SANTA CLARA, Calif., Jan. 18, 2022 /PRNewswire/ — Appvance, the inventor, first to market and industry leader of AI–driven software testing technology announces today that it has secured $13 million in Series C funding to accelerate global expansion and product roadmap development. This round is led by US growth equity firm Arrowroot Capital with participation from existing investors including Javelin Venture Partners and TRI HoldCo.
Appvance is disrupting the $120 billion software QA market through its patented Appvance IQ™(AIQ) unified test platform – the world’s first Level 5 autonomous testing solution. Appvance delivers automated testing to leading global brands using the most advanced AI/ML engine in the industry: this technology designs, generates, and independently executes tests for sophisticated web and mobile applications with no human intervention. Every day AIQ drives-out risk and drives-up value on business-critical applications by automatically delivering comprehensive application coverage.
“We are ecstatic about this new round and the addition of Arrowroot Capital as our investment partner,” said Andre Liao, Appvance’s CEO. “2021 was a momentous year – our business grew over 200% benefiting from enterprises embracing AI to radically improve testing efficacy and product quality. Today’s announcement is a significant milestone, and we couldn’t have done it without the amazing support of our customers, partners, and employees around the world. Thank you!”
As part of the financing, Appvance welcomes Kareem El Sawy, Founding Partner at Arrowroot Capital to the company’s Board of Directors.
He added, “Being the AI pioneer within the increasingly demanding QA function, Appvance is poised to carve out a leadership role in accelerating DevOps productivity at scale. With blue chip customers and tier 1 partnerships globally, market demand for the AIQ product has hit an undeniable inflection point. We are thrilled to partner with Andre and his incredible team to help build the next gen autonomous QA platform of choice for the modern enterprise.”
About Appvance
Appvance is the inventor of AI-driven autonomous testing technology and is leading the charge to revolutionize software development lifecycle. The company’s premier product is Appvance IQ™(AIQ), the world’s first Level 5 unified test automation system. AIQ helps enterprises improve the quality, performance and security of their applications, while transforming the efficiency and output of testing teams. Appvance is headquartered in Santa Clara, CA, with additional offices in Costa Rica and India. Learn more at https://appvance.com.
About Arrowroot Capital
Arrowroot Capital is a global growth equity firm based in Los Angeles, CA focused on minority, majority, and buyout investments in B2B software companies. The firm serves as a catalyst for growth-related initiatives by partnering with management and leveraging its deep enterprise software expertise to deliver meaningful, tangible value. Arrowroot has the flexibility to pursue opportunities of varying sizes, as well as a broad range of transaction types. Arrowroot also assists in targeting and executing add-on acquisitions for its portfolio companies to help drive growth and increased market position. Learn more at www.arrowrootcapital.com.
