Tricentis, a software testing company for enterprises, has raised a whopping $165 million in a series B round from New York-based VC firm Insight Venture Partners.
Founded out of Vienna in 2007, Tricentis offers a range of products and services to help companies automate the testing of their software, including Salesforce, SAP, and Oracle. One of its flagship tools is Tricentis Tosca, which enables “continuous testing” to allow companies to automatically receive real-time feedback on perceived business risks associated with a particular version of software. The company claims some notable big-name clients, including HBO, Toyota, BMW, Starbucks, Deutsche Bank, and UBS.
“Today’s predominantly manual software testing processes fail to meet the needs of today’s Agile and DevOps initiatives, which require highly accelerated development cycles and, at the same time, a strict accounting for the business risks associated with rapid, iterative code changes,” said Tricentis CEO Sandeep Johri. “Applications drive corporate growth, and continuous testing has been identified as the linchpin to achieve agility and ultimately competitive differentiation.”
Tricentis had previously raised a $9 million series A round and, with offices in Europe, the U.S., India, and Australia, the company says it will use its fresh cash injection to “continue accelerating its market penetration” and scale its operations globally.
Some figures peg the global software testing market as a $34 billion industry, and we’ve seen a number of big raises in the past four months alone. Back in September, Massachusetts-based app-testing startup Applause closed a $35 million round, taking its total funding to more than $110 million. And two months later, San Francisco software-testing company Sauce Labs closed a chunky $70 million round, taking its total funding to around $100 million.
“Software quality testing has traditionally required a large amount of time and manual effort, forcing compromises between speed, scope of testing, and quality of testing,” said Insight managing director Mike Triplett. “To reduce time to market and improve software quality, organizations are abandoning monolithic testing solutions, and turning to Tricentis.”
As part of its investment, Triplett will also join Tricentis’ board of directors.