Functionize Raises $16M Series A
SAN JOSE, Calif., March 5, 2019 -- Functionize, creator of the first truly intelligent, cloud-based software testing solution, today announced the closing of a Series-A investment of $16 million led by Canvas Ventures. This financing accelerates the market adoption of Functionize’s proprietary natural language processing (NLP) solution for enterprise-level software testing. Now testers and developers can experience the true value of a cloud-first approach, expediting testing and speeding up the entire development cycle. Current customers include TOTVS, Zenefits, and Agvance and a first-class partner ecosystem including Google, SHI, Wipro, Marlabs, and SQALogic. Customers have experienced increased revenues, improved customer satisfaction and reduced costs using Functionize’s solution. The company sells into a rapidly changing $3 billion market.
Gary Little, General Partner at Canvas Ventures, stated: “I have been an active investor in the enterprise software industry over the last 20 plus years. I recently became convinced that the quality assurance software development market is ripe for disruption. I could see this in my own portfolio companies. In seeking out an investment in the most innovative company, I found Functionize and quickly became convinced it had the most compelling solution for the market need.” Mr. Little has had much success in the enterprise software industry; he led MuleSoft’s Series-A investment in 2006 and served on its board until shortly after the company’s IPO, which was one of the most valuable IPOs during the last five years. Salesforce subsequently purchased MuleSoft for $6.5 billion. Mr. Little also was a General Partner at Morgenthaler Ventures when it made the iconic natural language process investments in Siri and Nuance Communications.
“Our customers are technology leaders which see the wisdom and power of a ‘cloud-first’ testing strategy. Artificial Intelligence requires significant computing power and the cloud allows you to harness this,” said Functionize’s CEO and Founder Tamas Cser.
“Using Functionize’s solution, I was able to create new tests in minutes instead of hours,” said Wilson Souza, lead QA engineer at TOTVS Labs, a major Brazilian ERP software company.
Functionize has generated impressive results: companies have seen up to 6x increases in QA efficiency as shown in a recent TOTVS case study. Functionize cuts test creation time by up to 90 percent and maintenance time by 75 percent.
Additionally, autonomous testing provides valuable insights on how customers interact with websites in real time. This allows product managers and executives to make better go-to-market decisions while maximizing their company resources.
“Software testing has endured what I term a QA Winter,” said Cser. “This means developers and testers still maintain tests the same way as they did in the early ages of the internet. Natural language processing allows testing to just work - empowering testers to dramatically speed up product delivery.”
To learn more about Functionize’s NLP and autonomous testing, visit Functionize.com.