San Francisco-based cloud-based testing platform LambdaTest has raised INR 7 crores ($1 million) in a pre-series A round of funding from the venture capital firm Leo Capital. Earlier this year, the startup secured $400,000 from a group of angel investors including Ramakant Sharma, co-founder of LivSpace, Kapil Tyagi, co-founder of Edureka, Lovleen Bhatia, co-founder of Edureka and a few more from the United States.
On the investment they made in the firm, Rajul Garg, the 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.”
Founded by Asad Khan, Harish Sharma, Shayan and Jay Singh in 2017, the startup has a subsidiary office in Noida and builds the whole test infrastructure on the cloud for small and medium enterprises using various test management and bug tracking tools. LambdaTest uses Asana, Slack, JIRA etc to offer cross-browser testing on more than 2,000 browsers, operating systems and resolutions.
In a statement, Asad Khan, Co-founder and CEO of LambdaTest, said, “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.”
According to Research and Markets, the global automation testing market size is expected to grow from $8.52 billion in 2018 to $ 19.27 billion by 2023, at a CAGR of 17.7 per cent during the forecast period.