Functionize, an AI platform for creating software test cases, has completed a $41 million Series B funding round, bringing its total funding to over $67 million since its inception in 2015. Led by Mumford Investments and LHH Investments, with support from Canvas Ventures and Wipro Ventures, this funding will help accelerate Functionize’s mission to enhance enterprise innovation by reducing repetitive tasks through self-correcting automation.
The funding will be used to:
- Develop the patented agentic automation platform for rapid test case generation and self-healing using AI.
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Scale cloud infrastructure to meet growing demands.
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Expand go-to-market teams and build data science and engineering teams.
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Support entry into new markets and enhance integrations with key applications.
Functionize’s Agentic Platform 6.0 employs AI agents to generate and execute test cases with minimal human input, delivering immediate value. In 2024, customers utilized over a billion agentic AI actions, achieving a tenfold increase in productivity and reducing test maintenance costs by up to 90%.
Executive team shifting: JD Mumford from Mumford Investments will join the Functionize board, and former COO Matt Smith will now serve as President, overseeing operations and driving the strategic vision.
KEY QUOTES:
“We invest in people and teams at the forefront of innovation. With proprietary models and seven years of enterprise application intelligence, Functionize is a game-changer in enterprise test automation. While many startups are piloting agentic AI technology, Functionize is running agentic processes at scale with enterprise customers, and is the only agentic AI test automation company that delivers autonomous test creation, execution, maintenance, and documentation at a scale and speed unmatched by human labor or traditional script-based tools. We are proud to support the next chapter of their growth story.”
JD Mumford, Partner at Mumford Investments
“We’ve set a new industry standard for intelligent, scalable test automation that makes measurable business impact through the reduction in manual effort and accelerated release cycles.** This investment will help bring us closer to achieving fully autonomous, AI-driven quality assurance that operates seamlessly within development sprints, requires minimal human intervention and extends our value to address broader CIO workflow inefficiencies beyond functional testing.”
Tamas Cser, CEO, Functionize
