Tricentis Raises $165M to Advance Software Application Testing Technology
Funding round is a big vote confidence from investors in continuous testing vendor's approach.
In the modern world of DevOps, in which application code is constantly being written and re-written in an agile approach, it's critical to have a continuous testing regimen. The demand for continuous testing is helping to propel software testing Tricentis vendor forward, with a $165 million Series B round of financing that was announced Jan. 23.
The new funding round was led by Insight Venture Partners with money being used to help Tricentis to continue to build out its global operations. Tricentis claims to have over 400 customers including big brands such as ExxonMobil, HBO, Whole Foods, Toyota, BMW, Starbucks and Deutsche Bank.
Among Tricentis' products is the company's Tosca testing platform, which provides multiple methods of testing applications including model-based test automation and orchestrated service virtualization. The Tricentis Tosca platform also provides reporting, dashboard and technology integration capabilities.
"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," Sandeep Johri, CEO of Tricentis, said in a statement. "Applications drive corporate growth, and continuous testing has been identified as the linchpin to achieve agility and ultimately competitive differentiation."
The need for continuous testing is something that Tricentis measures in it is annual Software Fail Watch report. According to the most recent report, in 2016 there were 548 recorded software failure incidents, with widespread impact on people around the world.
"The Software Fail Watch: 2016 in Review is a sobering reminder of how even a single software bug can cripple an enterprise," Wolfgang Platz, Founder and CPO of Tricentis, said in a statement. "As the demand for the latest and greatest in technology and convenience grows, so does the need for software testers to protect their users and their brand from the potential influx of software failures."
Sean Michael Kerner is a senior editor at EnterpriseAppsToday and InternetNews.com. Follow him on Twitter @TechJournalist.