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Testsigma Raises $8.2 Million in Funding Led by MassMutual Ventures

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Testsigma, a leading cloud-based test automation platform, announced today the successful completion of an $8.2 million funding round led by MassMutual Ventures. The round also saw participation from existing investors Accel, STRIVE, and BoldCap, who had previously invested $4.6 million in the company in 2022.

Founded in 2019 by Rukmangada Kandyala, Pratheep Velicherla, Vikram Chaitanya, and Rajesh Reddy, Testsigma is revolutionizing the way QA teams conduct automated tests for web and mobile apps, as well as APIs. The platform enables users to create, manage, and execute end-to-end tests using plain English. The latest funding will further bolster the company’s GenAI features, which allow QA teams to generate test scenarios and test cases from various inputs such as URLs, product designs, screenshots, and Jira stories.

“We are witnessing a significant change in how QA teams approach automation. Testsigma’s AI-driven, low-code solution enables multiple user profiles, including manual testers and business analysts, to contribute to faster software releases,” said Anvesh Ramineni, Managing Partner at MassMutual Ventures.

MassMutual Ventures is a multistage global venture capital firm managing over $1 billion in investment capital. The firm invests in companies across various sectors including financial technology, enterprise SaaS, healthtech, climate technology, and cybersecurity.

The incorporation of GenAI features in Testsigma aligns with industry forecasts. According to IDC, by 2028, GenAI-based tools are expected to write 70% of software tests, significantly reducing the need for manual testing while enhancing test coverage, software usability, and code quality.

Abhinav Chaturvedi of Accel Partners expressed enthusiasm about the development, stating, “There is an accelerated demand for quality engineering teams to adopt low-code and AI-powered solutions. We are excited at the new Gen-AI capabilities and the accelerated adoption of Testsigma among the QA community and enterprises alike.”

The global software testing services market is poised for substantial growth, with a projected increase of $20.6 billion at a compound annual growth rate of 10.64% from 2023 to 2028. This growth is driven by the rising adoption of mobile testing to ensure software quality and performance across various platforms and devices, according to a May 2024 report by market research firm Technavio.