ATLANTA, Sept. 26, 2018 (GLOBE NEWSWIRE) -- Kobiton has raised $3 million in seed funding to accelerate growth of its mobile app testing business. The investment was led by Kinetic Ventures with participation from KMS Technology and Service Provider Capital. Kobiton will use the money to expand its sales and marketing efforts aimed at the $50 billion mobile app development and testing market. This is the first external financing for Kobiton, which was founded by Josh Lieberman and Vu Lam, founders of QASymphony (which sold recently to Tricentis) and Katalon.
Kobiton has experienced a 700-percent increase in monthly recurring revenue since June 2017 and has more than 370 customers, 25,000 users on its platform, and is on pace to exceed one million test minutes in 2018 alone. Kobiton’s platform centralizes mobile app testing across public, local and private devices, reducing the time and cost of bringing mobile apps to market. Its customers include large retail, financial services, creative development and travel companies. Earlier this month, Kobiton announced the renewal of a large contract with an $11 billion national retailer.
“Mobile apps have become a primary tool for customer engagement across most industries,” says Kevin Lee, CEO at Kobiton. “They are a fixture in our daily lives and a gateway to our favorite services, companies and information sources. And yet, mobile app development can be slow and arduous due to the use of outdated testing tools. Our mission–and the reason for this fundraising–is to bring awareness to the role of QA in mobile app development, and to help companies understand how Kobiton can help them deliver high quality apps to market quickly, and at scale.”
“Kinetic Ventures has long recognized the need for organizations to adopt a 'mobile-first' philosophy,” says Nelson Chu, Managing Director at Kinetic Ventures. “Kobiton is perfectly positioned to seize this mobile momentum and ensure that organizations deliver perfect mobile experiences, lower app abandonment and improved app quality. We look forward to partnering with Kobiton as they further scale their customer base and product line.”
About Kinetic Ventures
Kinetic Ventures is a venture capital investor in high-growth companies in enterprise software, mobility, and related emerging concepts. For over three decades Kinetic has partnered with outstanding entrepreneurs to build world-class enterprises. Kinetic has backed industry defining companies like Predictix, Cardlytics, Tower Cloud, Ciena, VerticalOne, Corvis, Cerent, Peace Software, Broadware, APX, Calix, SmartSynch, Clear Standards, and Cyan. For more info: www.kineticventures.com.
About Kobiton
Kobiton is a powerful mobile device cloud that allows companies to manage the devices they own and access real public cloud devices for efficient, comprehensive test coverage. Simple to use, easy to access from anywhere, and highly flexible, Kobiton minimizes costs while increasing productivity, so businesses can get apps to market sooner. The mobile device cloud platform offers centralized testing history and insights to improve collaboration across teams; access to the most in-demand mobile devices to supplement existing inventory; significant cost savings; and easy integration with preferred IDEs and development tools. More info at www.kobiton.com.
