Software testing company Tricentis today has raised $165 million in a Series B led by private equity and venture capital firm Insight Venture Partners.
In 2012 Tricentis raised $9 million as an early-stage investment from venture firm Viewpoint, which is now part of Kennet Partners. Insight purchased Kennet’s stake in the testing company and is now the only shareholder, Reuters is reporting. Additionally, as part of the transaction, Insight’s Managing Director, Mike Triplett, will join Tricentis’ board of directors.
The company will use the funding to continue to scale its operations and boost its sales in the U.S. Tricentis is attempting to take business away from companies like HPE and IBM that also make software testing tools.
Tricentis claims to be able to automate over 90 percent of software testing. Its Tosca Testsuite includes risk-based testing, test data management and provisioning, and service virtualization.
It’s worth noting that this is the largest round of funding SDxCentral has written about since the beginning of 2016, even topping SigFox’s $159 million Series E last November.
Tricentis works with some big name companies including HBO, Whole Foods, Toyota, BMW, Starbucks, Deutsche Bank, Orange, and UBS. Founded in 2009 in Vienna, Austria, the software company is now headquartered in Los Altos, California and employs over 350 people.