Bloomfilter, a U.S. startup specializing in process intelligence technology, unveiled its platform to the general public and announced a seed funding round of $7 million. The Cleveland-based company said its technology provides visibility into business processes, focusing on software development.
Process intelligence, which includes process mining, has become an increasingly important part of the automation strategy for companies, enabling them to identify which processes can and should be automated, reveal bottlenecks and inefficiencies in processes and reduce operating costs. According to recent research from IDC, it is the fastest growing subset of the intelligent process automation market, expected to reach annual sales of $3 billion by 2026.
Bloomfilter cited research that shows 65 percent of software projects are either challenged or fail and 70 percent are delivered late, over budget, or do not satisfy the original specifications. The company said its process mining technology and predictive algorithms help software development teams automate the development process and deliver software on time and within budget.
“The process mining ecosystem is growing at 78 percent annually because the technology helps customers understand and improve complicated business processes,” noted Erik Severinghaus, co-founder and co-CEO of Bloomfilter. “We are pleased to bring to market the first process mining solution purpose built to support the business process of software product development.”
The funding round was led by Magarac Venture Partners with participation from HPA, North Coast Ventures, Pacific Western Bank, Sequoia, Techstars and others.