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LambdaTest raises $38 Mn to scale QA platform KaneAI

Entrackr · 12d

Cloud-based testing platform LambdaTest has secured $38 million in a funding round led by Avataar Ventures, with Qualcomm Ventures also participating. The fresh funding comes after a gap of more than 30 months for the Noida and San Francisco-based startup. This latest round brings the company’s total funding to $108 million, including a $45 million round in March 2022. Its early backers include Premji Invest, Peak XV, Telstra Ventures, Blume Ventures, and Leo Capital. LambdaTest was part of the fourth cohort of Peak XV’s accelerator program, Surge. LambdaTest plans to use the latest funds to enhance its AI-driven QA solutions, including its newly launched “AI Native QA Agent-as-a-Service” platform, KaneAI. Founded in 2017 by Asad Khan, the startup aims to revolutionize quality assurance (QA) through automation and AI. LambdaTest boasts a customer base of over 15,000 and claims to have executed more than 1.2 billion tests to date. KaneAI is designed to reduce manual testing efforts by up to 70% by automating test script generation and providing actionable insights. According to the company, its HyperExecute platform accelerates test resolution by 2.5x and detects errors 60% faster than traditional cloud grids. With 105% year-over-year growth, LambdaTest serves over 2.3 million developers and testers globally. In India, the firm’s operating revenue surged 53.6% to Rs 175.44 crore in FY24 from Rs 114.22 crore in the previous fiscal year. Its profit stood at around Rs 18 crore. However, the company did not disclose its global financial numbers. BrowserStack, Perfecto, and Testsigma are some of LambdaTest’s direct or indirect competitors.