Vienna-based Tricentis, a software testing company, has raised $165 million in Series B financing. The funding comes from Insight Venture Partners, a leading global private equity and venture capital firm.
It is predicted that the global software testing market will be a $34 billion industry in 2017. Tricentis now works with more than 400 companies including major brands like HBO, Whole Foods, Toyota, Allianz, BMW, Starbucks, Deutsche Bank, Lexmark, Orange and UBS.
The company’s integrated software testing solution, Tosca Testsuite, consists of a unique Model-based Test Automation and Test Case Design approach, encompassing risk-based testing, test data management and provisioning, service virtualization, and more. Tosca has been proven to achieve 10 times the test-automation efficiency of tools that employ manual scripting.
Tricentis will use the funds to continue accelerating its market penetration and scale its operations.
As part of the transaction, Insight Managing Director Mike Triplett will join Tricentis’ board of directors. Since its founding, Insight Venture Partners has raised more than $13 billion and invested in more than 250+ growth-stage software, Internet, and data services companies.
According to Triplett, “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. To reduce time to market and improve software quality, organizations are abandoning monolithic testing solutions, and turning to Tricentis. This is evidenced by its strong growth rate, Global 2000 customers, and industry recognition from Gartner and Forrester.”
Read more: Business Wire (Press release)