Velocity, a Tel-Aviv-based computer software startup, has raised $17 mln in seed funding to change how developers develop and deliver software solutions.
The funding round was led by Insight Partners with participation from Hetz Ventures and Greycroft, as well as Angel Investors Danny Grander (Co-Founder, Snyk), Nadir Izrael (Co-Founder & CTO, Armis), Yevgeny Dibrov (Co-Founder & CEO, Armis), Dan Fougere (ex-CRO, DataDog), and Prashanth Chandrasekar (CEO, Stackoverflow). This brings the total funding raised by Velocity to $22 million.
Lonne Jaffee, Managing Director at Insight Partners and a new member of Velocity’s Board of Directors, referred to the firm’s participation by stating:
“Developers care about being productive and independent, and companies want to deliver quality products. With Velocity’s innovative, cutting-edge solution for spinning up production-like environments quickly, everyone wins. We at Insight are thrilled to welcome Velocity to our portfolio and look forward to joining the fantastic team on the company’s ScaleUp journey.”
Velocity was founded in 2020 to meet the increasing difficulties experienced by developers when it comes to testing their products in a production-like environment. The increasing number of microservices and cloud-native applications make it easier for issues to arise once platforms transition to the production stage, which can result in multi-million dollars for organizations. Tal Kain, Velocity CEO and co-founder, said about this problem:
“More than 20% of a developer’s time is being wasted on creating and maintaining non-production environments, instead of working on delivering new features to customers. This comes with high maintenance costs and delays in deploying new features to production. Our goal at Velocity is to deliver a production-like environment in a click so that developers only have to put in minimal effort and upkeep on their side to operate in their regular workflow.”
According to Global Market Insights, their software testing market exceeded the $40 billion thresholds back in 2020. However, despite the increasing relevance of the industry in the software market, organizations have failed to provide their developers with the necessary tools to ensure testing efforts are successful.
By making the testing stage reflective of the production state, Velocity could not only help organizations save money caused by bugs and vulnerabilities but also facilitate the allocation of resources to other areas of interest.