RALEIGH – Despite uncertain macroeconomic conditions that have impacted venture capital deal flow, Raleigh-based Allstacks today announced the company has closed $12.3 million in Series A funding.

The latest funding round was led by Companyon Ventures, and included Atlassian Ventures and CreativeCo as well as some of the firm’s existing investors.

According to a statement issued by the company on Wednesday, the new capital infusion will enable the company to pursue go-to-market strategies for a product that provides what the company says is “an innovative new approach to how software organizations can analyze large amounts of data to mitigate risk in engineering projects.”

Proceeds will also be used to hire additional staff, the statement said.

Raleigh startup Allstacks offers live dashboard, benchmarking software development at no charge

An inflection point for growth

“We are at an inflection point where software team leaders understand that there is a need for more advanced monitoring of how engineering projects are moving along,” said Hersh Tapadia, CEO of Allstacks in a statement. “This new round of funding will give us the resources to spread the word about the Allstacks platform and how its predictive forecasting is a game changer for software teams.”

The company raised $4.7 million in 2019 in a round that the company described at the time as its seed funding round.  Allstacks won an NC IDEA SEED Grant in 2016 and had previously raised funding prior to the 2019 seed round.

Prior to the last funding round, the company grew at a rate of about 700 percent year-over-year, Tapadia told WRAL TechWire in 2019.

The company would go on to launch its platform publicly in 2021.  According to a statement at the time, the end goal of releasing the platform publicly was to provide companies the ability to meet internal “continuous improvement goals by comparing the progress of its own software teams.”

Allstacks said that with transparent data, software development would be able to be de-risked.  The company has multiple open positions, according to its careers webpage.

Raleigh software startup Allstacks raises nearly $5M, plans to expand