CodeScene announced raising SEK 30 million from Inventure and Luminar Ventures

CodeScene, a Malmö, Sweden-based SAAS developer, announced that it completed a seed funding round of SEK 30 million ($3.6M).

The money was raised from investors led by Luminar Ventures from Sweden and Inventure from Finland. At the same time, the company announced that Hamdija Jusufagic is appointed the new CEO.

CodeScene, founded in 2015 by Adam Tornhill, developed a code analysis software tool that automatically identifies and prioritises critical flaws in software code, then gives actionable insights for developers to predict risks and improve software quality to align with their key business goals. The company is profitable and has paying customers, including Philips, Tencent, Sky, SoundCloud and DFDS, which produced revenue of about SEK 6.7M ($800k) in 2019.