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Estonian startup Plumbr raises 1 million dollars

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Estonian startup Plumbr, which is selling a memory-optimising tool that can predict, avoid and solve software failures, has raised one million dollars (750,000 euros) from international investors.

Plumbr was founded in late 2011 and already has a prestigous customer list, including HBO, Dell, NATO, SEB Estonia, TeliaSonera and Ericsson. It has about 100 clients, half of them from the U.S. Most of company’s sales have been led by customers, as the company only recently hired the first sales person.

The one million dollar investment was made by a group of investors led by angel investor Matt Arnold, along with Sten Tamkivi (former head of Skype Estonia) and founders of global mobile-payment firm Fortumo.“We will make our product development faster and build a sales and business development department with the fresh investment. Next year we hope to double international sales and open an office on the east coast of U.S.,” co-founder and CEO of the company, Priit Potter, said.

Plumbr says it has invented an automated method that uses machine-learning to detect errors before they start causing harm or showing up on trend lines. Its customers have detected more than 3,500 memory leaks in their IT systems and saved millions of dollars in man hours, infrastructure costs and additional revenue.

Source: Lepik, A. (2013) Idufirma Plumbr sai miljonidollarise rahasüsti. Äripäev Online, 13. november.
O’Hear, S. (2013) Estonian Startup Plumbr Raises $1M To Make Memory Leaks A Thing Of The Past. Techcrunch.com, 12.