LambdaTest Raising US$16m Series B Funding
LambdaTest has attracted over 500,000 developers in 132 countries who have performed more than 20 million tests.
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Cloud-based browser testing platform LambdaTest today announced it has secured US$16 million in Series B funding led by Sequoia Capital India. Telstra Ventures, MENA region investor Wamda Capital and a leading sovereign wealth fund also joined the series B round.
Founded in 2017 by Asad Khan and Jay Singh, San Francisco-based LambdaTest is a cloud-based testing infrastructure company that allows users to seamlessly test their websites’ and apps’ look, feel and performance on over 2,000 different browsers and by operating systems and device combinations.
The proliferation of devices and browsers has made it increasingly complex for developers to test their websites and apps. LambdaTest solves this problem by enabling developers to run a variety of tests through their cloud-based platform, spotlight concerns, share immediately with teams and remedy issues quickly.
LambdaTest exists to support the developer community to identify defects in code much earlier in the release cycle. These defects present one of the biggest challenges and costs facing businesses. Indeed, the cost of fixing these defects once in production and release is 30x higher than addressing earlier in the development cycle.
Since its launch, LambdaTest has attracted over 500,000 developers in 132 countries who have performed more than 20 million tests. Customers include SMEs and Fortune 500 companies such as Xerox, Cisco, Microsoft, Deloitte, Media.net, Coca Cola, Trepp, SurveyMonkey, Capgemini, HBR, 23andme and Dashlane.
Asad Khan, CEO of LambdaTest commented: “Companies are increasingly competing on customer experience1 and as such are releasing software updates faster, more frequently to remain relevant. In doing so, there is a greater demand for continuous testing to ensure quality releases in the production environment.
In just six short months since the series A round in 2020, LambdaTest has doubled revenues and increased customer numbers by 20%. In that time headcount has doubled in size from 70 people pre-Series A to 150 today across the engineering, sales, and customer success teams.
Harshjit Sethi, Principal at Sequoia India commented: “As every company is becoming a software company and deployment cycles are shrinking, testing is becoming an increasingly important part of the software development cycle. Additionally, testing is now happening earlier and earlier in the development cycle as part of the ‘Shift Left’ movement that companies like LambdaTest are enabling. Operating in a USD 35 billion market for testing software and services, LambdaTest has emerged as the go-to platform for its users in browser testing, evident from its best-in-class ratings across review sites. Sequoia Capital India is excited to continue partnering with the LambdaTest team as they execute on their vision of building an end-to-end testing system for developers to enable companies to release more reliable software faster.”
The number of software tests run by developers has almost doubled from 12m to over 20m in six months at LambdaTest. As developers shift to cloud-based testing, this number will grow exponentially. This trend has been accelerated by the adoption of the Shift Left approach, as more developers are testing code early before they ship to the testing cycles.
“LambdaTest’s vision is to empower 23 million developers and testers worldwide with a powerful, comprehensive and secure continuous quality test platform. Our upcoming product lines will enable tech teams to ship high quality code seamlessly boosting their release velocity” added Asad Khan.
Steve Schmidt, General Partner at Telstra Ventures commented: “We have an opportunity to build a very large scale and independent testing company with a modern approach to software development and that’s very exciting. Lambdatest has already signed several customers in Australia without having any local presence and we look forward to helping them build out a local APAC team to meet this demand”.
The funding advances LambdaTest’s commitment to scaling the testing ecosystem and building next-generation cloud infrastructure for users. To this end, LambdaTest is broadening its reach with the tester community by engaging with developers as it launches a suite of products in 2021 designed for them to perform tests on scale.
“We’ve had an exciting period of growth and there is more to come as we expand our platform capabilities and go deeper in global markets. This funding round validates our efforts in building a robust cloud testing platform that is truly resonating with the testing and developer community globally. We pride ourselves in delivering a highly reliable, stable and secure infrastructure for them to achieve success. This success is born out in the numbers as our customers have been able to increase release velocity by over 60% and half the time to market” concluded Asad Khan.
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