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‘Applause’ for $55 million mobile, pharma funding rounds
Posted By Viva Sarah Press On January 29, 2014 @ 5:05 am In | No Comments
In-the-wild app testing leader uTest, an Israeli application which brings together companies and software testers all over the world, has announced a $43 million Series E round of funding, led by Goldman Sachs. This latest round brings its total funding-to-date to more than $80 million.
The funding round comes ahead of the company’s previously announced plans to expand its offering and change its name to Applause.
uTest launched in August 2008 with just six employees. Today, it counts over 150 employees and a strong presence in Boston, The Valley, Seattle, New York, Los Angeles, Chicago and Dallas. Moreover, their global tester community has surpassed 100,000 members.
uTest — a leading player in the apps economy and a major player in ushering in the focus on 360° app quality — says on its blog that the money will be used to expand in-the-wild testing services, bring 360° app quality to brands around the world, grow distribution channels and broaden uTest.
“In-the-wild testing has become a critical part of launching great digital experiences – from apps for web, mobile, wearables and beyond. Funding on this scale, and from a leader like Goldman Sachs, will help us broaden these services, and incorporate tools that enable companies to achieve 360° app quality,” said uTest CEO, Doron Reuveni. “We’re positioned for a massive market opportunity, and to extend our lead as the one-stop solution for modern app quality.”
Meanwhile, emerging Israeli biopharmaceutical company RedHill Biopharma recently closed a private placement of ordinary shares and warrants for approximately $11.7 million.
The company said it will use the proceeds for working capital, R&D, and potential acquisitions.
“This $11.7 million Private Placement follows an earlier $8.5 million private placement from leading healthcare investors OrbiMed and Broadfin. We are very pleased to have such prominent new shareholders, and view their investment as a vote of confidence,” said Ori Shilo, Deputy CEO, Finance and Operations. “With the support from our new and current shareholders, and with over $30 million in cash, we continue to aggressively pursue our strategic plans and advance our lead programs, RHB-104 for Crohn’s disease and RHB-105 for H. pylori infection, both currently undergoing Phase III studies in the US.”
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