, a software tool for the automatic detection and analysis of test failures. Verification makes up a major portion of the total development time for large and complex systems, often up to 80%. By using PinDown, the time for testing, debugging and fixing bugs is significantly reduced, which results in a reduced total development time while at the same time increasing the quality of the design and the end product. This means major cost savings for large development projects, and even more importantly, new products can be launched earlier and with better quality. PinDown is already deployed and in use at Synopsys, a leading EDA vendor, headquartered in Silicon Valley.
Lars-Eric Lundgren who has many years of experience within the EDA industry, as the founder of HARDI Electronics AB and later as GM for Synplicity Hardware Platforms Group, and currently serving as chairman of the board states: “PinDown helps solving a large and growing problem. As the complexity of products is continuously increasing, an ever growing amount of development time and work is spent on verification and debug. PinDown plays a key role in solving this challenge. We have confirmed the demand from the market since we set up our office in Silicon Valley last year – companies are constantly looking for more efficient debug and verification tools.”
”We have followed Verifyter since fall 2011 and we think the company has a compelling product, which gives customers significant time and cost savings accompanied by an improved product quality. The company has made great progress since we met the first time. We are excited to join as shareholders and to support the ramp up of business and the associated development of the operations on both sides of the Atlantic,” says Finn Persson, partner at Spintop Ventures.
”Verifyter has developed a product that clearly creates value in a large market and for many companies. We are excited to support the company’s further expansion with a clear international focus,” says Marcus Skärbäck, investment manager at Sydsvensk Entreprenörfond.
”We will use the investment to expand our sales and support team in the US in order to meet the growing demand, as well as strengthen the research and development team in order to meet customer expectations and to further solidify our position as the leading provider of solutions for automatic debug,” says Daniel Hansson, CEO Verifyter. “Currently we are experiencing a lot of interest, it is a busy time and it is only going to be busier as we continue to grow.”
About PinDown and Verifyter
PinDown automates debugging of regression test failures, which both eliminates time and work when developing new products. Regression testing is the method that is used to verify and maintain quality in all large complex systems. PinDown can be integrated and used together with all the major verification tools on the market.
Verifyter was founded early 2010 with the mission to speed up the development process by automating the diagnosis of software and hardware failures. Until now, diagnosis has been performed manually, preventing engineers to focus on more important tasks.
About Spintop Ventures
Spintop Ventures is an investment firm founded and owned by accomplished tech entrepreneurs, industrialists and seasoned investors. Spintop Ventures is focused on early stage technology companies within the ICT sector in the Nordics.
About Lars-Eric Lundgren
Mr. Lundgren has been in the EDA-business for more than 20 years and was founder and CEO of HARDI Electronics AB in Sweden. HARDI invented a modular, LEGO-like system for ASIC-prototyping called HAPS. HARDI was acquired by Synplicity in 2007. HAPS is now part of Synopsys through the acquisition of Synplicity by Synopsys in 2008.
About Sydsvensk Entreprenörsfond
Sydsvensk Entreprenörfond AB is a public venture capital firm that co-invests with private investors in small and medium-sized companies in the Swedish regions of Blekinge and Skåne. The fund is owned by Almi AB, who finances the fund together with Region Skåne, Region Blekinge, Tillväxtverket and the European Regional Development Fund.