Rally Software Raises $16M

Boulder-based Rally Software, which develops Agile software development tools, announced today that it has raised $16M in a venture funding round. The round was led by Greylock Partners, with Greylock's Tom Bogan joining the firm's board of directors. According to Rally, the new funding will go to accelerate hiring of engineers. Rally also disclosed with the funding that it nearly doubled its product revenues in 2009, and is forecasting 2010 cash flow positive performance. More information »