Founded in 2015, the Malmö-based SaaS developer startup CodeScene raises $3.6 million, with funding from Inventure from Sweden and Luminar Ventors from Finland.
With the use of AI a code analysis software tool has been developed that automatically identifies and prioritises flaws in the software code. Based on the analysis, the tool gives actionable insights for developers to anticipate risk and improve software quality aligning with their key business goals.
“Codescene provides a huge opportunity for companies where code development is crucial to their business. Since most companies are digitizing their operations today, Codescene has enormous potential and we are proud to be involved. ” says Adam Tornhill.
Hamdija Jusufagic, who has been a partner since 2016, will now join the team as CEO of the company, taking over from Adam Tornhill, who will instead take the role of technical manager.
Presently, the Codescene’s platform is used by 100 companies in 16 countries through subscriptions. It has reported a new sales of just over SEK 6 million in 2019 with a profit of SEK 450,000.
“We have increased our sales significantly in 2020 throughout the crisis, and I think now that everything has started to land is that it speaks in our favor. Software is almost impossible to keep together as it is now, so tools like ours are not a “good-to-have” but a must, “says Adam Tornhill.
The new financing will be used primarily for marketing and for expanding its operation in Europe and USA, both being company’s largest market. They have customers such has Philips, Tencent, Sky, SoundCloud and DFDS.