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Avataar Ventures led a $38 million fundraising round for cloud-based testing platform LambdaTest, in which Qualcomm Ventures also participated. The firm, which is located in San Francisco and Noida, had been without funding for almost 30 months until receiving this new capital.
After a $45 million round in March 2022, the firm has now raised a total of $108 million. Telstra Ventures, Blume Ventures, Leo Capital, Peak XV, and Premji Invest are among of its early supporters. LambdaTest was a member of the fourth batch of the Surge accelerator program run by Peak XV.
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LambdaTest intends to implement the additional funding to improve its AI-powered QA solutions, such as KaneAI, its recently introduced "AI Native QA Agent-as-a-Service" platform.
The firm was established in 2017 by Asad Khan with the goal of using AI and automation to transform quality assurance (QA). LambdaTest claims to have completed over 1.2 billion tests to date and has more than 15,000 customers.
Through the automation of test script creation and the provision of actionable information, KaneAI is intended to minimize manual testing efforts by as much as 70%. The business claims that their HyperExecute technology finds problems 60% quicker than conventional cloud grids and speeds up test resolution by 2.5x.
LambdaTest has grown by 105% in the last year and now serves more than 2.3 million developers and testers worldwide. The company's operational income in India increased from Rs 114.22 crore in the previous fiscal year to Rs 175.44 crore in FY24, a 53.6% increase. It made about Rs 18 crore in profit. The business did not, however, reveal its worldwide revenue figures.
About Lambda Test
LambdaTest is an AI-powered cloud platform that helps businesses test their software faster, making sure it’s of high quality and speeding up the process of digital transformation. It has more than 10,000 business customers and over 2 million users across 132 countries.
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