Sequoia Capital India-backed LambdaTest, an end-to-end cloud-based test orchestration platform, has raised $45 million in a venture round led by Premji Invest, the company said in a statement on Tuesday.
The funding round saw participation from existing investors Sequoia Capital India, Telstra Ventures, Blume Ventures, and Leo Capital, the statement said. Sandeep Johri, former Chief Executive Officer and present board member of Tricentis, has also invested in his personal capacity in this round, it added.
LambdaTest said that it will majorly use the capital for new product innovation, while a part of the funds will be used to enhance the existing product capabilities and accelerate its growth. The company said it is also looking to hire across multiple roles and geographies. LambdaTest’s platform is operated by LambdaTest India Pvt Ltd in India and the company is owned by LambdaTest Inc, based in San Francisco in the US.
LambdaTest’s core test execution platform allows users to test their websites and apps on over 3,000 different combinations of browsers, operating systems, and their many versions, and also real devices. Testing of digital assets is important for businesses as they have little to no control over the preferences of their customers when it comes to phones, browsers or operating systems. Hence to provide a seamless customer experience businesses have to be on top of their testing game.
LambdaTest said that with the increasing pace of innovation in the digital world, software testing is being performed from the very early stages of product development and involves both developers and testers (QA) against the earlier model where testing was the last step before the product launch, and that has made businesses yearn for cloud-based solutions that have been optimized for speed, performance, and reliability.
“We are razor focused on making the lives of developers and QA teams easier when it comes to test orchestration and execution. Over the past few months, we’ve released HyperExecute, a next-gen smart test orchestration platform to help businesses run end-to-end automation tests at the fastest speed possible,” said Asad Khan, Chief Executive Officer, LambdaTest.
“We will soon be launching our test intelligence platform Test-at-Scale (TAS). It is already in beta. We are also continuously enhancing our core execution platform’s capabilities,” Khan added.
Founded in 2017, LambdaTest said it had earlier raised close to $25 million in funding from investment firms such as Sequoia Capital India, Telstra Ventures, Leo Capital Holdings, Blume Ventures, and others. VCCircle had reported in December 2020 that the company had secured $6 million in a funding round led by Sequoia Capital’s accelerator program Surge. LambdaTest claimed that its platform is used by over 1 million developers and testers globally.
The company also claimed that it has run more than 100 million tests since its inception and has grown its business by 300% in the last year. LamdaTest said that its customers were able to achieve 95% quicker time-to-market, increase their release productivity by 62% and identify 67% of issues prior to launch.
“LambdaTest is helping businesses orchestrate their test execution by providing them cost-effective and scalable solutions while giving them improved control over their existing infrastructure without the need to add more to it. They are pushing the boundaries of speed, reliability and performance of test execution,” said Atul Gupta, Partner, Premji Invest.
