Tatum and Nutter TechnOvation Awards Program grant recipient, uTest, closes $5 million in Series B venture fundingPrint PDF
Nutter and the executive services and consulting firm of Tatum LLC announced that Southborough, MA startup uTest, Inc., a 2008 grant recipient of the Nutter TechnOvation Awards Program, has closed $5 million in Series B venture funding. Nutter TechnOvation Awards Program winners receive grants in the form of credits for legal services from Nutter, and for financial and technology consulting and executive services from Tatum LLC. The program assists the entrepreneurial efforts of emerging technology companies with top tier legal and financial and technology consultative services, which assist such organizations in propelling their growth. uTest was awarded a grant totaling $75,000 from the two companies in early 2008.
uTest provides software testing services to companies that develop web, desktop, mobile and gaming applications. The company has built a global community of 13,000+ professional testers, and offers a full range of testing services including: functional, usability, load and performance testing. uTest enables companies to launch higher quality applications, get their products to market faster, and save on the cost of testing.
“It is a credit to our business model and our software testing community that uTest has been able to attract established investment partners with vision, as well as the support of Nutter and Tatum,” said uTest CEO, Doron Reuveni. “Our cost-effective and sustainable business model offers an exceptional value for technology companies, and our early sales momentum helped to accelerate our fund raising efforts.”
“We knew that this was a business model that had limitless potential, and the reports from our commercial viability and intellectual property committees were extraordinarily positive. uTest was among the strongest applications we’ve received to date and we are very excited to be a part of the continued growth and success that the company is experiencing.” said Richard Kimball, chair of the Nutter TechnOvation grant making committee and a partner in the firm’s Emerging Companies practice. “We commend the uTest team on closing additional funding during this volatile and difficult financing market. uTest’s success in this endeavor speaks to the market potential of the company and the talent of its team. This success further supports the critical role that the Nutter TechnOvation Awards Program is playing in the emerging technology market. Advising and assisting recipients to secure additional funding to support the growth and development of the company is one goal of the TechnOvation Awards Program.” said Tatum’s Managing Partner, Janice DiPietro.
The awards program gives start-up companies the opportunity to compete for grants of credits for critical professional services that will help establish their viability in the marketplace. The qualification program for grants is rigorous – Kimball likens it to “boot camp” for startups. A team of seasoned attorneys, senior financial and technology executives, leading venture capitalists, and investment bankers puts each company through intensive scrutiny to determine the soundness of the organization’s business plan, technology, and level of innovation. Following the vetting process, grant recipients become full-fledged Nutter and Tatum clients. Nutter’s senior partners and a strategic legal team will represent the grant recipient across a wide spectrum of legal issues faced by emerging growth companies. Tatum’s financial and technology services will be geared to the individual needs of each recipient but often includes establishment of financial systems and controls as well as designing and implementing appropriate models for capital raising, revenue recognition, forecasting, budgeting, and more.