Led by Panoramic Ventures and Fulcrum Equity Partners, investment supports accelerated product development and go-to-market efforts as Kobiton furthers its mission to make mobile apps better everywhere.
ATLANTA, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Mobile Experience Platform leader Kobiton has raised $12 million to accelerate growth of its mobile testing platform, led by Panoramic Ventures and Fulcrum Equity Partners, and including an expanded debt facility with Silicon Valley Bank providing additional access to growth capital.
Kobiton is uniquely positioned as the only mobile testing provider that provides everything needed to deliver high quality apps with a fast time to market in a single platform. Incorporating visual, functional and performance testing on real devices in one platform enables organizations to release apps with confidence. Its customers include high growth “unicorns” and blue-chip enterprises in large retail, gaming, financial services, creative development and travel verticals.
The funding - exclusively provided by the company’s existing investors - will be used to accelerate development of Kobiton’s portfolio of mobile testing products and further enhance the Kobiton platform, continuing to deliver a series of industry leading capabilities. Kobiton’s mission is to enable true mobile continuous testing without the associated complexity and costly script maintenance, and the additional investment will be used for significant product innovation and continued industry-firsts, including features for designers and developers, in addition to QA.
This funding milestone comes at a moment when Kobiton is primed to become the industry’s largest and highest performing mobile testing platform. "We have a very unique way of approaching mobile quality and the mobile experience; we see the need to provide end-to-end quality features from Developers to QA to DevOps, while driving release efficiency throughout the entire software release cycle," says Kevin Lee, CEO of Kobiton. “The investment allows us to continue rapid innovation and expand our go-to-market footprint, and is also a vote of confidence from our existing investors.”
Kobiton has more than tripled the number of users experiencing the platform since its initial seed funding. Fueled by industry leading AI and the Mobile Labs acquisition, Kobiton has experienced compounded annualized ARR growth in excess of 250% during that same period.
Jim Douglass, Partner at Fulcrum Equity Partners, said, “The future of customer interaction is multiexperience, and Mobile is core to delivering the multiexperience vision. Kobiton’s strong growth, market leadership and customer retention embodies what we look for in companies, and we’re excited to continue the growth journey with them.”
“One of the core differentiators of Kobiton is the ability to more thoroughly and more broadly test mobile applications,” said Dan Drechsel, Partner at Panoramic Ventures. “The combination of incorporating real-device testing with best-in-class scriptless automation is truly unique.”
“The combination of forward-thinking investors who embrace consistent innovation, and our relentless focus on allowing customers to deliver perfect mobile experiences is a winning combination. The additional funding will enable us to accelerate both our R&D and Go-to-market strategy,” added Lee.
Kobiton is how companies make their mobile apps work better everywhere. The problem with traditional approaches to mobile testing is that you can never keep up. There’s always another device, another operating system, another page of the app that you just don’t have time to test. To make your app work better everywhere, you’ve got to go faster (with scriptless automation), go flexible (with more deployment options), and go forward (with continuous innovation) – and only Kobiton brings this “go, go, go” approach to mobile testing. Using real devices and next-gen automation, you can test your app in a fraction of the time it would normally take. The result: impeccable mobile experiences across more devices, operating systems, and use cases. That’s why so many companies from IBM to Coca- Cola to Uber already rely on Kobiton for mobile testing. And it’s how organizations like yours can now deliver new releases ten times faster. Kobiton | Make it better everywhere™
About Panoramic Ventures
Panoramic Ventures is a venture capital firm based in Atlanta that takes a "wider-view" approach to investing by targeting the Southeast and Midwest and placing a focus on diverse founders and university startups. Panoramic opens new doors for overlooked founders, giving more entrepreneurs access to capital to build leading tech companies. For more information, visit www.panoramic.vc or follow Panoramic Ventures on LinkedIn, Instagram, or Twitter @panoramicvc.
About Fulcrum Equity Partners
Fulcrum Equity Partners is an Atlanta-based growth equity firm that manages over $500 million and provides expansion capital to rapidly growing companies led by strong entrepreneurs and management teams. Fulcrum targets companies within healthcare services, healthcare IT, B2B software, and technology-enabled services. Fulcrum’s initial target investment is $3 million - $15 million to provide financing to meet a wide range of needs, including internal growth initiatives, acquisitions, divestitures, shareholder liquidity and recapitalizations. The partners have over 140 years of relevant experience in Fulcrum’s target markets, including significant operating experience in senior executive positions at companies that grew rapidly and enjoyed successful exits. Additionally, Fulcrum’s limited partners include over 100 current or former business owners/CEOs of leading companies in a wide variety of industries that provide a rich resource for the firm and portfolio companies. Learn more at http://www.fulcrumep.com.