LambdaTest Secures $38M to Revolutionize AI Testing
Deal News | Dec 10, 2024 | Qualcomm Ventures LLC
LambdaTest, a cloud-based software testing company, has raised $38 million in Series D funding, led by Avataar Ventures with Qualcomm Ventures' participation. The funding elevates LambdaTest's total capital to $108 million. LambdaTest offers a platform that allows companies to test their software across thousands of environments without the need for costly in-house testing suites. With increasing pressure from AI-generated code on software testing, LambdaTest has introduced KaneAI, aiming to automate repetitive testing tasks and enhance efficiency by up to 70%. The platform also boasts other innovative features including HyperExecute, which accelerates test speeds. LambdaTest is using the new funds to expand in current markets and enhance its technological offerings. The company has a strong customer base, including major enterprises across various sectors, and has conducted over 1.2 billion tests since its inception in 2017.
Sectors
- Software Development
- Venture Capital
- Artificial Intelligence
Geography
- United States – The involvement of Qualcomm Ventures and the mention of customers including Fortune 500 firms suggest activity centered in the U.S.
- India – LambdaTest is based in India, highlighting a geographic focus in the article.
Industry
- Software Development – The article discusses advancements in cloud-based software testing, which is a critical component in software development.
- Venture Capital – The funding event involved prominent venture capital firms, indicating the industry's role in fuel expansion and technology enhancement.
- Artificial Intelligence – AI is central to LambdaTest's testing automation enhancements, indicating the industry's relevance to the company’s strategy.
Financials
- $38 million – The amount LambdaTest raised in its Series D funding round.
- $108 million – The total funding LambdaTest has raised to date.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| LambdaTest | Target company | Company | A cloud-based software testing platform aiming to revolutionize QA processes with AI. |
| Avataar Ventures | Lead investor in Series D funding | Company | A venture capital firm leading the latest funding round for LambdaTest. |
| Qualcomm Ventures | Investor in Series D funding | Company | A venture capital arm of Qualcomm Corporation, participating in LambdaTest's funding. |
| Asad Khan | CEO and co-founder | Person | CEO and co-founder of LambdaTest, speaking to the company's mission and platform capabilities. |
| Avendus | Advisory for financing round | Company | Financial advisor to LambdaTest during the funding round. |