Global testing and QA firm Tricentis shared with QA Financial it has raised $165 million in fresh funding as it received the capital allocation from Insight Venture Partners, a global private equity and venture capital firm based in New York City.
Tricentis, which services a host of large financial services firms, including Deutsche Bank, Allianz and UBS, said the funding will be used to enhance its testing processes and speed up testing times.
Sandeep Johri, CEO of Tricentis, said continuous testing is a key priority for the company so investments can be expected in that area.
“Today’s predominately manual software testing processes fail to meet the needs of today’s Agile and DevOps initiatives, which require highly-accelerated development cycles and, at the same time, a strict accounting for the business risks associated with rapid, iterative code changes,” Johri explained.
“Applications drive corporate growth, and continuous testing has been identified as the linchpin to achieve agility and ultimately competitive differentiation,” he added.
As part of the transaction, Insight Managing Director Mike Triplett, who is a long-term investor in key infrastructure technology companies, will join the board of directors of Tricentis, which serves customers from its operations in the United States, Europe, India and Australia.
“Continuous testing has been identified as the linchpin to achieve agility.”
– Sandeep Johri
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, Tricentis stressed.
The fresh capital comes on the heels of Tricentis launching a new AI-powered tool that can measure software speed and quality more efficiently and accurately.
The new platform, called Copilot, which went live last month, is supported by GenAI applications and helps quality engineering teams and developers integrate AI responsibly by testing complex applications.
Productivity
Tricentis increased focus on productivity gains come as somewhat of productivity wind is blowing through the fintech space as banks and other financial services players are rapidly turning to GenAI to make major productivity gains.
A recent report from IDC estimated that businesses will leverage generative AI and automation technologies to drive $1 trillion in productivity gains by 2026.
“Testing and automated software quality are a top area of expected benefit for GenAI over the next 12 months,” according to Melinda Ballou, research director for IDC’s Agile ALM, Quality & Portfolio strategies.
“We have seen a majority of respondents expanding use, using or piloting use of AI in conjunction with testing,” the US-based researcher said.
“Early investments in AI help drive adoption and cost savings.”
– Melinda Ballou
Ballou singled out “examples of areas of focus include test prioritization, identifying root cause of failure, automated test case creation and self-healing of test cases.
She stressed that “early investment in AI by test automation providers and leverage of pragmatically actionable data as compared with the inefficiencies of manual testing position help drive adoption, better code quality and cost savings.”
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