Cloud-based testing startup LambdaTest said that it has raised a Pre-Series A funding of $1 million from Leo Capital, a venture capital firm. Early this year, the company raised angel investment of $400K from investors like Ramakant Sharma (Co-founder LivSpace), Lovleen Bhatia (Co-founder Edureka), Kapil Tyagi (Co-founder Edureka), and few angels from United States.
LambdaTest was started about an year ago by Asad Khan along with co-founders, Harish Sharma (Head of Technology, Jay Singh (Head of Sales and Marketing), and Shayan, (Head of Customer Success). With this round of funding, Leo Capital becomes a significant minority stakeholder in LambdaTest.
Asad Khan said, “We’re glad with our partnership with Leo Capital and our other investors. This round of funding showcases the confidence that the industry has in us and this will support us to improve our existing products. The investment is also important in order for us to meet the growing demand for new and better products by our present and future customers.”
“Our mission from the start has been to make seamless and easy to use testing platform for web developers, testers and others and this update only validates our efforts. We’ll keep working on new features and providing excellent support to our customers,” Khan said.
Rajul Garg, Managing Partner for Leo Capital India Advisors LLP, said, “We believe LambdaTest is poised to be a significant new challenger in this exciting and ever-changing market of cloud testing.”
LambdaTest’s technology offers cross-browser testing on more than 2000 browsers, OS and resolution combinations.
Software Testing market is growing at 22% YoY. Estimated to be a $34 billion market, it is estimated to reaching $84 billion in 2024, worldwide. DevOps explosive growth is creating more demand for test execution platforms and testing tools too.